FAQ

Are there any limits on inbound payments?

There are no specific limits for payments or total payments into any sub-accounts. Verto's compliance team will reach out for further information where ab-normal transaction behaviour is detected.

Are there cases where inbound payments may need more information?

Yes, our risk control team may reach out for supporting documentation for specific transactions.

It is recommended best practise to collect supporting documentation for all inbound payments to ensure there is no delay with responses to compliance requests.

Why is an inbound payment stuck in "requested" and not completed?

This is typically because it is under review by Verto's risk control team due to a sanctions hit or other flags in risk control systems. It may be cleared after manual review, or may require supporting documents and further information to release the transaction.

Can Unique Account Details be closed?

Yes, they can be closed. This is done via email. Email should be sent via [email protected]

Funds will bounce after accounts have been shut. This may take 7 working days to happen from request.

How can payments be returned?

Sender details are available for inbound payments. To return funds an outbound payment should be initiated back to the sender.

How does fund rejection work?

In cases where payments are outside of Verto's risk appetite, they will be rejected and returned to sender before the application of the funds to a wallet.

In these cases, rejection payments are processed within 3 working days of inbound payment being rejected.

In some cases where there are sanctions concerns, Verto may be required to seek consent for return from the relevant government authority.

Can funds be recalled by the sender?

Yes, depending on the country funds can be recalled by the sender due to non-delivery of goods/services, a dispute with the ultimate recipient of funds or issues around paying into the incorrect account number.

As a general rule, these are not common.

Where a recall is received, Verto will place a hold on the amount of funds for that value while it investigates. It will require proof of delivery of goods or service to provide to the sender. Often this will trigger an investigation into the user of the sub-account by the issuer, who may investigate and conclude their own. This is then provided to Verto to conclude its own investigation.

What information is required to create a sub-account?

The following information is typically required to create sub-accounts typically. More information may be required depending on your implementation and compliance processes, as well as what currencies you want to access.

• Company details (name, country, sub-category)
• Address (addressLine1, city, state, country, type as COMPANY_ADDRESS)
• shareholder (firstName, lastName, type as HOME_ADDRESS, addressLine1, city, state, country)

Shareholder information is only required for those who own 25%+ of the company directly or indirectly

Are sub-accounts automatically approved?

Reach out to your account manager for an understanding on the level of reliance that has been signed off by the Verto compliance team.

What type of FX transactions are supported?

Verto only supports a RFQ (request for quote), and confirms quote workflow via API.

Are there any FX Limits?

No limits are in place at this time.

Do notifications take place?

Yes, Inbound, Wallet to Wallet, FX conversion and Payouts all support webhook payment notifications for updates so that a repeat status query is not required.

Notifications are sent whenever there is a change in status.

Is there any duplication protection on payments?

Wallet to Wallet, FX and Payout all support duplication protection using the externalID made during payment requests.

Is there any UUID or UniqueID within Verto's system

Yes, Transaction ID is unique across all payment types.

Different payment types will have different pre-fixes:

1. FX will have a EN- reference
2. Inward, Wallet to Wallet, and Outward payments will have a TO- reference

How long will virtual account creation take?

Virtual accounts can take up to 5 minutes to be generated after being requested. In most cases it is less than 60 seconds.