Visa, in collaboration with Currencycloud, unveiled Visa Cross-Border Solutions. The service is tailored to support cross-border money transfers for a broad spectrum of institutions including banks, fintechs, FX brokers, corporates, and other payment entities.
This new initiative melds Visa’s intrinsic cross-border and cash management abilities, previously known under the moniker ‘Treasury-as-a-Service’, with the capabilities introduced through its acquisition of Currencycloud. A salient feature of Visa Cross-Border Solutions is its ‘B2B4X’ operational model, which emphasizes servicing businesses with an accentuated focus on enriching the end-user experience.
The service caters to a variety of end-users, from individuals seeking competitive FX rates for overseas remittances, to small and medium-sized businesses looking to process payments from foreign clientele without unnecessary middlemen and their associated fees.
Visa Cross-Border Solutions introduces an ensemble of modular tools that seamlessly integrate with existing corporate tech infrastructure through an application programming interface (API). With these tools, companies can avail a myriad of functions such as real-time FX rates, multi-currency wallets accommodating over 30 currencies, and the competence to transact in and to more than 180 countries.
Apart from conventional banking channels, this new service aims to operate in synergy with various Visa units and with the existing customer base of both Visa and Currencycloud. This collaborative approach is expected to extend the embedded multi-currency and cross-border capabilities to a broader spectrum of clientele.
Colleen Ostrowski, who serves as the Senior Vice President and General Manager at Visa Cross-Border Solutions, stated, “The cross-border domain is ripe for innovation and expansion. Historically, diving into this segment was challenging due to compliance, regulatory, and tech barriers. What we are introducing are solutions designed to surmount these hurdles.”
Ostrowski further emphasized the advantages of their offering, “We alleviate regulatory pressures and present pliable, integrable solutions. This empowers our clientele to expedite revenue realization, optimize their investments, and significantly enhance their end-user engagement.”
Echoing these sentiments, Aleks Stefanovski, Vice President Strategy and Business Operations at Visa Cross-Border Solutions, expressed, “Our objective with Visa Cross-Border Solutions was to harness the collective strengths of Visa and Currencycloud. We are talking about amalgamating Visa’s extensive outreach with Currencycloud’s nimbleness.”
Stefanovski further highlighted the company’s intent, “Our primary aim is to curate a toolkit that resonates with our partner companies, all of whom maintain stringent standards in compliance, security, and user experience.”