Verto launches an API solution for forex services and cross-border payments
By Joy Dumasia
Verto, the leading B2B cross-border payments and foreign exchange (FX) enabler, announced the launch of its new API solution, empowering businesses to automate currency conversion, global pay-outs and beneficiary management. As the industry embraces embedded finance, more companies outside traditional financial organisations are beginning to provide financial services relevant to their existing products. ResearchAndMarkets.com shows that the embedded payments industry, in particular, is expected to increase from US$124,755.7 million in 2022 to US$380,573.2 million by 2029.
Verto’s API solution allows FinTechs, financial institutions, payroll, HR companies, accounting and invoice management solution providers and large enterprises to access a complete financial services ecosystem, customise their payment solutions seamlessly and create their FX and payment flows. Built on Verto’s RESTful API, specifically designed to minimise integration time while simultaneously enabling them to scale globally with ease.
This new solution further enhances Verto’s mission to provide the infrastructure that powers the world’s fastest-growing start-ups, enterprises and e-commerce merchants, allowing businesses in mature and emerging markets equal access to the global financial system. Through Verto API, businesses have the complete freedom to automate currency conversions, track payments and exchange rates in real-time and transact globally with ease.
Verto is in the midst of rapid growth and expansion following a $10m in Series A funding last year, and the launch of the API solution is the natural next step in the firm’s ambition to solve the fragmented cross-border payments landscape in emerging market economies.
“Verto’s new API solution will turbocharge businesses globally, giving them the quickest and most efficient way to integrate local and international payments into their products,” said Anthony Oduu, Co-Founder and CTO of Verto. “Our RESTful API has been designed with developers in mind to cut down the integration period while simultaneously allowing business owners to scale globally.”
CEO and Co-Founder Ola Oyetayo said: “Embedded finance is the next big thing for our industry. And embedded payments, in particular, are making life easier for businesses and consumers worldwide by completely streamlining the entry process, driving up customer satisfaction and unlocking new revenue opportunities for businesses. While embracing APIs is a big shift for the industry, our partners have shown great interest in this solution.”
Recently, IBS Intelligence reported that Verto, the leading B2B cross-border foreign exchange (FX) and payments enabler, announced the launch of its multi-currency global account. Using Verto’s global account, businesses can conveniently receive and send payments across 190 destinations and hold funds in 51 currencies, making Verto a one-stop shop for businesses worldwide.
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December 01, 2023