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Innovative cross border payment provider removes pain points to boost international transactions
London, 1st December 2021 – B2B cross border payment provider, 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 is addressing the pain points of complicated pay-ins and cross border payments.
“Our clients told us that pay-ins to their multi-currency wallets were difficult and inconvenient,” explained Ola Oyetayo, Co-founder and CEO, Verto. “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.”
Banking Circle Virtual IBAN gives financial institutions such as Verto the ability to issue multicurrency IBANs in their customer’s name and in 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.
Banking Circle’s intelligent payment rails offer direct real time payments in over 25 major currencies via SWIFT including direct local clearing systems covering CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, SEK, and SGD. Banking Circle also offers 12 local payment channels across Eastern Europe & Nordics, instant payment notifications and treasury management. Based on McKinsey analysis of the e-commerce marketplace, Banking Circle processed 6% of the world’s B2C e-commerce payments in 2020 and is on track to process EUR 250 billion in payment volumes in 2021.
About Banking Circle
Banking Circle is the Payments Bank for the new economy. As a fully licenced bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.
Banking Circle is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver the fastest, lowest cost payments, with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross border payments, all underpinned by market leading compliance and security.
Through bespoke, flexible, scalable and futureproof solutions Banking Circle is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.
Headquartered in Luxembourg, Banking Circle has offices in London, Munich, Amsterdam and Copenhagen.