VertoFX Review: Cross-Border Payments for Global Businesses

What Is Verto and How It Helps Global Businesses

VertoFX is a financial technology company that provides cross-border payment solutions for businesses of all sizes. The company specializes in simplifying international transactions, particularly for emerging markets in Africa. Unlike traditional banks, Verto is regulated as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA).

The company began in 2017 when founders Ola and Anthony identified challenges with making international payments, especially to suppliers in emerging markets. What started as a solution for UK residents sending money to Nigeria has grown into a global payment platform operating in over 190 countries.

Verto stands out by offering lower fees compared to traditional banks, instant settlement options, and strong support for African currencies. This makes it particularly valuable for businesses that need to make payments to or receive funds from African countries, where traditional banking options may be limited or expensive.

Verto Business Accounts: Multi-Currency Solutions for International Trade

Verto’s business accounts form the foundation of their services, offering both local and global account options to meet different business needs.

Multi-Currency Wallet

The multi-currency wallet allows businesses to:

• Store and manage over 50 different currencies in one place
• Convert between currencies easily with competitive rates
• Make fast wallet-to-wallet transfers with instant settlement
• Track all transactions in real-time

This service is particularly helpful for businesses operating in multiple countries. The wallet system allows for instant transfers between other Verto users without transaction fees. This creates a cost-effective ecosystem for companies that regularly deal with international partners who also use Verto.

Local Accounts

Verto offers local accounts in six currencies: GBP, EUR, USD, DKK, NGN, KES, and ZAR. These accounts function like domestic bank accounts in their respective countries, allowing businesses to:

• Receive payments through local clearing systems
• Reduce international transfer fees and delays
• Appear as a local business to customers in these markets
• Improve cash flow with faster receivables

Setting up a local account takes just minutes and requires only three steps: creating the account, sharing account details with customers or partners, and receiving payments.

Global Accounts

For businesses needing broader reach, Verto’s global accounts support collections in up to 25 currencies including AED, AUD, CAD, CHF, CNY, EUR, GBP, JPY, USD, and ZAR. These accounts:

• Use a single IBAN (International Bank Account Number)
• Operate under the business’s name
• Connect to global online marketplaces
• Reduce payment processing costs by up to 85%

Both individual and global accounts are designed exclusively for B2B transactions. Payments from individuals will be rejected, which is an important limitation to note.

Verto Expense Management: Corporate Cards for Global Spending

Verto’s expense management solutions center around their corporate card offerings, which include both physical and virtual options.

Physical Corporate Cards

These multi-currency business debit cards allow team members to:

• Spend in 11 different currencies with no foreign transaction fees
• Make payments globally as if they were local transactions
• Access high transaction volume limits
• Connect to a global network of suppliers

Virtual Cards

Virtual corporate cards can be created in less than five minutes and offer:

• Zero transaction fees on all payments
• Customizable spending limits for each card
• Real-time transaction notifications
• Strong security features including 3D Secure authentication

All cards come with advanced controls, allowing businesses to set specific limits, receive instant notifications, and monitor spending patterns. This helps companies maintain tight control over expenses while giving employees the flexibility they need.

Currently, the Verto mobile app has limited features and is primarily available to Nigerian businesses. However, users from other countries who have signed up through the web platform can log in to the app and access its available features.

Verto FX and Treasury Management: Competitive Currency Exchange

Verto’s foreign exchange services focus on providing competitive rates for both African and global currencies, with several different exchange options available.

Exchange Options

1. Exchange Now – Instant conversion between currencies in your Verto account with immediate payment capability
2. Exchange Deal – Lock in conversion rates even before you have funds in your account, with 24 hours to fund the transaction
3. Exchange between wallets – One-click conversion between different currency wallets
4. Marketplace – Peer-to-peer trading with other Verto users across 14 global currencies at rates you can negotiate
5. OTC (Over-the-Counter) – Personalized exchange service for businesses trading over $20 million per month

Currency Coverage

Verto provides liquidity in key African currencies including:

• Nigerian Naira (NGN)
• Kenyan Shilling (KES)
• Tanzanian Shilling (TZS)
• Ugandan Shilling (UGX)
• Central African CFA Franc (XAF)
• West African CFA Franc (XOF)
• South African Rand (ZAR)

This is in addition to major global currencies like USD, GBP, and EUR. The platform gives businesses local bank account details in these currencies, allowing them to access fast local payment systems like NIBBS in Nigeria.

For businesses dealing with large volumes, the OTC service offers personalized rates and services through direct communication with Verto’s trading team via email or WhatsApp.

Verto Invoice Payment: Streamlined Billing Solutions

Verto’s invoice payment system simplifies both sending and receiving payments through user-friendly tools.

Invoice Creation

The platform allows businesses to:

• Generate and send professional invoices quickly
• Monitor invoices from creation to payment
• Set up automatic reminders
• Access all invoicing features via web or mobile

Payment Links

Verto offers two types of payment links:

• Collection Payment Links – Create shareable links for clients to make payments
• Payout Payment Links (coming soon) – Easily pay vendors and contractors

Key features of the payment links include:

• Support for both business and individual recipients
• Acceptance of multiple currencies (USD, EUR, ZAR, etc.)
• Card payment options
• Customizable validity periods (default is two weeks)
• Option for recurring payments (weekly, monthly, or quarterly)
• Instant fund availability after payment

Payment links do come with a 4% processing fee, but users can choose to share this cost with the payer or absorb it themselves. Each payment link requires an uploaded invoice for verification.

