Navro launches local accounts for business customers

By Gloria Methri

Navro, formerly Paytrix, which simplifies payouts and collections for international businesses, has introduced local accounts denominated in all major European and international currencies. The local accounts — with accompanying individual IBANs —enable businesses to collect payments in countries across Europe and beyond on local payment rails.

Navro customers can now open business accounts in the UK, Germany, France, Italy, Spain, and Poland, as well as Australia and New Zealand, denominated in the local official currency without needing an office or a business registration in the market.

Eddie Harrison, Navro’s Co-Founder and Chief Product Officer, said, “Enabling international businesses to transact like locals is at the heart of the Navro proposition. The introduction of our local accounts allows businesses to operate with a truly local footprint and takes us one step closer to realising our vision. Whether our customers want to accept Euros in France, Zloty in Poland, or Francs in Switzerland, they can now get paid on local payment rails as we lay the foundations for them to chase commercial opportunities in new markets.”

Navro’s payments curation solution — a new infrastructure approach that provides access to the best payment services in every region of the world through one platform, one API, and one contract — tackles this behind-the-scenes complexity to ensure that business customers can receive payments made in their name in local accounts, in local currencies, via local payments rails.

In addition to these capabilities, Navro also offers business accounts in a range of major international currencies — including US dollars, Chinese Yuan, Japanese Yen and UAE Dirham — for firms operating outside those markets holding and trading those monies.

Navro’s collections capabilities build on top of its existing payout services, which enable customers to make payments in 130 countries in 200 locations worldwide.