How Verto's Global Accounts and safeguarding are helping SVB customers
As news of Silicon Valley Bank's insolvency spreads, many customers are understandably worried about the security of their funds. However, Verto is here to provide a reliable and secure solution for those who are looking for an alternative to traditional banking.
One of the key benefits of our Global Accounts is that all funds are held in client segregated accounts that we cannot have access to. This means that our clients' funds are kept entirely separate from our own corporate accounts and are protected from any potential insolvency or financial difficulties that Verto may face.
This is because Verto is an electronic money institution (EMI), which means that we are regulated in a different way to traditional banks. As an EMI, we are required to safeguard our clients' funds by holding them in segregated accounts. We cannot use our clients' funds for lending or investment purposes, and they are always available for withdrawal.
In contrast, traditional banks hold funds as deposits and have the ability to lend them out to other customers. This means that there is a higher risk of losing access to funds in the event of a bank's insolvency.
By holding funds in segregated accounts, Verto provides an extra layer of security for our clients, particularly in times of financial uncertainty. Our Global Accounts also offer competitive exchange rates, making them a cost-effective solution for businesses that need to transact globally.
For SVB customers who are looking for a secure and reliable alternative, Verto's Global Accounts offer a compelling option. With our commitment to safeguarding our clients' funds, we provide peace of mind in an increasingly uncertain financial landscape.
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Get startedHere’s how Verto differs from traditional banks:
Safeguards 100% of customer funds in protected accounts: Verto ensures that all customer funds are kept in client segregated accounts, providing the utmost safety and security for your money.
Ability to hold 50 local currencies including USD, GBP, EUR and NGN: With Verto's Global Accounts, you can hold up to 50 different currencies, including popular options such as USD, GBP, EUR, and NGN.
No lending of customer funds in order to earn interest on it: Unlike traditional banks, Verto does not lend out customer funds. This means that your money is always safe and secure in your account.
Access to market-leading Foreign Exchange rates <1%: Verto offers competitive foreign exchange rates that are typically lower than those offered by traditional banks.
Availability of instant cross-border payment settlement times: With Verto's technology, cross-border payments can be settled instantly, providing faster access to your funds.
No investments in other financial products using customer funds: Verto does not invest customer funds in other financial products. This ensures that your money is always available for you when you need it.
Can open up an account from anywhere in the World: Verto allows you to open an account from anywhere in the world, making it easy and convenient to manage your money no matter where you are.
Serves global businesses in both Developed and Emerging markets: Verto caters to global businesses in both developed and emerging markets, making it a versatile option for companies of all sizes and locations.
Same-day onboarding for priority clients: Priority clients can benefit from same-day onboarding, allowing for a seamless and efficient account setup process.
For any questions or further support, please reach out to our customer support team who are on hand to support you through this transition: support@vertofx.com.
