{"id":21965,"date":"2023-09-05T21:10:14","date_gmt":"2023-09-05T21:10:14","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/visa-taps-solana-to-enhance-cross-border-payments\/"},"modified":"2023-09-05T21:10:17","modified_gmt":"2023-09-05T21:10:17","slug":"visa-taps-solana-to-enhance-cross-border-payments","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/visa-taps-solana-to-enhance-cross-border-payments\/","title":{"rendered":"Visa Taps Solana to Enhance Cross-Border Payments"},"content":{"rendered":"<div>\n<p class=\"\">Visa announced its next steps in modernizing cross-border money movement on September 5 by extending its stablecoin settlement capabilities to the Solana blockchain.<\/p>\n<p>In doing this, Visa is working directly with merchant acquirers Worldpay and Nuvei to enhance the efficiency and speed of settlement processes for merchants worldwide to help optimize the often unseen process of transferring funds between banks \u2013 specifically, from the issuer\u2019s bank to the acquirer\u2019s bank.\u00a0<\/p>\n<p>As a world leader in digital payments, Visa facilitates transactions across more than 200 countries and territories \u2013 spanning consumers, merchants, financial institutions, and government entities.\u00a0<\/p>\n<p>By leveraging Visa\u2019s own Circle account, it will now be able to manage these settlement payouts in USDC to Worldpay and Nuvei who can then instantaneously route these payments in USDC to their end merchants. Solana\u2019s blockchain averages 400 transactions per second (TPS), while surging to more than 2,000 TPS across a variety of use cases during its peak demand periods.\u00a0<\/p>\n<p>\u201cBy leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we\u2019re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa\u2019s treasury,\u201d said Cuy Sheffield, Head of Crypto, Visa. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-two-year-pilot-program\">Two-Year Pilot Program<\/h2>\n<p>This announcement comes after a successful two-year pilot program with Crypto.com, where Visa served as one of the first major payment networks to test stablecoin settlement on the issuance side.\u00a0<\/p>\n<p>When the pilot first launched in 2021, Visa began testing how USDC could be used inside its treasury operations on its live card program in Australia, allowing it to receive payments from Crypto.com by leveraging USDC and the Ethereum blockchain. This effectively reduced the time in which Visa cards were previously needed requiring a \u201cdays-long currency conversion process\u201d and costly international wire transfers.\u00a0<\/p>\n<p>Crypto.com now uses USDC to fulfill its settlement obligations on the Visa card in the Australian market with plans to continue rolling out this capability in other markets.\u00a0<\/p>\n<figure class=\"wp-block-pullquote\">\n<blockquote>\n<p> \u201cCircle built USDC to provide a functional digital dollar that could move at the speed of the internet to facilitate secure, reliable payments. Expanding the pilot exemplifies how pairing USDC with Visa\u2019s innovation opens up the future of payments, commerce and financial applications.\u201d<\/p>\n<p><cite>Jeremy Allaire, Co-founder and CEO, Circle.<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>Cuy Sheffield, Head of Crypto at Visa, emphasized the company\u2019s commitment to leveraging cutting-edge technologies like stablecoins and blockchain networks to enhance the speed and efficiency of cross-border settlements.\u00a0<\/p>\n<p>\u201cVisa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money,\u201d Sheffield stated in the press release.\u00a0<\/p>\n<p>Similarly, Philip Fayer, Chair and CEO of Nuvei, emphasized the broad range of applications for stablecoins like USDC, stating that they have the potential to accelerate the growth of online businesses globally. He sees stablecoins as \u201ca cutting-edge payment technology that can optimize cross-border transactions and drive innovation across various sectors.\u201d<\/p>\n<p>By offering support for Solana, Visa positions itself as one of the first major payment companies to directly utilize the network for live settlement payments between its clients.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cVisa\u2019s USDC settlement capability enables Worldpay to bring more of our treasury operations in-house and allows us to offer merchants more choices for receiving funds,\u201d said Jim Johnson, President of Worldpay Merchant Solutions, FIS.\u00a0<\/p>\n<\/blockquote>\n<p>Fayer also shared his belief that \u201c[o]ptimizing cross-border transactions is only one use case where stablecoins can benefit businesses.\u201d<\/p>\n<p><em>Editor\u2019s note: This article was written by an nft now staff member in collaboration with OpenAI\u2019s GPT-3.<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Visa announced its next steps in modernizing cross-border money movement on September 5 by extending its stablecoin settlement capabilities to the Solana blockchain. In doing this, Visa is working directly with merchant acquirers Worldpay and Nuvei to enhance the efficiency and speed of settlement processes for merchants worldwide to help optimize the often unseen process [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-21965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Visa Taps Solana to Enhance Cross-Border Payments | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/visa-taps-solana-to-enhance-cross-border-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Visa Taps Solana to Enhance Cross-Border Payments | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Visa announced its next steps in modernizing cross-border money movement on September 5 by extending its stablecoin settlement capabilities to the Solana blockchain. 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