Visa partners with Solana for cross-border fund transfers, accelerating payment settlement innovation

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Visa Partners with Solana to Innovate and Accelerate Modern Cross-Border Fund Flows

Visa has announced a series of new initiatives aimed at modernizing cross-border fund flows. To enhance the efficiency of stablecoin settlements, Visa is actively expanding its stablecoin settlement capabilities to the Solana blockchain, while partnering with merchant acquirers Worldpay and Nuvei.

Visa Utilizes Blockchain Technology for Real-Time Payment Authorization

Visa has successfully conducted real-time trials on the Solana and Ethereum blockchains for VisaNet authorization of fiat currency payments through collaborations with issuing and acquiring banks.

Through this technology, millions of USDC funds have flowed between partners, ensuring consumers of millions of Visa-accepting merchants globally can enjoy nearly instant payment authorizations.

Cuy Sheffield, Visa's Head of Cryptocurrency, stated that by leveraging USDC and blockchain technology, Visa can expedite cross-border settlements, offering customers modern ways to send and receive funds. This strategic move began in 2021 with a pilot program with Crypto.com, marking Visa's initial success in stablecoin settlements. This has reduced the time needed for shopping settlements and provided merchants with more payment options.