Visa and Finastra are working on a Banking-as-a-Service collaboration that will enable thousands of banks and financial institutions to offer faster cross-border payouts for their customers via Visa Direct.
The two firms are co-developing new functionality on Finastra’s Payments Hub, giving banks out-of-the-box processing capabilities, available on premises or in the cloud as SaaS.
This, says Finastra, will enable banks to bypass the complexities of a custom-built cross-border payment offering, with an integration to the Visa network through Finastra’s FusionFabric.cloud open development platform.
Finastra’s clients will therefore be able to provide cross-border payouts capabilities for SMEs and individuals in multiple currencies and countries.
Barry Rodrigues, EVP, payments business unit, Finastra, says: “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.
“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.”