Virtual IBAN (dedicated, B2B)
Monneo issues dedicated B2B (Business-to-Business), multi-currency, Virtual IBAN accounts at its leading European banking partners. Monneo’s Dedicated Virtual IBAN account supports incoming and outgoing payments globally through SWIFT, within the Euro Zone by SEPA, and in the United Kingdom by Faster Payments and CHAPS.
Multi Banking Network
Monneo has established a network of leading European based banks which can all issue dedicated Virtual IBAN accounts in a client’s name. This brings a big advantage as the client can chose (based on the client’s needs) the bank it wishes to transact with via Monneo. All partnering banks are live (active) SWIFT members meaning you will transact via a live BIC issued by SWIFT rather than a passive BIC issued by countries national banks to payment institutions.
Multi Corp, Single Interface
Monneo has created a user-friendly banking interface allowing clients to operate multiple company/different company virtual IBAN accounts in one place. Utilising multiple virtual IBAN accounts into a single interface solves one of the biggest frustrations: no need to login to different platforms to obtain financial information on your group companies.
Multi User, Single Interface
Through Monneo’s user-friendly banking interface clients are able to assign different users to different virtual IBAN accounts including setting rules on a user level. This feature is welcomed by larger entities where there are multiple individuals involved in the transaction flow (a controller, accountant, financial officer etc.).
Contactless MasterCard Debit Card
Monneo provides contactless MasterCard debit card(s) linked to your aggregate companies’ account balance. The contactless MasterCard debit card(s) are linked to the total balance of the client’s company within Monneo even if the total company balance is spread throughout different banking partners. Clients are able to request contactless Mastercard debit cards for its companies’ employees. Also is it possible to create sub-accounts (not Virtual IBAN’s) to suppliers, affiliates or any other business associates linked with a contactless Mastercard debit card which can be funded by the company itself.
Your company
single or multiple
Monneo
single user interface
Banking network
multiple Virtual IBAN's
Monneo’s dedicated Virtual IBAN account supports incoming and outgoing payments globally through SWIFT, within the Euro Zone by SEPA, and in the United Kingdom by Faster Payments and CHAPS.
Monneo’s Dedicated Virtual IBANs support incoming and outgoing payments in the following currencies:
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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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