Verto, a B2B cross-border payments firm, has introduced a new API solution that, according to the company, will assist clients in automating beneficiary administration, worldwide payouts, and currency conversion.
The London-based business stated in a news release that “as the market adopts embedded finance, more enterprises outside of traditional financial institutions are beginning to provide financial services related to their existing goods.”
According to Verto, its API solution enables access to “a full financial services ecosystem” for FinTechs, financial institutions, payroll and HR businesses, accounting and invoicing management solution providers, and major corporations.
These businesses can design their own payment systems, FX, and payment flows inside that ecosystem. The system makes use of Verto’s RestESTful API, which is meant to reduce integration time while enabling worldwide client scaling.
Verto claims the API solution is the next stage in its mission to enable better cross-border payments in emerging market economies. The company stated the launch coincides with an expansion phase that followed a $10 million Series A investment round in 2021.
According to Verto CEO and Co-Founder Ola Oyetayo, “Embedded finance is the next big thing for our sector.” By entirely simplifying the entry process, increasing customer happiness, and opening up new income options for organizations, integrated payments in particular are making life simpler for businesses and customers globally.
After Verto introduced its multi-currency worldwide account, which enables companies to send and receive payments across 190 countries in as many as 51 currencies, the new API solution was released a few months later.
Oyetayo stated in May that “with our Worldwide Account solutions, we now enable companies and merchants throughout the U.K., U.S., Europe and developing markets that need access to foreign account capabilities in surrounding countries for regional and global development.”
