- Visa and Finastra have confirmed that they will partner to offer a new banking-as-a-service collaboration through the Visa Direct system.
- The new service aims to bring down the time that banking and other financial organisations have to wait in order to get fast payouts.
- “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,” said a senior figure at Finastra.
Two big names in the fast money transfer world have confirmed that they will partner to offer a new banking-as-a-service collaboration.
Finastra, which is a provider of financial technology systems, will work with global household name Visa on the new offering.
The goal will be to provide financial institutions and banking organisations with the chance to experience speedy international payouts, powered by the Visa Direct system. The system will then be placed onto the Payments Hub offered by Finastra.
This, in turn, will allow companies to get out-of-the-box processing capacity, which will then be offered either as software as a service or through an ‘on premises’ solution.
It is through this that customers will be able to go beyond the complications that creating their own cross-border payment system might throw up. Instead, they will be able to join the Visa network via Finastra using the latter’s open development platform.
This environment, called FusionFabric.cloud, offers clients a lot of benefits compared to building their own system.
It is thought that the eventual payout facilities, which will be international in nature, will be able to reach both individuals and also small to medium-sized enterprises.
“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,” explained Barry Rodrigues, executive vice president of Finastra’s payment business unit.
“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.”
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