Payment giant Visa announced that it has completed the acquisition of Currencycloud, a global platform that enables banks and fintech companies to provide forex solutions for cross-border transactions.
According to a press release, the acquisition “Visa and Currencycloud clients and partners will be able to make consumer and corporate transparency and flexibility when making international payments and doing business in multiple currencies. You can improve manageability. “
Visa and Currencycloud have already formed a strategic partnership to serve and support their clients on Currencycloud’s cloud-based platform, which supports more than 500 banking and technology clients in more than 180 countries, according to the release. Was forming.
In particular, as first reported by CryptoPotato, Currencycloud has partnered with fintech company Ripple to use Ripple’s global financial payments network, RiipleNet. It will be more reliable. “
According to the RippleNet website, RippleNet is reported to eliminate the need to pre-fund accounts through a service called On-Demand Liquidity that uses XRP tokens. Major banks such as Santander, Bank of America, SBI Remit and Banco Rendiment allegedly use RippleNet.
The partnership between Ripple and Currencycloud has allowed the latter to “explore new mechanisms for the efficient movement of money around the world, especially if regulations and restrictions limit SME opportunities. that’s right.
Visas are moving slowly in the field of cryptocurrencies. In March 2021, we started paying with USDC Stablecoin on the Ethereum blockchain and became the first major payment network to use Stablecoin as the payment currency.
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