The companies will work together to provide currency bank account and FX solutions for SMEs across UK and Europe. Credit: Crew on Unsplash.

B2B payments platform Verto has teamed up with cloud-based clearing company ClearBank to enhance cross-border payments for businesses in the UK and Europe.

The companies will work together to provide currency bank account and FX solutions for Small and medium-sized enterprises (SMEs) across these regions.

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Additionally, Verto customers to make and accept payment via a single platform, which is claimed to offer faster payments capabilities, enhanced liquidity, and instant local settlement times.

Verto co-founder and CEO Ola Oyetayo noted: “The challenges faced by businesses in the UK and EU include poor access to competitive FX rates and inability to move funds quickly and securely without incurring excessive transaction fees.”

Verto offers an online marketplace for SMEs to exchange currencies and make international payments to suppliers.

This platform is said to minimise the FX and payments challenges faced by businesses during cross-border transactions.

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ClearBank CEO Charles McManus said: “Verto is the first to use our multi-currency product, and we are delighted to partner with them to alleviate some of the barriers faced by SMEs in the UK and Europe. By working together, we’re meeting the demands of the next generation of consumers and businesses.”

In July last year, ClearBank was selected by digital payments services provider Viva Wallet as its banking provider in the UK.

Earlier this year, Swiss cloud-banking platform Temenos teamed up with the firm to provide banks with access to UK payment systems.

In 2018, ClearBank was partnered by Ecology, an ethical finance pioneer, to help improve the delivery of high-quality innovative services for its members.