Verto, the B2B payments platform and currency exchange marketplace for SMEs, has partnered with ClearBank, the cloud-based clearing bank, to create seamless cross-border payments solutions for underserved UK and European businesses.
SMEs are the backbone of the world’s economy, representing 99% of all businesses in the EU. They employ around 100 million people, account for more than half of Europe’s GDP and play a key role in adding value in every sector of the economy. Despite this, SMEs face steep FX charges, high transaction costs and a slow process when it comes to paying for goods and services internationally.
The collaboration between ClearBank and Verto will connect UK and European SMEs with a multi-currency bank account and FX solutions, further eliminating barriers to cross-border payments. All Verto users can now accept and send payment all from one single and easy to use platform, benefitting from enhanced liquidity, faster payments capabilities and instant local settlement times.
Verto addresses FX and payments challenges faced by SMEs by providing an online marketplace to exchange currencies and make international payments to suppliers. The marketplace enables businesses to move money across borders seamlessly and instantly, solving important pain points in the B2B global payments industry, which is expected to grow to nearly $200trillion by 2028, over six times the size of the retail payments market.
The company enables SMEs to transact at FX rates 9x cheaper than high street banks, settle 3x faster, charging no transaction fee whilst enabling them to manage their currency exposure through its multi-currency business accounts.
Ola Oyetayo, Co-Founder and CEO of Verto, said, “We are on a mission to change how businesses exchange money. The challenges faced by businesses in the UK and EU include poor access to competitive FX rates and inability to move funds quickly and securely without incurring excessive transaction fees.”
He continued, “Through our partnership with ClearBank, we can offer real-time payments and innovative banking services to our customers. We’re working together to meet a surge in demand for digital payments and address new and old challenges posed by cross-border payments, from high fees to Brexit and Covid-19 uncertainties.”
Charles McManus, CEO of ClearBank, said, “Verto is the first to use our multi-currency product and we are delighted to partner with them to alleviate some of the barriers faced by SMEs in the UK and Europe. By working together we’re meeting the demands of the next generation of consumers and businesses.”