Visa Will Improve Their Cross Border Payments Business By acquiring Currencycloud
Visa giant payment service announced their agreement to acquire Currencycloud. They will expand cross border payments services through Currencycloud.
Currencycloud is a fintech platform which supports around 500 banks and technology clients from more than 180 countries. Visa recently announced plans to expand their services for crypto users to spend their assets like Bitcoin & Ethereum.
Visa announced on 22 July, that they signed an agreement to acquire Currencycloud. Currencycloud has a huge support group of 500 banking services & technology clients from more than 180 countries. So it will be a better option for Visa company to expand cross border payment at international level. So this deal will increase the transparency and speed of Visa’s payment services.
Colleen Ostrowski, global treasure of company, stated
The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments“
This new acquisition of agreement is totally based on their existing strategic collaboration between two platforms. Where Visa owns $956 million worth of stakes of currencycloud.
While, Visa announced this acquisition agreement officially but still it needed final approval through regulatory authorities. If everything happened perfectly by the end of regulatory authority then currencycloud will operate the company’s management work from London directly.
It seems that Visa is not going to stop expanding their business in the payment system after their announcement to facilitate their services to make better use of crypto & blockchain related institutions.