Verto, ClearBank partner for cross-border payments

Tuesday 2 November 2021 13:35 CET | News

B2B payments platform and currency exchange marketplace for SMEs Verto has partnered with ClearBank for underserved UK and European businesses, according to

SMEs are the backbone of the world’s economy, representing 99% of all businesses in the EU. They employ around 100 million people, account for more than half of Europe’s GDP and play a key role in adding value in every sector of the economy. Despite this, SMEs face steep FX charges, high transaction costs, and a slow process when it comes to paying for goods and services internationally.

The collaboration between ClearBank and Verto will connect UK and European SMEs with a multi-currency bank account and FX solutions, further eliminating barriers to cross-border payments. All Verto users can now accept and send payment all from one single and easy to use platform, benefiting from enhanced liquidity, faster payments capabilities, and instant local settlement times.

Verto addresses FX and payments challenges faced by SMEs by providing an online marketplace to exchange currencies and make international payments to suppliers. The marketplace enables businesses to move money across borders seamlessly and instantly, solving important pain points in the B2B global payments industry, which is expected to grow to nearly USD 200 trillion by 2028, over six times the size of the retail payments market.

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Keywords: partnership, B2B payments, cross-border payments, FX , SMEs
Categories: Banking & Fintech
Countries: Europe, United Kingdom
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Banking & Fintech

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