Verto reveals cross-border payments partnership with ClearBank


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Verto, a business-to-business payments provider, has announced that it will collaborate with the cloud-based clearing bank ClearBank.
  • The two organisations will work together to improve the payments process for small to medium-sized enterprises in the European and UK markets.
  • “We’re working together to meet a surge in demand for digital payments and address new and old challenges posed by cross-border payments, from high fees to Brexit and Covid-19 uncertainties,” said a spokesperson for ClearBank.

Verto, a provider of business-to-business payments, has confirmed that it will work with a cloud-based clearing bank for the UK and European markets.

The company said that it was partnering with ClearBank as part of an increased push to provide improved cross-border payments solutions to businesses in the regions.

The two organisations will offer British and European small to medium-sized enterprises the chance to use a multi-currency bank account and foreign exchange solution.

This will in turn reduce the number of hurdles when receiving cross-border payments.

The new offer will provide real-time local settlement as well as speedier payment functionality.

There will also be more liquidity on offer.

In a statement, Verto’s co-founder and chief executive officer said that the firm was aiming to alter the process of money exchange.

Ola Oyetayo said that reduced access to cost-friendly foreign exchange rates was just one of the problems affecting businesses.

“We are on a mission to change how businesses exchange money,” he explained.

“The challenges faced by businesses in the UK and EU include poor access to competitive FX rates and inability to move funds quickly and securely without incurring excessive transaction fees.”

He also emphasised that the new partnership would lead to clients being offered “innovative” payments solutions.

“Through our partnership with ClearBank, we can offer real-time payments and innovative banking services to our customers,” he said.

He also commented that there were a number of factors that had led to a rise in demand for the service.

“We’re working together to meet a surge in demand for digital payments and address new and old challenges posed by cross-border payments, from high fees to Brexit and Covid-19 uncertainties.”

ClearBank’s chief executive officer Charles McManus claimed that Verto was the first firm to take the bank up on its multi-currency product offer.

“Verto is the first to use our multi-currency product and we are delighted to partner with them to alleviate some of the barriers faced by SMEs in the UK and Europe,” he said.

“By working together we’re meeting the demands of the next generation of consumers and businesses.”

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