Verto, a global cross-border payments platform, has launched Verto Reserve to empower businesses to earn interest on their holdings in G10 and African currencies regardless of their country of incorporation.
According to the firm, customers can now fully utilise idle funds sitting in various currency wallets and accounts, achieving interest earnings of up to 10 percent and offering a unique opportunity for businesses to optimise their treasury management.
“We understand that businesses operating globally often hold significant balances in various currencies,” said Anthony Oduu, chief technology officer at Verto. “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, customers can open interest-earning accounts in Nigerian Naira (NGN) and Kenyan Shilling (KES) with just a few clicks, the firm stated. “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.”
Verto is offering the reserve product to financial institutions and partners that have the necessary licenses in Kenya and Nigeria to provide deposit-taking services.
Leave a Comment