Reportedly, Visa Inc. (V) has entered a definitive agreement to acquire a global platform that enables banks and fintech to provide innovative foreign exchange solutions for cross-border payments, Currencycloud. The deal builds on existing strategic partnerships between the two companies and values Currencycloud at £700 million, including cash and retention incentives.
Currencycloud’s cloud-based platform offers a wide set of APIs enabling banks and financial services providers to offer currency exchange services, including real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. Cross-border payments have witnessed significant growth due to rising demand from businesses of all sizes engaged in international trade. Currencycloud will boost Visa’s existing foreign exchange capabilities by reaching them to better serve financial institutions, fintech, and partners while enabling new use cases and payment flows.
The inclusion of Currencycloud’s capabilities to Visa’s network will broaden access to innovative international payment products that help businesses fulfill their cross-border needs. Currencycloud to continue their operations from their London headquarters in London with their current management team. The deal is subject to customary closing conditions, and regulatory approvals.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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