Business-to-business payments company VertoFX is partnering with cloud-based clearing company ClearBank to provide comprehensive cross-border payment solutions to underserved businesses in Europe.
Although they represent 99% of all businesses in the European Union, small and medium-sized enterprises (SMEs) generally face high exchange fees and transaction costs, in addition to a slower process when payment for goods and services abroad.
SMEs also employ some 100 million workers and account for more than 50% of gross domestic product (GDP) in Europe, according to Fintech & Finance News on Tuesday, November 2.
See also: B2B Verto Payment Platform Raises $ 10 Million
Ola Oyetayo, co-founder and CEO of Verto, said the company was “on a mission” to revamp the way SMEs exchange money.
“The challenges facing businesses in the UK and the EU include limited access to competitive exchange rates and the inability to move funds quickly and securely without incurring excessive transaction fees,” said Oyetayo said.
The partnership between the two companies will provide UK and European SMEs with multi-currency bank accounts and currency solutions to further remove barriers to cross-border payments. The partnership also allows all Verto users to accept and send payments from a single platform. The result is liquidity, speed and instant settlement.
Charles McManus, CEO of ClearBank, said his multi-currency offering is being used for the first time by Verto and will help break down some of the barriers that European SMEs regularly face.
“By working together, we are responding to the demands of the next generation of consumers and businesses,” said McManus.
Read more: B2B Marketplace VertoFX: From Currency Convertibility to Cross-Border Payments in Emerging Markets
Verto tackles the currency and payments issues SMEs face by providing a digital marketplace to exchange currencies and submit cross-border payments to suppliers. The platform solves important issues in the global B2B payments industry, which is expected to reach nearly $ 200 trillion by 2028, more than six times the retail payments space.