New service will enable thousands of banks and financial institutions to offer faster cross-border payouts for their customers via Visa Direct.
Finastra and Visa today announced a
Banking as a Service (BaaS) collaboration to co-develop new functionality on its
Payments Hub solutions and implement Visa
Direct[1] – which provides access
to more than two billion accounts through push to account offerings. The new capability
will give Finastra’s bank customers around the world access to cross-border payouts
capabilities for small- and medium-sized businesses, and individuals, in multiple
currencies and countries.
“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, EVP Payments
Business Unit 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.”
Deploying a custom-built cross-border payment solution in the
current environment could be both expensive and time-consuming. The
out-of-the-box processing capability offered by Finastra’s Payments Hub
solutions, enabled by Visa Direct and available on premises or in the cloud as
SaaS, will enable banks to bypass these complexities with an integration to the
Visa network through Finastra’s FusionFabric.cloud open development platform. They will be able to offer quick, low
cost payments for their customers, with great transparency.
“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, SVP, 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.”
Visit us at Sibos this year – Visa booth #C33 and Finastra
booth #E57.
[1] Visa Direct capability enabled through Finastra’s financial
institution partner
