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Verto: Revolutionizing B2B Cross-Border Payments
In a world where businesses need to move money efficiently across borders, Verto stands out as a beacon of innovation. This London-based fintech, founded in 2019 by Ola Oyetayo and Anthony Oduwole, has developed a groundbreaking B2B payment engine that addresses the challenges of accessing foreign exchange (FX) liquidity in a transparent and speedy manner.
Why Cross-Border Payments Matter
For companies operating in Africa, securing FX from banks can be a time-consuming and unpredictable ordeal. Traditional banks often provide only partial amounts of required funds, and the processes involved can be convoluted. Verto aims to change all that by serving businesses in over 190 countries with a platform that allows seamless sending, receiving, and exchanging of money. This efficiently builds a bridge between local currencies and globally traded ones, facilitating smoother transactions across continents.
Navigating a Crowded Market
Entering the B2C remittance space may seem appealing, but Verto deliberately chose to focus on the less glamorous yet more lucrative B2B sector. While B2C remittances generate headlines, the B2B cross-border payment market boasts an astonishing value of $31.6 trillion, far eclipsing the $1.9 trillion of B2C. By honing in on the business sector, Verto positions itself for significant growth and success.
The Power of Building from Scratch
What truly sets Verto apart is its backend infrastructure, built meticulously to ensure smooth operations. From compliance engines to FX pricing tools, the company crafts its systems to guarantee reliability and efficiency. This hard-won expertise allows Verto to provide valuable resources for companies looking to leverage its technology to manage their international transactions.
The Importance of Compliance
In the fintech world, compliance isn't just a regulatory requirement; it's a core offering. Verto has created a sophisticated compliance engine that safeguards the significant sums being transferred daily. To maintain financial integrity while expanding its network, Verto has secured a Payment Services Provider (PSP) license, allowing for direct connections with major global banks while ensuring compliance at every step.
A Call to Action for Businesses
As the fintech landscape evolves, companies must prioritize reliable, efficient money movement strategies, particularly in a rapidly changing environment like Africa's. With a strong foundation already in place, Verto's commitment to revolutionizing cross-border payments beckons businesses to embrace these advancements.
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