Visa has completed its purchase of Currencycloud, which works with banks and FinTechs to provide foreign exchange (FX) solutions for cross-border payments, according to a press release.
The acquisition will allow Visa and Currencycloud clients and partners to access more transparency, flexibility and control, the release stated. Currencycloud and Visa already had a strategic partnership. Currencycloud’s cloud-based platform supports more than 500 banking and tech clients in more than 180 countries.
Currencycloud uses application programming interfaces (APIs) to help financial services providers offer currency exchange services, providing real-time notifications on transactions, multicurrency wallets and virtual account management.
In July, Visa signed a deal worth 700 million British pounds (about $925 million) to acquire Currencycloud in an effort to advance money movement around the world.
“The acquisition of Currencycloud is another example of Visa executing on our ‘network of networks’ strategy to facilitate global money movement,” Visa Global Treasurer Colleen Ostrowski said at the time.
She said there is an increasing expectation of transparency, speed and simplicity in order to cut down on the pain points for cross-border payments. Visa’s goal is to offer new ways to speed up time to market and improve transparency.
In August, Currencycloud teamed up with ANNA Money, a small business account and tax app firm, to boost its international banking offering.
See more: ANNA, Currencycloud Team on SMB Banking
This partnership is meant to fix an issue with online banking in which customers have to use more than one app to facilitate global payments.
ANNA said the new account allows customers to pay and receive in dollars, British pounds and euros through Currencycloud’s Spark.
“ANNA Money’s customers will benefit from a seamless international payments solution that will allow them to receive and pay out in multiple currencies, providing them with a platform to truly become global,” said Currencycloud Chief Revenue Officer Nick Cheetham at the time.