Banking Circle and Verto team up for improved payments offer

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Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Banking Circle, which is a payments bank, has announced that it will work alongside Verto to improve and increase the efficiency of their cross-border payments offer.
  • The new arrangement will see the two companies offer a Virtual IBAN solution through the Banking Circle system.
  • “The Verto offering is innovative and exciting and is already helping smaller businesses transact into jurisdictions they would otherwise have been unable to serve,” said a spokesperson for Banking Circle.

Banking Circle, a payments bank, and Verto, a cross-border payments services provider, have announced a new collaboration.

Banking Circle said that it will work alongside Verto to improve and increase the efficiency of its customers’ international payments options.

They will do this by offering Banking Circle’s Virtual IBAN solution, which has won several awards.

The Virtual IBAN service is designed to allow firms such as Verto to provide multi-currency International Bank Account Numbers (IBANs) to their clients.

Customers can take these types of numbers out in their own names and in lots of different national territories.

They will also be able to access Banking Circle’s localised payments rails.

In a statement, a senior figure at Verto said that payments into multi-currency wallets were hard at the moment.

Ola Oyetayo, who is the co-founder and chief executive officer at Verto, said that customers currently face inconveniences.

“Our clients told us that pay-ins to their multi-currency wallets were difficult and inconvenient,” he said.

He added that it was the company’s mission to improve the simplicity with which cross-border payments can be secured.

“As a company, we have always sought to make cross border payments simple, so it was clear that we needed a better solution.”

“Using Banking Circle Virtual IBAN and allowing Banking Circle to make and collect payments on behalf of our clients directly addresses the pain points,” he said.

He went on to describe exactly what the customer could expect to receive if they signed up to the new system.

“Accounts and payments are now in the client’s name and have specific International Bank Account Numbers (IBANs), which makes reconciliation infinitely simpler, increasing client confidence and smoothing the way for easier international transactions,” he said.

For Banking Circle, meanwhile, the chief executive officer there said that Verto had a similar approach to Banking Circle when it comes to improving accessibility.

Laust Bertelsen said that the firm’s customers would enjoy enhanced access to global trading.

“Verto shares our ambition to make cross border payments accessible to all businesses, empowering them to reach their global potential and increase opportunities for international trade,” he said.

He added that Verto’s current product offer was “exciting”.

“The Verto offering is innovative and exciting and is already helping smaller businesses transact into jurisdictions they would otherwise have been unable to serve,” he explained.

If you need to gather some more information about how the online money transfer sector is working, just visit our website’s reviews page and learn more about what all the different providers can offer.


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