Verto’s new 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 and customise their own payment solutions. It also provides the means for these companies to create their own FX and payment flows.
The API solution is built on Verto’s RESTful API, which si designed to minimise integration time while simultaneously enabling them to scale easily across geographies.
According to Fintech Finance, this new solution is aligned with Verto’s mission to provide the kind of infrastructure that can power current fast-growing startups, enterprises, and ecommerce merchants. Through Verto API, businesses have access to means of automating currency conversions, tracking payments, and exchanging rates in real-time while transacting globally.
The British cross-border payments enabler has recently launched its multi-currency global account, enabling businesses to send payments across 190 destinations in up to 51 currencies. The new solution allows businesses to receive and collect payments across the world using its platform, providing a multi-currency solution on the receiving end.
Earlier in March 2022, Verto has announced the increase in the number of supported currencies for conversions and payments from 39 to 51, all available across the entire product suite, including e-wallets, creating cross-border solutions for companies worldwide. Moreover, in February 2022, the company partnered with payments specialist Acquired to augment its ecommerce wallet with top-up and payment functionality.
These product launches follow a stream of partnerships with Banking Circle and ClearBank in Q4 2022, both aimed at streamlining B2B cross-border payments for British SMEs.
Verto is in the midst of rapid growth and expansion following a $10 million 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.
Anthony Oduu, Co-Founder and CTO of Verto was cited by Fintech Finance in stating that Verto’s RESTful API has been designed with developers in mind to cut down the integration period while simultaneously allowing business owners to scale globally. The company official continued by explaining that embedded payments 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. This principle is cited as standing behind the creation of Verto’s API, with company partners showing visible interest in the solution, Oduu explained.
According to research issued by ResearchandMarkets.com, The embedded payment industry is expected to grow registering a CAGR of 23.1% between 2022 and 2029. The embedded payment revenues in the region will increase from USD 124,755.7 million in 2022, while being forecasted to reach USD 380,573.2 million by 2029.
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