Verto launches embedded FX payments solution
The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.
Verto has launched its new API solution for automation of currency conversion, global pay-outs, and beneficiary management.
The provider of B2B cross-border payments and foreign exchange (FX) solutions is doubling down on its API solution as embedded finance becomes an increasingly popular way to help companies outside of traditional financial organizations to provide financial services relevant to their existing products.
The embedded payments industry in particular is expected to increase from US$124,755.7 million in 2022 to reach US$380,573.2 million by 2029, according to data from ResearchAndMarkets.com.
Embedded finance is the next big thing
Anthony Oduu, Co-Founder and CTO of Verto, said: “Verto’s new API solution will turbocharge businesses globally, giving them the quickest and most efficient way to integrate local and international payments into their products. Our RESTful API has been designed with developers in mind to cut down the integration period while simultaneously allowing business owners to scale globally.”
Ola Oyetayo, CEO and Co-Founder at Verto, said: “Embedded finance is the next big thing for our industry. And embedded payments in particular 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. While embracing APIs is a big shift for the industry, our partners have shown great interest in this solution.”
The API solution addresses the needs of fintechs, financial institutions, payroll, HR companies, accounting, and invoice management solution providers and large enterprises.
Verto’s target market can leverage the API to access a complete financial services ecosystem, customize their own payment solutions seamlessly and create their own FX and payment flows.
Designed to minimize integration time and maximize scale, the solution provides the infrastructure that powers start-ups, enterprises and e-commerce merchants, either in mature or emerging markets.
The Verto API automates currency conversions, tracks payments and exchange rates in real-time and is being launched in the follow-up of a $10 million in Series A funding last year.