Verto Debuts Cross-Border Payments API
B2B cross-border payments company Verto has launched a new API solution, which it says will help clients automate currency conversion, global payouts and beneficiary management.
“As the industry embraces embedded finance, more companies outside of traditional financial organizations are beginning to provide financial services relevant to their existing products,” the London-based company said in a news release Tuesday (Aug. 9).
Verto says its API solution lets FinTechs, financial institutions, payroll, HR companies, accounting and invoice management solution providers, and large enterprises access “a complete financial services ecosystem.”
Within that ecosystem, those companies can customize their own payment solutions and create their own FX and payment flows. The system uses Verto’s RESTful API, which is designed to minimize integration time while letting clients scale globally.
Read more: Verto Unveils B2B Multi-Currency Global Accounts
Verto said the launch comes amid an expansion period following a $10 million Series A funding round in 2021 and calls the API solution is next step in its goal to provide better cross-border payments in emerging market economies.
“Embedded finance is the next big thing for our industry,” Verto CEO and Co-founder Ola Oyetayo said. “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.”
The launch of the new API solution comes a few months after Verto unveiled its multi-currency global account, which lets businesses send and receive payments across 190 countries in as many as 51 currencies.
Global Account lets businesses take in money in up to 25 currencies, convert the funds and pay their partners, suppliers, or employees in 51 currencies.
“With our Global Account solutions, we now support businesses and merchants across the U.K., U.S., Europe and emerging markets who need access to foreign account capabilities in neighboring countries for regional and global expansion,” Oyetayo said in May.