Verto streamlines cross border payments with Banking Circle
By Joy Dumasia
Verto has joined forces with Payments Bank, Banking Circle, to streamline international payments for its clients. Utilising the multi-award-winning Banking Circle Virtual IBAN solution, alongside access to Banking Circle’s local payment rails, Verto addresses the pain points of complicated pay-ins and cross border payments.
Banking Circle Virtual IBAN gives financial institutions such as Verto the ability to issue multi-currency IBANs in their customers’ names and multiple jurisdictions. This enables merchants to make and accept cross border payments in different currencies in a way that traditional banks would simply not facilitate due to risk and legacy systems limitations.
Ola Oyetayo, Co-Founder and CEO, Verto, said: “Our clients told us that pay-ins to their multi-currency wallets were difficult and inconvenient. As a company, we have always sought to make cross border payments simple, so it was clear that we needed a better solution. Using Banking Circle Virtual IBAN and allowing Banking Circle to make and collect payments on behalf of our clients directly addresses the pain points. Accounts and payments are now in the client’s name and have specific International Bank Account Numbers (IBANs), which makes reconciliation infinitely simpler, increasing client confidence and smoothing the way for easier international transactions. Working together, we have removed the frictions of cross border transactions and provided our clients with truly global bank accounts.”
Laust Bertelsen, Chief Executive Officer, Banking Circle, added: “Verto shares our ambition to make cross border payments accessible to all businesses, empowering them to reach their global potential and increase opportunities for international trade. The Verto offering is innovative and exciting and is already helping smaller businesses transact into jurisdictions they would otherwise have been unable to serve. Now, in partnership with Banking Circle, Verto has simplified pay-ins and streamlined cross border payments, adding even greater value to its offering. Traditional cross border payments are expensive and slow, thanks to the multitude of stakeholders involved in the correspondent banking network. Using Banking Circle’s local payment rails instead sidesteps this issue and delivers cross border payments that feel local, without a physical presence or correspondent banking relationship in other geographies.”
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