Verto Launches New Bill Pay Feature for Global Businesses

Verto, a prominent global B2B payments platform, has today unveiled a new accounts payable solution aimed at significantly minimizing the time, cost, and complexity associated with managing international business payments.

Integrated into the Verto Accounts product, this feature directly tackles the inefficiencies and risks that come with manual invoice processing, allowing finance teams to optimize operations and improve financial controls.

Companies with substantial invoice volumes and international operations, especially those functioning across Africa and other global markets, are likely to benefit the most from this solution. It addresses prevalent challenges such as laborious data entry, the intricacies of multi-currency payments, and the heightened risk of human error that can result in expensive reconciliation problems. By automating these tasks, Verto’s new feature enables businesses to achieve enhanced visibility, stronger controls, and efficient payee management at scale.

Commenting on the solution, Tomasz Bilakiewicz, Product Director at Verto, stated: “In addition to the challenge of navigating the foreign exchange landscape and managing multi-currency payments, which has historically posed a significant obstacle, finance teams frequently find themselves overwhelmed by repetitive, error-prone tasks that ought to be automated. Our new solution addresses both of these challenges, providing businesses with the speed and precision necessary to effectively manage payments. This liberates time and cognitive resources, allowing finance teams to concentrate on more strategic initiatives such as performance analysis, improved forecasting, and making better business decisions.

This launch occurs as businesses increasingly acknowledge the significance of automation. A recent report indicated that organizations, by automating their accounts payable processes, save an average of 9.9 hours each week, which totals over 500 hours annually. Verto’s solution brings this efficiency to the intricate realm of cross-border payments, enabling Nigerian businesses to manage, pay, and track all invoices within a single centralized platform while enjoying competitive foreign exchange rates. Key features of the new solution encompass:

• Automated data extraction and pre-filled payment forms to minimize manual entry and decrease errors.
• Direct payments from uploaded invoices to expedite the process.
• Support for 49 currencies, simplifying cross-border payments.
• Intelligent beneficiary matching and attached invoices for enhanced tracking and visibility.

The new accounts payable solution is accessible globally to all Verto customers and is integrated within Verto Accounts, seamlessly connecting with Verto’s Exchange Now features.