Verto, a leading B2B cross-border payments and Foreign Exchange (FX) enabler, has partnered with ForexPeople to bring secure, fast and seamless global payments to South African businesses buying, selling, or operating globally.
With more than US$1.5 billion in transaction volumes, Verto provides trusted and reliable payment solutions to more than 3,000 customers and pay-outs to over 150 countries. Verto, authorised by the UK FCA as an Electronic Money Institution, chose to partner with ForexPeople, a registered Fit and Proper financial service provider and license holder, because of its deep expertise as a leading foreign exchange intermediary with a reputation for high ethical standards.
The partnership ensures that Verto is fully compliant with all local regulatory requirements, with specific emphasis on the imminent promulgation of the Conduct of Financial Institutions Act (COFI). Verto South Africa is now registered as a Juristic Representative (JR) of ForexPeople, which is registered with the FIC and the FSCA.
“Combined, the two companies bring a credible, compliant and highly capable cross-border payment solution to the South African B2B market, which sits at the forefront of innovation and regulatory expectations,” said Ola Oyetayo, CEO of Verto.
With the ability to send and receive payments globally through a single API or via the Verto web and mobile platform, the solution empowers South African businesses to make and receive international business payments seamlessly from a central ecosystem, using a service that helps with currency conversion and global account management. The partnership provides a bedrock of global regulatory best practices and best-in-class customer service, aimed at reimagining and simplifying the cross-border payments experience of South African businesses.
“ForexPeople has always based its client services ethos on a very personal ‘high-touch’ approach,” said Richard Beddow, MD and Founder of ForexPeople. “Through this partnership with Verto, we are now introducing a simple, intuitive online channel for new clients to exchange and make international business payments with ease.”
ForexPeople is a member of SAATA (SA Association of Treasury Advisors) and has signed a statement of commitment to the Global FX Code to ensure transparency, best practices and risk management, this commitment aligns with Verto’s high code of ethics, trust and transparency. The partnership satisfies all standards for competence, risk management, safety and compliance set by the South African Reserve Bank for cross-border payment providers.
ForexPeople offers a highly personalised service complementing Verto’s automated onboarding and cross-border payment capabilities.
“The Verto platform is optimised to address the key pain points experienced by South African businesses making cross-border payments,” said Oyetayo. “It allows for several self-service options with a completely automated system currently in development. Our goal is to provide South African customers with an exceptional and trusted payment experience that empowers them to grow internationally through fast, seamless and friction-free global payments.”