Verto, a leading provider of B2B cross‑border payments infrastructure and foreign exchange, recently launched an API solution for forex services and cross-border payments. With its latest launch, Verto intends to enable organizations to automate beneficiary administration, international payments, and currency conversion.
Following a $10 million Series A investment last year, Verto is currently experiencing significant development and expansion, and the introduction of the API solution is the logical next step in the company’s goal to address the fragmented cross-border payments landscape in emerging market countries.
In response to the industry’s adoption of embedded finance, more businesses outside of traditional financial institutions are starting to offer financial services related to their current goods. According to ResearchAndMarkets.com, the embedded payments market is predicted to grow from $124,755.7 million in 2022 to $380,573.2 million by 2029.
With the help of Verto’s API solution, FinTechs, financial institutions, payroll, HR, accounting, and invoice management solution providers, as well as large businesses, can access the entire financial services ecosystem, seamlessly customize their payment solutions, and design their FX and payment flows. Built using Verto’s RESTful API, it is specifically made to save integration time and facilitate easy global scaling.
“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”, said Anthony Oduu, Co-Founder and CTO, Verto.
Verto’s goal of providing an infrastructure that fuels the world’s fastest-growing start-ups, corporations, and online retailers is further advanced by this new solution, giving companies in both developed and developing economies equitable access to the international financial system. Businesses now have total freedom to track payments and exchange rates in real-time, automate currency conversions, and conduct simple international commerce, thanks to Verto API.
Ola Oyetayo, CEO and Co-Founder, 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.”