Monneo is a new way for PSPs, ISOs and Gateway providers to deliver digital banking services to online merchants.

The virtual IBANs available to your merchants through Monneo are sourced from a network of leading European banks. They are all active SWIFT members so your merchants will transact via a live BIC issued by SWIFT rather than a passive BIC issued by national banks to companies with a Payments Institution licence.

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Monneo

Monneo

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multiple Virtual IBAN's

What is a Virtual IBAN?

A Virtual IBAN is a regular IBAN operationally. The Virtual IBAN’s issued via Monneo are connected to a safeguarded bank accounts separating client funds from Monneo’s own funds thus securing client funds at all times.

Who can apply for a Virtual IBAN?

Monneo services EEA based, B2B clients (business to business). Monneo does not provide services to B2C (business to customer), C2B (customer to business) or other financial institutions.

Is the Virtual IBAN on my company’s name?

Yes, the Virtual IBAN is issued to your company, on your company’s name. Receiving funds would be to beneficiary: “Your company name LTD”.

What are prohibited industries?

Monneo does not accept clients operating in fields such as: cryptocurrency, unregulated forex, unregulated gaming, offshore/tax heavens etc. Also does Monneo not transact with US domiciles entities or entities with US nationals/residents as UBOs and/or Directors. Clients are reviewed and evaluated case by case by Monneo’s compliance.

Who provides/ issues the Virtual IBAN?

Monneo works with a network of banks that issue the Virtual IBAN’s, the IBAN’s you would receive are issued by banks which Monneo is in partnership with.

Can I obtain a Virtual IBAN from multiple banks?

Yes, based on your business model we would offer you the matching supporting banks, you can then choose with which bank(s) you wish to work with.

Is Monneo financially regulated?

Yes, Monneo is regulated by the Financial Conduct Authority (FCA) in the United Kingdom as an Authorised Payment Institution. Our reference number is: 802210.

What is a safeguarding bank account?

A safeguarding bank account is an account designed to operate client funds only. Client funds cannot be accessed by any third party and are disconnected from Monneo's companies funds. In the unlikely case of any financial defaults by Monneo, the client funds held in the safeguarding bank account are at all times secured.

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