Visa has finalized its remarkable £ 700 million (about $ 925 million) acquisition of Ripple partner CurrencyCloud.
Visa, the world’s largest payment processing company, has completed the $925 million acquisition of Ripple partner CurrencyCloud. CurrencyCloud is a worldwide platform that allows banks and fintech to offer new cross-border payment foreign exchange solutions.
Currencycloud’s cloud-based system now allows to serve and support over 500 banking and technology clients in over 180 countries. And the company will continue to service and assist its customers and partners throughout the industry.
According to a news statement issued on December 20th, the purchase would enable Visa and CurrencyCloud clients and partners to give customers and companies greater transparency, flexibility, and control when making international payments.
According to the article, the current acquisition is based on an existing agreement between the two payment networks. CurrencyCloud partnered with Ripple, a San Francisco-based cross-border payments startup, in 2020, which is worth noting. The agreement is focused on using RippleNet to handle cross-border payments. Afterward, Currencycloud acknowledged the significant acquisition in a tweet just a few hours ago.
Furthermore, CurrencyCloud tweeted, “Exciting times ahead for Currencycloud as Visa announce the completion of the acquisition. We look forward to working together to bring greater transparency, flexibility, and control for businesses moving money around the world!”
What is VISA?
Visa is one of the largest digital payment firms in the world. Its mission is to unite the globe with the most creative, dependable, and secure payment network available. Moreover, VisaNet, the company’s processing network, offers safe and dependable payments all over the world and can handle over 65,000 transaction messages per second. VISA allows electronic payments transfers all around the world, with Visa-branded credit cards, debit cards, and prepaid cards being the most frequent methods. It’s the most valuable corporation in the world.
As the world subsequently shifts from analog to digital, the payments processing company is reshaping the future of commerce with its brand, people, network, and scale. Credit, debit, and prepaid cards, as well as business solutions and worldwide ATM services, are among Visa’s primary offerings. Through innovative technology, they allow digital payments across a worldwide set of customers, merchants, financial institutions, corporations, strategic partners, and government organizations spanning more than 200 nations and territories.