B2B cross-border payments and foreign exchange (FX) enabler Verto has launched a new API solution to help businesses automate currency conversion, global pay-outs and beneficiary management.
As the industry embraces embedded finance, more companies outside of traditional financial organisations are beginning to provide financial services relevant to their existing products. Data from ResearchAndMarkets.com shows that 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.
Verto’s API solution allows fintechs, financial institutions, payroll, HR companies, accounting and invoice management solution providers and large enterprises to access a complete financial services ecosystem, customise their own payment solutions seamlessly and create their own FX and payment flows.
Verto is in the midst of rapid growth and expansion following a $10 million in Series A funding last year and the launch of the API solution is the natural next step in the firm’s ambition to solve the fragmented cross-border payments landscape in emerging market economies.
“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,” said Anthony Oduu, Co-Founder and CTO of Verto. “Our RESTful API has been designed with developers in mind to cut down the integration period while simultaneously allowing business owners to scale globally.”
Commenting on the launch, CEO and Co-Founder, Ola Oyetayo, 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.”