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Finastra, Visa to co-develop a new payment solution

This new service would enable banks and financial institutions to offer faster and more transparent cross-border payouts

Finastra, Visa to co-develop a new payment solution
[Source photo: Venkat Reddy/Fast Company Middle East]

With the emergence of real-time payment rails, cryptocurrencies, and modern messaging technologies, smart payment solutions have become a necessity than a privilege. 

Addressing this growing need, Finastra and Visa have agreed to co-develop new functionality on the former’s payments hub solutions and integrate Visa Direct. As a result, banks can provide their clients with speedy, affordable and transparent payments.

Through push-to-account solutions, this new functionality would allow access to over two billion accounts, providing Finastra’s bank customers worldwide with cross-border payout choices for small and medium-sized businesses, as well as individuals, in a range of currencies and nations.

“This partnership provides an attractive solution for banks seeking to increase overall customer satisfaction and loyalty through a transparent and cost-effective digital payments option,” said Barry Rodrigues, EVP, Payments Business Unit, at Finastra.

While a custom-built cross-border payment solution could be both expensive and time-consuming, banks can now sidestep these complications with an integration to the Visa network using Finastra’s open development platform.

“Innovation in cross-border money movement is accelerating incredibly, and banks are under pressure to quickly implement and launch programs for their customers that stay ahead of their expectations,” said Ruben Salazar Genovez, SVP, Global Head of Visa Direct.

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