Vitesse, a global treasury and payment provider for the insurance industry, has officially launched its United States operations with the establishment of New York-based Vitesse Trust Company, LLC.
The New York State Department of Financial Services granted Vitesse an Authorization Certificate which made possible the formation of Vitesse Trust, which will work as a limited liability trust company, chartered and regulated by the NY DFS under New York Banking Law.
This approval marks a significant milestone for Vitesse, solidifying its standing as a regulated financial services organisation offering comprehensive insurance industry solutions within the United States.
Vitesse Trust, fueled by a successful $93 million Series C funding round led by KKR, is to introduce a comprehensive suite of services encompassing fiduciary, custody, payments, and foreign exchange services, all designed to provide US insurance clients complete transparency and control over their claims.
By leveraging its proprietary technology platform and integrated global network of banking and payment partners, Vitesse Trust will offer clients a seamless and secure experience, the firm states.
The platform enables real-time management and capital safeguarding for stakeholders across the value chain, replacing time-consuming manual processing of claims payments and reconciliations.
Phillip McGriskin, co-founder and CEO of Vitesse, said: “The US is a key growth market for us. We are excited to introduce our innovative payment and treasury management solutions to a wider audience, we are committed to helping insurance clients transform their operations, optimise liquidity and provide their customers with a more seamless process.”
Curt Hess, Vitesse’s Executive President in the US, commented: “We are thrilled to receive the approval from the NY DFS. This significant achievement allows us to continue our expansion goals in the US to existing and new clients offering a more comprehensive range of services and to solidify our position as a trusted partner in the insurance industry.”
