Cross-border payment platform Currencycloud announced on Tuesday it has formed a new partnership with credit card giant Visa (NYSE: V) to drive further innovation in cross-border and travel payments. The partnership will see Currencycloud aligned with Visa’s broader mission to help people make secure and seamless digital payments, both at home and while traveling.
“Visa’s clients, banking, and FinTech partners will now have the option to use Currencycloud’s cloud-based payments platform to offer customers in-demand services like multi-currency wallets and real time notifications on foreign exchange transactions. Visa’s account holders will be able to better manage their travel abroad through improved visibility and control of their money.”
While sharing details about the partnership, Charlotte Hogg, CEO of Europe at Visa, stated:
“Today, 1 in 5 payments is a cross-border transaction, whether that’s from a consumer traveling internationally or buying from an international seller online. Our goal is to continue to help our clients meet this increasing demand for slick, simple and more convenient cross-border payments and make it easier for Visa cardholders to manage their money when travelling. Our partnership with Currencycloud will empower our clients to do just that by offering an innovative, competitive, digital-first solution that ultimately gives consumers and cardholders more control over digital payments – at home and abroad.”
Mike Laven, CEO of Currencycloud, also commented:
“Currencycloud exists to take the complexity out of international payments. Banks are under pressure to provide better user experiences in an increasingly connected world, and our partnership with Visa will enable us to deliver that on a grand scale. Our leading APIs give control and visibility of international transactions; that power combined with the reach of Visa will enable a new generation of consumers to benefit from a better experience when spending abroad.”
Currencycloud went on to add that the initial focus of the partnership will involve making Currencycloud’s developer-friendly platform available to enable the pre-purchase of travel currency, or the real-time notification of FX rates when a cardholder uses their Visa card overseas.