Core provider Finastra is partnering with Visa on a banking-as-a-service (BaaS) solution that will give its clients access to cross-border payments around the globe beginning in 2023.

The solution will integrate into the Visa network through Finastra’s FusionFabric.Cloud using the open development platform’s APIs, Barry Rodrigues, executive vice president and head of payments at Finastra, told Bank Automation News.

“By embracing this service, financial institutions will be able to offer their customers faster, and lower-cost international transactions, all via a single API connection,” Rodrigues said. “This is applicable across a broad range of payment types, including small- to medium-size enterprise payments, consumer payments — e-commerce, as an example — or even gig economy and remittance payments.”

As demand for cross-border payments increases, it will place “pressure on banks to quickly implement and launch new programs for their customers,” he added.

The efficiencies created for banks by allowing them to seamlessly integrate Visa Direct into their Finastra payments hub will save them time and money, according to a release.

“The new BaaS offering removes the complexities that banks could experience deploying their own custom-built cross-border payment solution, instead enabling them to offer quick, low-cost payments for their customers, via a singular Payments Hub solution enabled by Visa Direct,” Rodrigues told BAN.