For South African businesses looking to trade internationally, the payment landscape has long been dominated by the traditional "Big Four" banks. But in an increasingly connected global economy, a new player has emerged, offering a streamlined, cost-effective, and transparent alternative: Verto. If your business is struggling with slow cross-border payments, high fees hidden in exchange rates, and complex compliance paperwork, it’s time to see how this global fintech platform stacks up against the banking giants.
The problem with the status quo for South African businesses
South African SMEs and enterprises are a cornerstone of the economy, but their international growth is often hampered by outdated payment systems.
When dealing with traditional banks for cross-border transactions, you are likely to encounter the following key challenges:
1. High and opaque costs
Banks often charge significant transaction fees and apply a large markup on the exchange rate, making the true cost of an international transfer difficult to calculate.
2. Slow settlement times
International transfers can take days—sometimes up to a week—creating cash flow headaches and delaying crucial supplier or partner payments.
3. Complex compliance
Navigating the regulatory requirements for international payments, including exchange control and South African Reserve Bank (SARB) approvals, can be a time-consuming administrative nightmare.
This friction means South African businesses are often paying more and waiting longer than their international competitors.
A digital gateway to global trade
Verto, a global B2B cross-border payment platform with a strong focus on emerging markets, including South Africa, is designed to solve these exact pain points.
Exchange rates and fees
When comparing traditional South African Banks to Verto, traditional banks are notorious for their high markups on exchange rates and significant transaction fees, with costs for cross-border payments often estimated to be up to five times higher than modern fintech solutions. This lack of transparency can severely erode a business's profit margins.
In contrast, Verto operates with a focus on cost reduction, offering highly competitive, near mid-market exchange rates and minimal to zero transaction fees. With transparent, low markups—sometimes as low as 0.4%—Verto directly translates to significant cost reduction, allowing South African businesses to boost their profit on every international transfer, especially those involving large sums.
Payment speed
With traditional banks, cross-border payments typically take a minimum of two to five business days, and often longer due to reliance on intermediary banks or when dealing with less common currencies. This lag creates friction and serious cash flow challenges.
By leveraging advanced liquidity and local banking relationships, Verto drastically cuts down this waiting time, with most transactions settling within minutes or, at most, 24 hours. This rapid execution results in improved cash flow, enabling businesses to pay suppliers and receive funds faster, which enhances operational efficiency and strengthens crucial business relationships.
Financial flexibility and control
Traditional South African banks often have limited solutions for businesses wanting to hold or manage multiple foreign currencies, frequently requiring an immediate conversion to the volatile Rand (ZAR). This constant conversion increases exposure to daily currency fluctuation. Verto eliminates this problem by providing multi-currency accounts and wallets, allowing businesses to hold, convert, and pay in over 50 currencies, including ZAR, USD, EUR, and GBP. The core impact here is FX risk mitigation, helping to stabilise a company's income and profits by reducing exposure to currency volatility.
Focus
Traditional banks offer cross-border payments as one of many services, often through complex corporate portals that lack modern FX management tools and sometimes require in-person branch visits. Verto, however, is a specialised B2B cross-border payments and FX solution built from the ground up for the needs of globalising businesses, SMEs, and startups.
Our platform is a centralised, user-friendly digital hub that offers sophisticated tools like payment links, virtual corporate cards, bulk payment solutions, and an embedded finance solution. This focus translates into streamlined operations and access to expert support, ensuring the business benefits from a platform engineered specifically to unlock market potential, such as seamless trade within the African Continental Free Trade Area (AfCFTA).
Why Verto is winning over South African businesses
Verto’s value proposition for the South African market is clear: it’s about democratising global trade.
As the African Continental Free Trade Area (AfCFTA) promises a single market of 1.4 billion people, Verto provides the seamless payment infrastructure needed for a business in Cape Town to trade with a partner in Lagos or Nairobi with the same ease as a local transaction.
Verto’s commitment to clear pricing and minimal exchange rate markups means businesses know exactly what they are paying and what their recipient will get.
Whether you're a startup needing simple payment links to collect from international clients, or an enterprise requiring API integration for automated mass payments, Verto scales with your growth ambitions.
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