Verto, a business-to-business global payments platform, has partnered with Visa to launch a multi-currency corporate card. This new product aims to help African businesses manage international transactions and reduce foreign exchange costs. The Verto Card allows businesses to fund, spend, and settle payments across multiple currencies with zero foreign exchange markups on eligible currencies.
The Verto Card provides direct spending access across 11 currencies, including the US dollar, euro, Japanese yen, and British pound. Additionally, it offers indirect access to over 160 currencies through Visa's global payment network. This feature enables businesses to transact without manually transferring funds between currency wallets, making international payments more efficient.
The card is linked directly to customers' Verto wallets and can be used at over 150 million merchants globally. This allows businesses to make international transactions seamlessly, eliminating the need for manual fund transfers. The product is particularly beneficial for small and medium-sized enterprises, importers, software-as-a-service companies, and digital media buyers that regularly make international payments.
According to Ola Oyetayo, CEO and co-founder of Verto, African businesses have faced limitations with existing corporate card products, particularly those tied to single currencies or prepaid payment structures. The partnership with Visa aims to broaden access to corporate payment solutions for businesses engaged in international commerce. Oyetayo emphasized that African businesses have been underserved by existing card products.
The Verto Card features advanced security measures, including 3D Secure authentication through one-time passwords or in-app confirmation. Sensitive card information is retained within Verto's platform, ensuring secure transactions. Businesses can also apply controls based on transaction dates, times, and merchant categories, giving companies greater oversight of corporate spending.
Shahebaz Khan, Senior Vice President and Head of Commercial and Money Movement at Visa, noted that the partnership reflects the growing need for payment solutions that combine international connectivity with locally relevant financial technology. This collaboration enables Verto to leverage Visa's global payment network and provide businesses with a seamless payment experience.
Verto plans to integrate the cards with Google Pay and introduce a Cards-as-a-Service offering through its Atlas infrastructure. This proposed service would allow fintech companies and banks to embed card issuance into their own platforms through white-label arrangements, supported by Verto's licensing infrastructure and Visa's payment network. This expansion will further enhance the accessibility and usability of the Verto Card.
Key points
- The Verto Card offers direct spending access across 11 currencies and indirect access to over 160 currencies through Visa's global payment network.
- The card is linked directly to customers' Verto wallets, allowing businesses to transact without manually transferring funds between currency wallets.
- The partnership aims to broaden access to corporate payment solutions for African businesses engaged in international commerce.
