Verv

STAVROS PSYLLOS

It’s no secret that the financial space has been under siege from financial technology disruptors for the better part of the last decade. While any other industry would have suffered from saturation, redefining the banking and payments sector seems to only be hitting its peak. Today we will look at Verv, Financial Services Suite – a platform with white-label availability, and how it’s riding the FinTech wave.

What does Verv do?

Verv provides opportunities to businesses of all sizes to spread their wings and access the same resources and options that have traditionally been available to the big corporations.

With Verv’s Corporate Business Accounts you can set service fees and instantly settle payments (SEPA, SWIFT). These services are available to businesses operating in the EU (European Union), EEA and the United Kingdom.

Furthermore, Verv offers a unique Expense Management infrastructure for handling, processing, paying, and auditing employee-initiated expenses. In today’s competitive business landscape, the last thing you want is to be spending time trying to organize and calculate internal expenses. Verv helps you automate that process and focus on acquiring customers and improving your revenuegenerating operations. From accounting integrations, and online filing for employees, you can enjoy a realtime view of your company’s spending and be in total control of your company’s finances.

The same logic applies to payroll. You can automate the entire process and cut costs, effort, and time by issuing branded cards and paying employees’ salaries straight to their cards. This not only simplifies the payroll process, but it gives employees a boost in their productivity and morale.

A few words about Stavros Psyllos

To help you contextualize Verv’s solution, the thinking behind it and where it sits in the market, it’s important to give you some background information on Verv’s Project Architect, Stavros Psyllos.

Stavros boasts a long and rich career in the financial services sector and extended business sphere. He has held management and director positions in many companies throughout the years, building a unique mix of practical and managerial experience. His business acumen and understanding of the shift in the

banking services sector makes him the ideal person to bring Verv to the market.

Here are a few words from Stavros regarding Verv and the market opportunity: “Whenever legacy industries are disrupted, there is an opportunity to go back to the drawing board and come up with a product that speaks to the needs of today’s customer. Verv is exactly that – a financial solution with banking features that closes the gap between young entrepreneurship and access to corporate financial services. Verv wants to break the barrier of corporate account-opening; let new businesses spread their wings and growing businesses achieve scale through simple, yet disruptive, payment features”.

Novatti’s crucial role

Most new players in the financial technology space have trouble validating their proprietary technology and getting enough use cases onboarded to prove it works. Verv’s advantage over its competition lies in Novatti’s experience of introducing financial products into the market.

The Verv financial payments suite is part of the Novatti group of companies, which further adds to its experience and dynamics and allows Verv to extend the Group’s product range and serve existing Novatti customers in the EU, EEA and UK.

Leveraging Novatti’s financial and market experience; ensures Verv enters the market with confidence about the architecture and trustworthiness of its solution. There’s no contemplation or uncertainty regarding the technology behind it. Grow your business with a solution that has everything it takes to get you where you need to be.

Integrations roadmap

Verv is by no means a finished product – if anything, they’re just starting up. In the coming months many integrations and features will be released; all of which are in the process of final development. Here is a brief description of what you should expect to see:

Offshore banking – the goal is to give non-EU operational companies access to banking services so that they are compliant with EU law

Open banking – Open banking will allow the reconciliation and centralization of companies’ current bank accounts so that all accounts and operations are

accessible through a simple platform Unique payment method for card transactions – White label setups with few restrictions and a smooth user experience

Ecosystem creation – Companies can open accounts for customers or their network for instant, more affordable transfers

The roadmap doesn’t stop there. The next point of order is licensing local accounts in the following markets: Asia, Latin America, Africa and the US. Verv will also benefit from Novatti’s expansion, by incorporating and having its own Cyprus license. To provide some context, the Cyprus office is operational and currently meeting with local forex, gaming and gambling operators, as well as technology companies and other FinTech operations. Moreover, Verv’s compliance department has been thoroughly vetted and recruited from top companies to ensure the highest level of transaction monitoring.

There is a lot happening and a more to come from Verv so make sure you stay tuned as you will be hearing from us soon.