Verto, a B2B global payments platform, has launched a new multi-currency corporate card in partnership with Visa, aimed at helping African businesses simplify international transactions and reduce foreign exchange costs.
The Verto Card, which is available to customers worldwide, allows businesses to fund, spend and settle payments across multiple currencies, with zero FX markups on eligible currencies. The company said the product is designed to give businesses greater control and efficiency as they expand their operations globally.
For years, African businesses operating internationally have faced challenges with corporate cards linked to a single settlement currency, often resulting in hidden FX costs, rejected payments and lost revenue. Verto said its new corporate card addresses these challenges by using Visa’s commercial payment infrastructure to provide guaranteed payment acceptance rates across 11 currencies, alongside indirect access to more than 160 additional currencies.
Linked directly to Verto wallets and accepted by 150 million merchants globally, the cards allow customers to transact automatically in US Dollar (USD), Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), Norwegian Krone (NOK) and Swedish Krona (SEK).
Customers do not need to manually transfer funds between wallets or pay additional penalties for international transactions. For African SMEs, importers, SaaS businesses and digital media buyers, Verto said the card enables them to transact more easily in foreign markets while avoiding hidden FX costs and some of the payment failures associated with prepaid cards.
"African businesses have been underserved by the card products that exist today. They are either locked into a single currency, hit by undisclosed fees, or declined at checkout because their card runs on prepaid rails”, said Ola Oyetayo, CEO and Co-founder of Verto. “This new partnership with Visa reshapes corporate cards for international businesses, moving beyond the limitations of traditional banking and prepaid card structures, and expanding what is possible for global business transactions” he continued.
Security and spending controls are also integrated into the Verto Card. Sensitive card data is retained within Verto’s platform, while transactions are authenticated through 3D Secure verification using a one-time passcode or in-app confirmation.
Businesses can also apply controls based on date, time and merchant category, giving them greater oversight of how corporate cards are used and helping to manage company spending.
“The future of business payments lies in solutions that combine global connectivity with local innovation,” said Shahebaz Khan, SVP and Head of Commercial & Money Movement, Visa. “Through our partnership with Verto, we are expanding access to modern payment capabilities that help businesses move money more efficiently, while enabling fintechs and financial institutions to deliver new value to their customers.”
Verto said it plans to further expand the platform with mobile wallet integration through Google Pay and a Cards-as-a-Service (CaaS) offering through its Atlas infrastructure.
The planned CaaS service will enable fintechs and banks to embed card issuance directly into their own platforms through a white-label arrangement, backed by Verto’s licensing and Visa’s payment network.
I found the multi-currency approach interesting because it gives businesses more flexibility when they need to manage payments across different markets without constantly worrying about extra FX costs.
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