Finastra and Visa have partnered to develop a new banking-as-a-service (BaaS) offering that will enable banks and financial institutions to offer faster cross-border payouts in multiple currencies and countries.
The service will add new functionality to Finastra’s Payments Hub and implement Visa Direct, which provides access to more than two billion accounts through push to account offerings.
“This BaaS partnership will allow banks to offer their customers greater choice in how to route cross-border payments, with banks essentially embedding Visa products,” said Barry Rodrigues, executive vice president of payments at Finastra. “We are excited to partner on this proposition with Visa as it provides a very attractive solution for banks seeking to help increase overall customer satisfaction and loyalty through a transparent and cost-effective digital payments option.”
The joint service will help financial institutions reduce the cost and time constraints associated with delivering a custom-built cross-border payment solution in the current environment, by leveraging Finastra’s FusionFabric.cloud open development platform.
“Innovation in cross-border money movement is accelerating at an incredible pace and banks are under pressure to quickly implement and launch programs for their customers that stay ahead of their expectations,” said Ruben Salazar Genovez, global head of Visa Direct. “We are excited to partner with Finastra to support the enablement of their bank customers worldwide with simple access to Visa Direct. Together, we are bringing benefits of our global network to thousands of banks globally, providing a wide range of new and existing case studies to clients.”