Visa to acquire cross-border payments fintech Currencycloud
The lines between traditional payments networks and fintech continue to blur with Visa’s acquisition of the London-based firm.
JUL 22, 2021 NEWS
Visa officially announced on Thursday that it had signed a definitive agreement to acquire Currencycloud, a fintech platform supporting about 500 banking and technology clients across more than 180 countries.
The new acquisition aims to improve Visa’s foreign exchange business and expand them to serve financial institutions, fintechs and partners. The deal will specifically improve Visa’s payment transparency and speed, the company’s global treasurer Colleen Ostrowski said, stating:
“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.”
The new acquisition is based on an existing strategic collaboration between the two firms, as Visa already owns an equity stake in Currencycloud, valued at $956 million, including cash and retention incentives. Last year, Visa participated in an $80-million funding round for Currencycloud alongside investors such as Japanese financial conglomerate SBI Group.
According to the announcement, Currencycloud will maintain its operations from the company’s headquarters in London and will keep its current management team. The acquisition is still subject to regulatory approval.
The acquisition comes shortly after Currencycloud entered a partnership with Ripple, a major cryptocurrency company behind the XRP token. Currencycloud officially announced its collaboration with Ripple in early July in order to explore new mechanisms for cross-border transactions, particularly focusing on jurisdictions where regulations restrict opportunities for small and mid-size enterprises.
A spokesperson for Visa told Cointelegraph that the companies will continue operating as separate entities until closing. “It is business as usual until then,” the representative stated.
The latest acquisition comes as Visa moves forward with its commitment to digital currency adoption, actively embracing both major cryptocurrencies like Bitcoin (BTC) and fiat-pegged stablecoins. Last week, Visa approved the issuance of a new Bitcoin debit card in Australia. LINK
FROM PETRA: Below is some information I have gleaned from studying the process of Accession to the WTO. It justifies the oversite requirement of the IMF regarding currency status and Ascension….which we know is sponsored by the US, whom, as we all know Iraq has been meeting with this week. Coincidence???? LOL
Here you go: “Working Parties have been careful to respect the competence of the IMF. While Members have demonstrated an interest in obtaining adequate information on all matters dealt with in this section, they have laid stress on issues of direct relevance to international trade. They have, for instance, focused on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”.
They have been particularly concerned that foreign exchange controls may be used to regulate the level and composition of trade in goods and services. All Working Party Reports but one have been able to note, that the acceding government concerned is a member of the IMF and has accepted its Article VIII obligations. The great majority of WTO Members do not pursue the matter further. In the case of the one applicant that was not a member of IMF, members noted that it would have to enter into “a Special Exchange Agreement as provided for in Article XV:6 of the GATT 1994 incorporating obligations consistent with Fund Article VIII”, which it duly did.”….
Bottom line, once a country is recognized fully Article VIII, countries no longer will question the validity of their trade capability....or THEIR CURRENCY!!!! IMO ........... PETRA
FROM MilitiaMan : I can say this everything we know to date is all good!!...
There comes a time when all things have to come together and it looks as though they are.. I can imagine the fist bumping deals made over the last 48 hours and possibly still on going!! I can’t imagine Kazemi being in DC and not have something to give, take and or sign!!.....
Regardless who he meets by extension it will be through the UST, WB, IMF, UN, BIS, WTO, etc.. imo ... Let’s remember the white papers have been in implementation mode ........ Militia-Man