Finastra and Visa unveil global BaaS offering integrating Visa Direct
Open platform Finastra and Visa have collaborated on a new global Banking-as-a-Service offering (BaaS) that integrates Visa Direct and will enable banks to provide faster cross-border payouts.
Visa Direct provides access to more than 2 billion accounts through push-to-account offerings, which means that the new capability will give Finastra’s bank customers access to cross-border payouts capabilities for small- and medium-sized businesses, as well as for individuals, in multiple currencies and countries.
The “out-of-the-box processing capability” has been co-developed on Finastra’s Payments Hub solutions, enabled by Visa Direct, and will be available on premises, or in the cloud as Software-as-a-Service (SaaS).
“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.
He added that the new offering is an “attractive solution for banks seeking to help increase overall customer satisfaction and loyalty through a transparent and cost-effective digital payments option”.
Banks and financial institutions can integrate the Visa network through Finastra’s FusionFabric.cloud open development platform.
Ruben Salazar Genovez, SVP, global head of Visa Direct, said: “Innovation in cross-border money movement is accelerating at an incredible pace and banks are under pressure to quickly implement and launch programs for their customers that stay ahead of their expectations.”