The new Finastra-Visa BaaS partnership will give Finastra’s bank customers around the world access to cross-border payouts capabilities.

Thousands of banks and financial institutions can now offer cross-border payments for small- and medium-sized businesses, and individuals, in multiple currencies and countries, via a Finastra-Visa Direct tie-up. This BaaS offering is a cost-effective alternative to deploying a custom-built cross-border payment solution that could be both expensive and time-consuming for banks in the current environment. (CISION PR NEWSWIRE)

By implementing Visa Direct as a new functionality on Finastra’s Payments Hub solutions, more than two billion accounts would be accessible to Finastra’s banking and institutional customers through push to account offerings.

“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,” said Barry Rodrigues, EVP Payments Business Unit at Finastra. “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.”

Banks can access, on premises or via the cloud as SaaS, the Visa network through Finastra’s FusionFabric.cloud open development platform, and effect quick, low-cost payments for their customers.

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

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Image Credit: Finastra via Glassdoor