What Currencycloud adds to Visa’s diversification push

what currencycloud adds to visas diversification push

Sumary of What Currencycloud adds to Visa’s diversification push:

  • Visa has said its future relies on the development of new payment technologies and use of open banking to provide financial services beyond the point of sale.
  • Its agreement to buy the cross-border payments software startup Currencycloud seems a step in that direction, potentially adding a service on the menu of options it offers fintechs, banks and merchants.
  • The card brand on Thursday announced a $962 million deal (minus Visa’s existing $80 million stake) to acquire the London-based Currencycloud, which uses an application programming interface to provide payment technology for about 500 clients in more than 180 countries.
  • Currencycloud’s clients include high-profile challenger banks such as Revolut, Starling, Monzo and Dwolla, which began in digital payments and have added into other financial services and and expanded into other countries.
  • Revolut, for example, is adding travel booking to its range of financial services and also has an existing partnership with Visa, giving the card brand a greater share of its relationship with Revolut.
  • Once the Currencycloud deal closes, which is expected later this year, Visa can use its existing international network of merchants and financial services to develop new business-to-business and consumer-facing technology in partnership with Currencycloud’s challenger bank customers.
  • Visa refers to this as its “network of networks” strategy, or building open banking partnerships with third parties such as fintechs to develop technology-heavy revenue-generating services to augment traditional fee sources such as card interchange.
  • Currencycloud’s services include lucrative digital cross-border payments, which would enhance Visa’s strength in this area following the card brand’s 2019 acquisition of Earthport, a peer-to-peer cross-border payments company.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.