The two firms are co-developing new functionality on Finastra’s Payments Hub, giving banks out-of-the-box processing capabilities, available on premises or in the cloud as SaaS. This, says Finastra, will enable banks to bypass the complexities of a custom-built cross-border payment offering, with an integration to the Visa network through Finastra’s FusionFabric.cloud open development platform. Finastra’s clients will therefore be able to provide cross-border payouts capabilities for SMEs and individuals in multiple currencies and countries. Barry Rodrigues, EVP, payments business unit, Finastra, says: “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.”

Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.