Verto, a B2B cross-border payments, and foreign exchange (FX) facilitator, has joined forces with ForexPeople to offer South African industries purchasing, selling, or operating worldwide safe, quick, and effortless payment systems.
Verto offers trusted and secure payment solutions to over 3,000 customers and payouts to over 150 countries, with over $1.5 billion in transaction volumes. Based on its deep expertise as a leading foreign exchange intermediary with a reputation for high ethical standards, Verto, a registered Fit, and Proper financial service provider and license holder, chose to partner with ForexPeople, a registered Fit, and Proper financial service provider and license holder.
The collaboration aims to ensure that Verto is completely compliant with all regional regulatory standards, with a particular focus on the upcoming implementation of the Conduct of Financial Institutions Act (COFI). Verto South Africa is now a Juristic Representative (JR) of ForexPeople, which is an FIC and FSCA-registered firm.
Ola Oyetayo, CEO of Verto, stated, “Combined, the two companies bring a credible, compliant and highly capable cross-border payment solution to the South African B2B market, which sits at the forefront of innovation and regulatory expectations”.
The software helps South African businesses to make and receive international business payments seamlessly from a central ecosystem, using a service that assists with currency conversion and global account management, by allowing them to send and receive payments globally via a single API or the Verto web and mobile platform. The collaboration establishes a foundation of global regulatory practices and customer service aimed at reimagining and simplifying South African businesses’ cross-border payments experience.
Richard Beddow, MD, and Founder of ForexPeople, commented, “ForexPeople has always based its client services ethos on a very personal ‘high-touch’ approach. Through this partnership with Verto, we are now introducing a simple, intuitive online channel for new clients to exchange and make international business payments with ease.”
ForexPeople is a member of the SAATA (South African Association of Treasury Advisors) and has signed a statement of commitment to the Global FX Code to ensure transparency, best practices, and risk management. This commitment is consistent with Verto’s high standards of ethics, trust, and transparency. The partnership meets all of the South African Reserve Bank’s standards for competence, risk management, safety, and compliance for cross-border payment providers.
ForexPeople complements Verto’s automated onboarding and cross-border payment capabilities with a highly personalised service.