Cross-border payments platform Verto has introduced the Verto Marketplace, a new product aimed at improving the currency exchange landscape for traders, brokers, and treasurers.
This platform addresses longstanding challenges in the industry such as limited rate autonomy, high upfront costs, lack of transparency, and inefficiencies in trading illiquid and emerging market currencies such as NGN, ZAR, XAF, XOF, and KES.
The Verto Marketplace was designed to mitigate these issues by offering a secure and user-friendly solution that offers traders more control over their transactions. It also aims to enhance liquidity and price visibility in the global market for emerging currencies, projected to grow at a compound annual growth rate (CAGR) of 6.5% over the next five years according to Verto.
The company has also revealed via its official press release that only a small fraction of Forex market participants engage in trading exotic currencies, leading to liquidity challenges and increased costs, which the Verto Marketplace aims to alleviate.
Key features of the Verto Marketplace include user-set exchange rates for enhanced profitability, a deposit system requiring only 10% upfront to reduce financial barriers, secure transactions facilitated within the platform with KYC/AML verification, and support for 14 currencies including both major and exotic ones such as XOF, XAF, GHS, NGN, KES, and UGX. The platform also offers a user-friendly interface, advanced search capabilities, and real-time transaction support to streamline trading processes.
Verto, known for its global financial technology solutions, offers businesses of all sizes access to cross-border payments, FX, and banking services through its advanced platform or API integration. The companys approach enables businesses to manage global payments and disbursements efficiently from a single platform, catering to diverse business needs worldwide.
In February 2024, Verto selected Resistant AI’s document fraud detection solution for customer onboarding and to expedite transaction processing. Following the announcement, Verto integrated Resistant AI’s Document Forensics solution to augment its document verification process. The collaboration aimed to reduce application review times and enable expansion into new markets.
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