Payments giant Visa has announced that it has completed the acquisition of Currencycloud, a global platform that allows banks and financial technology companies to offer foreign exchange solutions for cross-border transactions.
The acquisition, according to a press release, “will provide Visa and Currencycloud customers and partners with greater transparency, flexibility and control when making international payments or doing business in multiple currencies.”
Visa and Currencycloud have already formed a strategic partnership to serve and support the company’s customers through the cloud-based Currencycloud platform, which supports more than 500 banking and technology clients in more than 180 countries, according to the release.
Significantly, as first reported by CryptoPotato, Currencycloud has formed a partnership with fintech firm Ripple to use RiipleNet, Ripple’s global financial payments network that “provides connections to hundreds of financial institutions around the world via a single API and makes money transfers faster, cheaper, and more reliable.”
RippleNet is said to eliminate the need to pre-fund accounts through a service called On-Demand Liquidity that uses the XRP token, according to Ripple’s website. Banking giants such as Santander, Bank of America, SBI Remit and Banco Rendimento are said to be using RippleNet.
The partnership between Ripple and Currencycloud has allowed the latter to “explore new mechanisms for efficient money transfer around the world, especially when regulations and restrictions restrict opportunities for small and medium-sized businesses.”
Visa has been slowly moving into the cryptocurrency space. In March 2021, it began settling payments in the USDC stablecoin on the Ethereum blockchain, becoming the first major payments network to use the stablecoin as a settlement currency.
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