Visa Acquires RippleNet Member Currencycloud: What This Means for Cross-Border Payments
Visa has announced the acquisition of RippleNet member Currencycloud for $950 million (£700 million). This significant acquisition marks a major move by Visa to strengthen its position in the rapidly evolving landscape of cross-border payments.
Why Did Visa Acquire Currencycloud?
As per Visa, the acquisition is aimed at providing transparency. The acquisition will empower Visa and Currencycloud clients and partners to provide greater transparency, flexibility and control for consumers and businesses when conducting international transactions. Visa recognizes the growing demand for seamless and efficient B2B cross-border payments, and Currencycloud's technology provides a robust solution to meet these needs.
La multinacional de servicios financieros Visa anunció hoy que firmó un acuerdo definitivo para adquirir Currencycloud, una plataforma global que permite a los bancos y fintechs brindar enhanced global payment services to their customers. Currencycloud's API-based platform simplifies complex cross-border transactions, making it easier for businesses to send and receive funds internationally.
Visa Completes the Acquisition
Visa has completed the acquisition of Currencycloud, a platform totalmente basada en la nube para pagos transfronterizos B2B, la cual trabaja con los servicios de Ripple. This completion signifies Visa's commitment to revolutionizing international payment infrastructure.
This isn't the first time we've seen a connection between Currencycloud and the blockchain world. Visa has completed the acquisition of the partner of Ripple, Currency Cloud, for a valor de 925 millones de dólares según George Georgiev en Cryptopotato. This shows that even traditional financial institutions are recognizing the potential of technologies associated with blockchain and distributed ledgers.
Currencycloud's Technology and RippleNet Connection
Currencycloud, which develops APIs that power embedded B2B cross-border payments and currency exchange services, has been partners with distributed ledger technologies. Their API-driven platform allows businesses to easily integrate cross-border payment capabilities into their existing systems. The acquisition builds upon Currencycloud's existing capabilities and integrates them into Visa's extensive network.
By integrating Currencycloud's capabilities, Visa aims to deliver enhanced efficiency, speed, and security for businesses and consumers involved in international payments. This acquisition marks a significant step forward in the evolution of global financial services, offering a glimpse into the future of cross-border payments.