Finastra and Visa collaborate on global BaaS offering

Finastra and Visa are working on a Banking-as-a-Service (BaaS) solution for faster cross-border payouts

Finastra and Visa BaaS

Finastra and Visa collaborate on global BaaS offering. Source: Finastra

Banking as a Service (BaaS) collaboration between Finastra and Visa will add new functionality to the Payments Hub solutions and implement Visa Direct. That will enable thousands of banks and financial institutions to offer faster cross-border payouts for their customers and provide access to over two billion accounts through push-to-account offerings.

The two firms’ collaboration will give banks out-of-the-box processing capabilities, available on-premises or in the cloud as SaaS. In addition, the new solution will enable banks to bypass the complexities of a custom-built cross-border payment offering. It will be integrated into the Visa network through Finastra’s FusionFabric.cloud open development platform. 

Therefore, Finastra’s clients will be able to provide a greater choice of cross-border payout capabilities for SMEs and individuals in multiple currencies and countries.

“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.”
Ruben Salazar Genovez,
SVP, Global Head of Visa Direct

SEE ALSO:

Finastra and Mindtree to deliver managed services payments solutions in the Nordics, the UK and Ireland

Finastra collaborates with EcoTree on green offering for banks

Visa Token Service Reached Important Milestone