Fintech company, Vitesse, provides international payment services and treasury management solutions to insurance companies through a dual-regulated globally-distributed payment network.
Listed in the Deloitte 50 Fastest Growing Tech Companies, Vitesse is a provider of near real-time international payments and treasury management solutions for its extensive clientele across 116 domestic markets, and can make payments in 190 countries around the world.
Vitesse services insurance, financial services, e-commerce, and corporates, working with companies such as Brit Insurance, Visa, Gett and A2 & B to name a few, with its globally-distributed settlement network.
It was founded with the purpose of transforming the international payment process. Vitesse brings all reporting into one single platform which businesses can access to monitor the flow of transactions as well as set up payments and give permissioned access to all users.
It is dual-regulated with a European hub. Alongside its UK FCA e-money license, Vitesse is also regulated by the central bank of the Netherlands (De Nederlandsche Bank). This gives Vitesse the ability to continue providing domestic payment services across Europe post-Brexit and allows UK insurance companies to stay close to European customer bases.
Phillip McGriskin, CEO of Vitesse, commented:
“After building a successful financial services business with Paul Townsend [Executive Chairman of Vitesse] which relied on creating international payment relationships for businesses to receive money; we realised that there were still multiple gaps on the other side of the transaction, the outward bound payment, and there were some very specific use cases in the areas of insurance, payroll and corporate payments where service gaps were preventing these businesses from growing to their full potential.
“Vitesse brings the strength of the global banking network together with leading technology. We give our customers unparalleled control, transparency and efficiency for the holding and management of funds and liquidity.”
How it works:
Vitesse operates by bringing together a single access point to a global network of domestic clearing systems. These domestic systems e.g. Faster Payments in the UK, are much faster and more economical than traditional international transfers which are typically slower and expensive. However, these domestic services are only available to companies holding relationships with local banks and it’s not practical for businesses to “bank everywhere” just to access payments.
Vitesse’s network of Tier 1 banks and payment partners grants access to instant domestic bank transfers and alternative settlement methods including payment to card, the ability to leverage lower payment fees and perform transactions in a range of geographies.
Vitesse also focuses on the segments of businesses that have specific issues with making global disbursements, including payroll, pensions and global mobility. Businesses with international workforces use its services as a means of paying employees through payroll companies across a variety of countries without an extensive surcharge.