Banking partners and payment schemes

Verto will issue accounts unique named accounts via Choice Bank.

Payment schemes in Kenya are as follows:

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By default, all sub-account wallets will only have Choice account details generated.

More banks will be supported in the future. Contact your sales manager for more information.

Sending account details and bank account name format

Details that should be displayed to the user after the account is linked:

• Account Name - Verto - Client Name
• Account Number - From wallet extract
• Bank Name - Choice Microfinance Bank
• SWIFT Code - CHFIKENX
• M-Pesa Paybill No - 444174
• Airtel ID - 444174
• Address - FLOOR 1, SIRON PLACE, NAIROBI, Kenya

Banking message

Receive into this local account via M-Pesa Paybill, Pesalink, Airtel & RTGS.

M-Pesa Paybill supports both C2B, and B2B payment options. Payments sent via C2b can be up to 999,999.0 per transaction, and via B2B up to xx. Senders will need the M-Pesa Paybill No, and either your account number to send you funds. Funds sent via Paybill are typically received in minutes but can take up to an hour during peak times.

Payments sent via Pesalink can be up to 999,999.0 per transaction. Senders will need the Bank Name, and your account number to send you payments. Funds sent via Pesalink are typically received in minutes but can take up to an hour during peak times.

Payments sent via Airtel can be up to 999,999.0 per transaction. Senders will need the airtel id and account number.

Payments sent via RTGS do not have a payment limit. Senders will need the Bank SWIFT Code, account number, account name and account address. Funds take around to 2hrs to be received on Kenyan working days from 8:30 am to 4:00 pm local time. Outside of these times, payments are applied on the next working day.

Sending to a KES bank account

RTGS

Senders will need the

• SWIFT Code
• Account Number
• Account Name
• Bank address

Pesalink

Payments sent via Pesalink can be up to 999,999.0 per transaction. Senders will need the

• Bank Name
• Account number.

Funds sent via Pesalink are typically received in minutes but can take up to an hour during peak times.

Sending to a KES mobile money account

Mpesa Paybill

Senders will need the

• Select MPesa
• M-Pesa Paybill No (444174)
• Account number

Funds sent via Mpesa are typically received in minutes.

Airtel

Senders will need the

• Select Airtel
• Airtel ID (444174)
• Account number

Payment and collections processing

• Collections are processed based in real-time (inbound) once we get the funds, and risk screening has been completed. Based on the scheme.
• Outbound payouts happen between 8 am and 2 PM EAT, on weekdays / 5 am and 11 am GMT

FX Operations

• FX Rates - 24/7 real-time rates
• FX Trade Booking - 24/7 available
• FX Trade Settlement - instant on working days, 6 am to 6 pm GMT

Payment Documentation

This is guided by the CBK Prudential Guidelines 2013.

https://www.centralbank.go.ke/wp-content/uploads/2016/08/PRUDENTIAL-GUIDELINES.pdf

• For large, frequent or unusual transfers or payments of funds - appropriate
  documentation as to the identity of the recipient (or sender) of the transferred or paid funds, and the reason underlying the transfer or payment. (PG 5.8.4)
• As a general practice Kes 1M is deemed the threshold above which payments should be documented but an institution is at liberty to seek documentation for any amounts as it may find necessary.
• Customers should avoid splitting transactions into amounts of less than Kes 1M to avoid documenting.
• Documents may include the related invoice, agreement, contract or any other valid document that establishes the parties and the nature of the transaction.
• Any document that does not name the parties in the transaction should be supported by another document that establishes the relationship between the parties in the transaction and the documents provided. For example an invoice provided as a supporting document but the party invoiced differs from the remitter of funds.
• Avoid individual transactions and encourage transfers from registered Business accounts

Payment Reversal

• RTGS the banking partner can initiate a reversal upon being instructed on this but if need be we will get in touch with the customer to provide senders details then send back the funds.
• Pesalink we will need to send back the funds ourselves, customer will assist us with the necessary senders bene details to facilitate the return.