Vertis Aviation embraces digital currency to support growing customer demand

Switzerland-based Vertis Aviation is embracing the opportunities presented by burgeoning digital currencies to streamline the customer payment and stakeholder experience.

Through a new alliance established with London, UK-based digital asset trader GlobalBlock, Vertis is now accepting four digital currencies - Bitcoin, Tether, Ethereum and USDC. Fees related to any of its product portfolio including charter flights, Vertis Charter Management Programme administration, and aviation consultancy services can now be settled using one of the designated digital currencies.

Vertis accepted payment for its first cryptocurrency invoice on completion of a charter in mid-March when a customer travelling within the United States settled the balance with leading digital currency Bitcoin. To realise the payment GlobalBlock pre-authenticated the customer eligibility using blockchain-supported digital credit checking systems, managed the trading of the Bitcoin to US dollar fee, and then administered the transaction from the customer to Vertis’ digital wallet. The payment process removes traditional banking administration fees, and timing, which increases transaction efficiency.

Vertis adding digital currency payment option to portfolio of services | Photo: Andre Francois Mckenzie

“Vertis prides itself on delivering a highly personalised offering to its customers, while embracing the benefits of technology to enhance the service experience," explains James Foster, COO, Vertis Aviation. "We anticipate that digital currencies will play a significant role in an increasing number of transactions going forward and it is our intention to support the introduction of this relatively new payment method to the industry.”

The digital platform gives Vertis the ability to resolve balances between the clients, Vertis and suppliers in much reduced time spans. “With the inherent simplicity, low transaction costs and speed of transactions, digital currencies add clear value to the Vertis offering. It improves the customer experience, enhances relationships with our partners, and boosts our efficiencies. In the fast-paced, global nature of the business aviation charter market, we are delighted to be one of the first charter providers to offer this capability to all our stakeholders,” adds Foster.

As an Argus approved charter broker Vertis spent significant time sourcing an organisation that could match and exceed the stringent demands of Vertis and its customers. The ability to provide real-time quotations of multiple Fiat currencies (GBP, USD, EUR), its superior quality of chain analysis and its ability to promptly execute the transactions were key factors in the Vertis selection process. GlobalBlock is also pre-registered as a crypto asset business with the Financial Conduct Authority confirming its commitment to financial security and transparency.

David Thomas, Director at GlobalBlock said, "Like Vertis, GlobalBlock is proud of the personalised service we offer our clients, and this shared vision will provide Vertis customers with a streamlined digital currency experience. With over 191 million crypto accounts globally, more and more companies are looking for a way to facilitate payment in digital assets. We anticipate our alliance will support the business aviation sector’s recognition of cryptocurrency as a convenient, simple, secure and cost effective way to capitalise on the expected market growth. We are excited by the possibilities of working with Vertis and the business aviation community."

Foster concludes, “Our customers have been indicating their interest in using digital wallets to pay for our services for some time. Working with an organisation that shares our core values in providing a personalised service in an otherwise digital space is essential. We are already gaining traction having made this strategic move and anticipate an increasing number of clients will take advantage of this payment option.”

The Vertis team works from an international network of offices located in Zug, London, Dublin, Beverly Hills, Dubai, and Cape Town promoting a select portfolio of business aircraft including Bombardier Global 6000, Challenger 604, a Challenger 350 and an Embraer Legacy 600.

BlueSky Business Aviation News | 25th March 2021 | Issue #598