Monneo enlists Coinbase to allow invoices to be paid in cryptocurrency

By Joy Dumasia

Monneo, regulated by the Financial Conduct Authority (FCA), a virtual IBAN and corporate account provider, has enlisted cryptocurrency exchange Coinbase to enable invoices in a range of cryptocurrencies. The new service will be available for B2B invoice settlement and is supported by two of Monneo’s partner banks.

Coinbase, a secure online exchange platform for buying, selling, transferring, and storing digital currencies, is a leader in the cryptocurrency industry. Monneo is a virtual IBAN provider, working with a network of banks to provide businesses with multiple IBAN accounts at various banks through a single platform.

Through an innovative technology platform, Monneo breaks new ground and connects businesses with leading European and International banks, which provide virtual IBANs and digital payment services worldwide.

Lili Metodieva, Managing Director of Monneo, said: “We are excited to offer corporates an additional method of payment. Monneo will closely monitor the launch and implementation of this new service so that it is secure and reliable for both payers and payees. Increasingly, companies in the IT and software sectors issue invoices with the option to settle via cryptocurrency, as well as traditional currency. Through its relationship with Coinbase, Monneo is responding to customer demand and remains at the forefront, promoting flexibility in how payments are executed. In its platform, Monneo offers payments in 130+ fiat currencies to which leading cryptocurrencies are now added. Essentially payments in a cryptocurrency are no different from FX payments via fiat currencies. The mechanisms are the same.”

Recently, IBS Intelligence reported that Monneo, a UK-based provider of virtual IBAN accounts and eCommerce merchants and B2B clients, has joined Accept My IBAN, the coalition of European businesses fighting against the illegal practice of IBAN discrimination.