Monneo announces the launch of multi-currency IBAN accounts

By Joy Dumasia

Monneo, a virtual IBAN and corporate account provider, has added a new European bank partner to its banking network, meaning it can now offer multi-currency IBAN accounts to customers. The updated service allows merchants to receive international payments in more currencies whilst still retaining the ability to store all funds in one centralized account securely.

With Monneo’s multi-currency IBAN accounts, customers can now receive payments in over 20 currencies, including AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, NOK, NZD, PLN, SEK, SGD, TRY, USD, YEN and ZAR. 

Monneo already supports 134 currencies and several digital currencies for outgoing payments through its IBAN solution. This leading service is only possible due to the company’s partnership agreements with central banks. Moving forward, Monneo’s clients can now also choose and connect to more than ten banks in its banking network.

Multi-currency IBAN accounts have several benefits for customers. For one, this form of the system prevents users from opening and managing different accounts in different countries, thus eliminating the administrative burden of dealing with multiple currencies. Instead, by offering a secure, automatic and straightforward solution to globalized banking, multi-currency IBAN accounts present more significant opportunities for growth. 

Lili Metodieva, Managing Director of Monneo, commented: “A multi-currency IBAN account can be very advantageous for businesses, particularly for eCommerce merchants who commonly sell products and services in multiple markets and would like to receive settlement funds from their acquirers in like-to-like currencies. Instead of opening a local bank account in multiple locations, the multi-currency IBAN account allows merchants to receive international payments in different currencies and store them in one account. By making more currency options available on inflow payments, we’re aligning our service offering with the needs of our customers. In recent months, we’ve worked to do this in other areas of our business, including the launch of our card acquiring service, which allowed us to offer a full payment ecosystem to our customers. We’re anticipating more exciting announcements soon that our customers should keep an eye out.”

Recently, IBS Intelligence reported that Monneo is celebrating a year of exceptional company growth resulting in a three-fold increase in its customer base in 2021.