Verto streamlines cross-border payments with Banking Circle

UK-based B2B cross-border payment provider Verto has teamed up with payments bank Banking Circle to streamline international payments for its clients.

Banking Circle Virtual IBAN gives financial institutions such as Verto the ability to issue multicurrency IBANs in their customer’s name and in multiple jurisdictions. This enables merchants to make and accept cross-border payments in different currencies, in a way that traditional banks would not facilitate due to risk and legacy systems limitations.

Verto company officials stated that accounts and payments are now in the client’s name and have specific International Bank Account Numbers (IBANs), which makes reconciliation simpler and smoothing the way for easier international transactions. Working together with Banking Circle has removed the frictions of cross border transactions and provided Verto’s clients with global bank accounts.

Banking Circle’s payment rails offer direct real-time payments in over 25 currencies via SWIFT, including direct local clearing systems covering CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, SEK, and SGD. Banking Circle also offers 12 local payment channels across Eastern Europe and Nordics, instant payment notifications, and treasury management.