Global cross-border payments platform, Verto, announced the launch of Verto Reserve, a new feature that empowers businesses to earn interest on their holdings in G10 and African currencies regardless of their country of incorporation.
In a statement on Monday, Verto said customers can now fully utilize idle funds sitting in various currency wallets and accounts, achieving interest earnings of up to 10 per cent and offering a unique opportunity for businesses to optimize their treasury management.
With Verto Reserve, customers can seamlessly open interest-earning accounts in Nigerian Naira (NGN), and Kenyan Shilling (KES) with just a few clicks.
“This eliminates the need to have a local entity in these countries to benefit from local currency interest rates. Businesses can now manage their cross-border payments and simultaneously take advantage of interest-earning savings and treasury management, all within Verto’s unified platform,” the statement added.
Verto is offering the Reserve product with financial institutions partners that have the necessary licenses in Kenya and Nigeria to provide deposit-taking services.
According to the company Chief Technology Officer (CTO), Mr Anthony Oduu, “We understand that businesses operating globally often hold significant balances in various currencies,” adding that, “Verto Reserve is designed to make those funds work harder. We’re thrilled to offer a truly unique all-in-one solution that allows our customers to earn interest in key African and G10 currencies, even if they don’t have a local presence in those markets.”
With Verto Reserve, Verto is an all-in-one solution, offering a powerful combination of seamless payment processing and attractive interest-earning opportunities.
Since its launch in 2017, Verto has remained at the forefront of facilitating cross-border transactions. With its cutting-edge technology, the company enables businesses of all sizes to make secure and seamless cross-border payments, convert between 50 currencies at competitive exchange rates, and instantly send and receive money in over 200 countries.