Digital payments giant Visa and financial software firm Finastra have launched a Banking as a Service (BaaS) offering that will enable financial institutions to offer faster cross-border payouts for their customers in multiple currencies and countries.

“This BaaS partnership will allow banks to offer their customers greater choice in how to route cross-border payments, with banks essentially embedding Visa products,” says Barry Rodrigues, executive vice-president, payments business unit at Finastra.

“This provides a very attractive solution for banks seeking to help increase overall customer satisfaction and loyalty through a transparent and cost-effective digital payments option.”

Deploying a custom-built cross-border payment solution in the current environment could be both expensive and time-consuming. The processing capability offered by Finastra’s Payments Hub solutions, enabled by Visa Direct and available on premises or in the cloud as SaaS, will enable banks to bypass these complexities with an integration to the Visa network through Finastra’s FusionFabric.cloud platform.