Verto API Solutions: Integration for Digital Platforms

For businesses needing to integrate payment functionality into their own systems, Verto offers a comprehensive suite of APIs.

Core API Features

• Multi-currency Accounts API – Manage multiple currencies programmatically
• Multi-Currency Wallets API – Handle various currencies within a single wallet
• Local Accounts API – Open and manage local accounts in key markets
• Transactional FX API – Execute precise foreign exchange transactions
• Payment API – Process local and international payments

These APIs allow businesses to automate their financial operations, reducing manual intervention and streamlining processes. This is particularly valuable for digital platforms that need to offer payment services to their users.

The APIs are designed to help businesses expand into new markets without the complexity of establishing separate banking relationships in each country.

Verto Security and Compliance: Protecting Your Funds

Security is a critical aspect of Verto’s services, with multiple layers of protection in place.

Regulatory Compliance

Verto maintains compliance with several key regulations:

• GDPR (General Data Protection Regulation)
• CCPA (California Consumer Privacy Act)
• Electronic Money Regulations 2011
• Money Laundering Regulations 2017
• Terrorism Act 2006 and 2000
• Proceeds of Crime Act

Fund Protection

As an FCA-regulated Electronic Money Institution (EMI), Verto implements strict safeguarding measures:

• Customer funds are kept in secure, separate bank accounts
• Business funds are completely isolated from customer funds
• Client money is inaccessible to creditors

Data Security

Verto employs strong authentication methods and secure data practices:

• Advanced encryption for all financial data
• Robust fraud detection systems
• 3D Secure technology for payments
• Real-time monitoring of transactions

This multi-layered approach to security helps ensure that both funds and data remain protected at all times.

Verto for Different Business Types: Industry-Specific Solutions

Verto offers specialized services for different business sizes and industry sectors.

By Business Size

• Startups – Innovative payment solutions to help new businesses reach global markets
• Mid-Size Companies – Tools to expand into new territories and grow customer bases
• Enterprises – Simplified management of global treasury and payment operations

By Industry

• Charities & NGOs – Specialized payment solutions beyond basic transactions
• Educational Institutions – Systems for paying lecturers, teachers, and managing student funds
• Exporters – Collection solutions for international buyers, especially in Kenya
• Health & Pharmaceuticals – Automation capabilities to reduce manual processes
• Importers – Streamlined supplier payments and currency conversion
• Media & Telecoms – End-to-end solutions for cross-border payment challenges
• Travel & Tourism – Secure and low-cost methods for collecting and sending funds

Verto also serves specific industries like agriculture and textiles, providing them with targeted payment solutions for their unique needs.

Verto Pricing: Transparent Fee Structure

Verto prides itself on transparent pricing without hidden fees or confusing structures.

Pricing Philosophy

The company follows four key principles in its pricing approach:

• Fairness – Pricing based on actual usage and needs
• Transparency – Clear pricing that’s easy to understand
• Flexibility – Customizable plans to meet specific business requirements
• Straightforwardness – Simple pricing to help with budgeting and planning

The platform charges a 4% processing fee for payment link transactions, but users have the option to share this cost with payers or absorb it themselves.

Corporate Cards Pricing

*Limitations may differ according to geography

Why Choose Verto: Key Benefits for Global Businesses

Verto offers several compelling advantages for businesses engaged in international trade.

Operational Benefits

• User-Friendly Design – Simple interface with no complex systems
• Dedicated Support – Team available to help achieve growth goals
• Cost-Effective Transactions – Low fees and competitive FX rates
• Regulatory Compliance – Adherence to standards across all operating markets
• Data Security – Protection for both business and client information

Financial Benefits

• Simplified Cross-Border Payments – Remove complexity from international transactions
• Reliable Low-Cost Transfers – No high fees or long wait times
• Market-Beating FX Rates – Instant exchange at competitive rates
• Supplier-Friendly Payments – Pay in local currencies without hassle
• Centralized Financial Management – All transactions stored securely in one place

These benefits make Verto particularly valuable for businesses looking to expand globally without the traditional barriers of complex payment systems, high fees, or currency exchange challenges.

Conclusion: Is Verto Right for Your Business?

Verto offers a comprehensive solution for businesses needing to make or receive international payments globally. The platform combines multi-currency accounts, competitive exchange rates, and streamlined payment processes to remove friction from cross-border transactions in over 190 countries worldwide.

While Verto demonstrates particular strength in African markets, its services extend far beyond this region, supporting 50+ currencies and providing local accounts in key markets across multiple continents. This global reach, combined with specialized knowledge of emerging markets, makes Verto valuable for businesses of all sizes looking to expand internationally.

The security measures, regulatory compliance, and transparent pricing add further value, giving businesses confidence in their financial operations. The platform’s comprehensive suite of tools—from multi-currency wallets to corporate cards and invoice payment solutions—provides everything businesses need to manage global finances efficiently.

If your business conducts international transactions and seeks a cost-effective alternative to traditional banking systems, Verto provides a robust solution with the flexibility to support various industries and payment needs across the globe.