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