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How can APIs be used to facilitate cross-border payments in emerging markets?

By Sophie Proctor, February 16, 2023 ·

Application Programming Interfaces, or APIs, can revolutionise cross-border payments in emerging markets by providing a seamless and efficient way for businesses to process transactions, exchange across a vast number of currencies, automate payments to reduce manual heavy lifting, and scale at speed. By introducing an automation tool, resources can be alleviated with reduced time and costs that’s traditionally needed for cross border payments, overall making it a less complex and costly process.

Explore the Verto API and get on your way to intelligent automation to reduce your costs and relieve the headache of complex cross-border transactions. Get started using the Verto platform today!

Trade finance 

One industry in emerging markets that could strongly benefit from an API is trade finance. A vast number of businesses in emerging markets rely on trade finance to support their operations across the country and the globe, but can be under-developed when it comes to the intelligent resources that will improve operations. This results in time-consuming, costly, or complex procedures when trying to make transactions. With the introduction of an API, trade financing can be made streamlined with automation and integration. The ripple effect of improved trade financing can create jobs and boost the economy.


APIs play a crucial role in facilitating cross-border payments in emerging markets, especially for remittances. In Africa and Asia, many rely on these payments from overseas family members for support. However, traditional remittance services offered by traditional banks can be slow with payments taking over a week to arrive, as well as high fees and long processing times. APIs can connect financial institutions across borders, resulting in faster, cheaper, and more transparent cross-border payments with total visibility over the status of the payment journey. Businesses introducing an API into their financial operations means it increased access to remittances, as well as financial inclusion in emerging markets. 


A core industry in emerging markets which undergoes billions of cross-border transactions every year is e-commerce. With ever-increasing users, global e-commerce platforms and marketplaces are set up and in need of the necessary tools to support a growing customer base and boost their global sales. An API can take e-commerce to the next level with integration capabilities, automated payouts, and real-time visibility over payment status

Acceleration of digital wallets

Adoption of digital wallets is on a fast upward trajectory in emerging markets, particularly in Southeast Asia where consumer numbers are projected to reach 310m by 2025, according to Bain & Company. This study also found that India and China accounted for 70% of the world’s 2.1bn digital wallet users. In comparison, it was found by McKinsey that only up to 7% of all transactions in Africa were made via digital payments, compared with 50% in Turkey. The adoption of digital wallets not only presents an opportunity for renewable energy companies to grow across the continent, but also connect with other businesses using this payment method.

For renewable energy firms, remaining innovative with clean energy solutions to reach sustainability goals is imperative, but may need to go hand-in-hand with innovative technology. Accessing digital financial services catered to delivering solutions to African markets provides support for business growth, improved way of life, and ultimately, a better planet. 

Enter Verto. We strive for financial inclusion for businesses across emerging markets to reach financial goals and build stronger customer bases. Our multi-currency wallets support more than 50 currencies for instant transfers, no limits on wallet storage, and easy conversion between wallets at the best FX rates. Find out more about our multi-currency Reach full potential with the right API

Here's how businesses in emerging markets can leverage an API for optimum cross-border payments:

1.      Selecting the right API provider: Consider influencing factors such as the provider's security measures, compliance with regulations across all markets that your business operates in, and level of support offered to get the most out of the API.

2.     Ensure compatibility: Get an API that integrates with your current global financial infrastructure for a seamless transition.

3.     Provide transparency: Stay informed on the status of your payments and transactions with real-time tracking and instant notifications so there’s total visibility.

4.     Offer flexibility: Providing a range of payment options, including more innovative alternatives like digital wallets, means greater flexibility and convenience for businesses and customers.

5.     Utilise partnerships: Find the fintech partner that’s right for you to provide the right tools for integrated payments that will help you reach a new customer base and expand into new markets.


Businesses in emerging markets can leverage APIs to enhance their user experience with cross-border payments, and provide a better experience for their global customers, while reducing their time and costs without compromising on security. An API could be the next powerful tool to get businesses on their way for smoother, streamlined, and efficient cross-border payments to help their business grow.

Verto provides the solution with our API that’s designed to increase efficiency with integration across all elements of our payment solutions, including powerful global payment collection, currency exchange, treasury management, and international payouts. Businesses can book FX transactions to lock in favourable rates and mitigate currency fluctuations, so you can effortlessly manage more than 50 currencies. Plus with custom automations, business flows can be smoother and more efficient. Any updates to the status of your FX order, payment, or transaction will trigger our webhooks so you’ll be notified instantly, and never miss an update again. One API, endless possibilities. 

Gain deeper insights into the Verto API and get on your way to intelligent automation to reduce your costs and relieve the headache of complex cross-border transactions. Get started using the Verto platform today!