Finastra and Visa ( NYSE: V) announced a Banking as a Service (BaaS) collaboration to co-develop new functionality on its Payments Hub solutions and implement Visa Direct – 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.”
Barry Rodrigues, EVP Payments Business Unit at Finastra, said:
“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.”
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.”
Ruben Salazar Genovez, SVP, Global Head of Visa Direct, said:
“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. 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.”
As covered, Finastra claims to be “a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017.”
It serves institutions of all sizes, “providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service.”
Its pioneering approach and commitment to open finance and collaboration is “why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks.”