Financial services software and cloud solutions provider Finastra and Visa will co-develop new functionality to enable banks and financial institutions to offer their SME and individual clients cross-border payout solutions in multiple currencies and countries.

The collaboration integrates Finastra’s Payments Hub solutions with Visa Direct to enable banks to access the Visa network through Finastra’s FusionFabric.cloud open development platform.

The new processing capability allows banks to bypass expensive and time consuming complexities and offer quick, low cost payments for their customers.

“This Banking as a Service (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 with Finastra to support the enablement of their bank customers worldwide with simple access to Visa Direct,”

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