Overview

Verto is a global B2B payments solution that helps businesses send money to anyone, anywhere. Using a purposefully built techinfrastructure and payment rails, Verto helps 1000+ customers from startups, SMEs to large corporate companies to send and receive money in over 200+ countries.

Verto is one of the first payment providers to launch a business- to-business currency exchange platform. It was a challenge forcustomers to access exotic currencies through traditional financial institutions or get it on the open market. Businesses keen on doing business in emerging market currencies can use Verto’s marketplace to solve their liquidity problems. The Marketplace has been designed like a foreign exchange market, but for end-users to trade with each other directly, instead of doing that through a financial institution/ bank. This will all be done on Verto’s cross-border payments platform and the multi-currency wallets we provide our customers with, which is available 24/7, and just requires an internet connection.

Implementation Process

Verto deployed an agile methodology for the implementation of their Marketplace solution. The Verto Marketplace was already live and available for clients to use. This solution was part of Verto’s first release, the Minimum Viable Product, 2 years ago. As more users traded on the marketplace, Verto constantly kept enhancing the user experience by upgrading the interface, making it easier to use and setting up more rules to trade to ensure that transactions carried out on the Marketplace are legitimate and easily settled.

The Marketplace solution was adapted to suit different needs because of its underlying architectures and design. The multi-currency wallets were designed to create a secure, peer-to-peer market that bypasses middlemen like financial institutions when businesses want to convert currencies. These wallets proved to be a powerful tool that enabled businesses on Verto to transact across borders with ease and without barriers. There were provisions for measures that could be added to ensure that each counterparty fulfils the transaction after accepting the trade, such as ensuring that there are enough funds in the client’s multicurrency wallets before they are allowed to accept trades. The user experience was customizable as per changes in the client-facing interface, which made the Marketplace very flexible and scalable according to client demands. The most prominent advantage of the Marketplace solutions was the growth in liquidity due to more businesses getting onboarded onto the Verto Marketplace. The Marketplace will continue to be developed and promoted by Verto as a solution that can help inject liquidity into emerging market currencies and continue giving businesses an alternative source of foreign exchange at favourable, but flexible rates.

Benefits Achieved

• The Marketplace has been especially useful for some of the emerging market clients who faced challenges due to illiquid currency movements, lack of access to some currencies and those who wanted more flexibility in the rates they want to convert currencies
• After being onboarded by Verto’s compliance team and passing all relevant AML/KYC checks, a business can place a trade on a currency pair at the rate that they want or act as a counterparty to fulfil existing

Conclusion

The Verto Marketplace deployed by the payment service provider was a solution which exhibited flexibility, scalability and customizability which could accommodate clients from different parts of the world into their currency exchange ecosystem. The adoption of an agile methodology meant that the Marketplace would keep undergoing improvements and innovative changes as per customer trends and growth in liquidity.

Key Facts:

• Bank Name: Verto
• Bank Founded In: 2017
• Bank HQ: England, United Kingdom
• Vendor Name: Inhouse Development
• Solution Implemented: Marketplace (Exchange Later)
• Timeline: NA