Global cross-border payments platform Verto has partnered with Visa to launch a multi-currency corporate card aimed at helping African businesses reduce foreign exchange costs and improve international spend management. The card allows businesses to spend directly from their existing Verto currency balances, eliminating the need to move money between accounts or convert funds before making a payment. This solution is designed to support businesses operating across multiple markets, including importers, exporters, and digital businesses.
The Verto Card offers access to 11 currencies directly through Verto wallets and over 160 additional currencies through Visa's global payments network, with zero FX markups on 10 major currencies. This enables businesses to make international transactions in various currencies, including US Dollar, Euro, Japanese Yen, and Pound Sterling, without incurring unnecessary FX losses. The card is accepted at over 150 million merchants globally, wherever a Visa Credit or Debit card is accepted.
Ola Oyetayo, CEO and Co-founder of Verto, stated that the launch addresses the growing infrastructure gap faced by African businesses trading internationally. He emphasized that many companies lose value due to unnecessary FX losses, delayed settlement, and fragmented banking processes, which affect profitability and growth. The Verto Card aims to provide businesses with greater control over international spending while reducing friction associated with cross-border trade.
Shahebaz Khan, SVP and Head of Commercial & Money Movement at Visa, highlighted the importance of simplifying international transactions for businesses. He noted that the partnership with Verto enables businesses to pay suppliers, manage expenses, and transact internationally securely and efficiently. The Verto Card offers spend controls, instant card issuance, and enhanced transaction security, making it an attractive solution for businesses with global operations.
The launch of the Verto Card is significant for East African businesses expanding into new markets, as it provides a solution for efficient cross-border money management. The card enables businesses to fund transactions directly from existing Verto multi-currency wallets, reducing unnecessary currency conversions and improving visibility and control over international spending.
Verto's partnership with Visa is part of its broader expansion of its global treasury and payments infrastructure, supporting businesses across emerging markets as they scale across borders. Verto is a global B2B financial technology firm that provides enterprise-grade cross-border payments, FX, and banking solutions to businesses of all sizes. Visa, a world leader in digital payments, facilitates transactions across over 200 countries and territories.
The Verto Card is expected to benefit various types of businesses, including importers, exporters, technology firms, digital businesses, and professional services companies that manage international suppliers, subscriptions, and operational expenses. With its global acceptance and multi-currency capabilities, the Verto Card is poised to become a valuable tool for African businesses looking to expand their global footprint.
Key points
- The Verto Card offers zero FX markups on 10 major currencies.
- The card is accepted at over 150 million merchants globally.
- The solution aims to reduce unnecessary FX losses and improve visibility and control over international spending.
