Frequently Asked Questions

FAQ Virtual IBAN

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.

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”.

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.

Are my funds safe?

Yes, Monneo operates client funds strictly in a dedicated safeguarding bank accounts at its banks.

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.

Does the Virtual IBAN support Faster Payments and CHAPS transfers?

Monneo’s Virtual IBAN’s support Faster Payments and CHAPS, incoming and outgoing transfers in GBP used in the United Kingdom.

Multiple individuals are involved in my finance flow, can I assign access rights per individual?

Yes, you are able to assign different roles for different individuals.

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 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.

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.

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 currencies does a Virtual IBAN support?

Monneo’s Virtual IBAN’s support multi-currency (depending on our partnering bank), currently Monneo’s Virtual IBAN’s support: EUR, GBP, USD, AUD, CAD, CHF, DKK, HKD, HRK, HUF, JPY, NOK, PLN, RUB, SEK and more to come.

Does the Virtual IBAN support SWIFT transfers? (International transfers)

Monneo’s Virtual IBAN’s support SWIFT incoming and outgoing transfers in multi-currency.

How can I access/ operate my Virtual IBAN account?

Monneo developed its own online banking interface, you can securely login and operate your Virtual IBAN just like any other online banking platform. Monneo’s banking interface allows you to operate multiple Virtual IBAN’s though a single interface.

How long does it take to obtain a Virtual IBAN?

The moment Monneo receives all KYC files as required by AML/ PSD2 it normally takes between 3 to 7 working days to obtain the Virtual IBAN from our partnering banks.

FAQ Debit Card

Does Monneo offers debit cards linked to the Virtual IBAN?

Yes, Monneo’s Dedicated Virtual IBAN Account comes together with a contactless MasterCard Debit card directly linked to your Virtual IBAN.

Can I request more than one Mastercard debit card?

Yes, we allow multiple Mastercard debit cards to an account as long as the individual is connected to your business. (a director, employee, affiliate etc.)

To what Virtual IBAN account will my Mastercard debit card be linked?

You are able to chose if to link the Mastercard debit card to a single Virtual IBAN account or to multiple Virtual IBAN accounts. The Mastercard debit card is linked to your total company balance rather than a card per Virtual IBAN.

What currency is the Mastercard debit card?

The Mastercard debit card is EUR denominated.

I issued a Mastercard debit card to an employee, can he/ she have a sub-account with a card linked to it?

Yes, we can generate an internal subaccount to such individuals including separated login. Such an account is not a Virtual IBAN, this is a generic internal account number which to the Mastercard debit card is linked to and can receive only funds from the main company.

General FAQ

What does AML stand for?

AML stands for: Anti Money Laundering and is frequently used in the financial industry outlining policies and procedures detecting, preventing and reporting of suspicious financial activities.

What is a Live (active) BIC?

A live BIC is a BIC issued by SWIFT for a SWIFT participant.

What BIC do I get via Monneo?

As Monneo works with actual banks which are SWIFT participants, the Virtual IBAN issued by the banks are all with a live (active) BIC.

What is CHAPS?

CHAPS stands for “Clearing House Automated Payment System” and is a payment scheme in the United Kingdom for high value transfers where the funds are guaranteed the same day if submitted before 14:00.

What is Faster Payments?

Faster Payments is the scheme name in the United Kingdom allowing transactions to be made 24 hours a day, 7 days per week, 365 days a year.

What does PSD stand for?

PDS stands for “Payment Service Directive”. In 2007 PSD (Payment Service Directive) was established, a European legislation that provides the basis for a single market payments across Europe (SEPA).

What does SEPA stand for?

SEPA stands for “Single Euro Payments Area”. SEPA was introduced to create a single payment market across the Euro zone making Euro transfers simple and less expensive for retail and businesses across the Euro zone. Currently SEPA transfers is supported in 35 counties across Europe.

What is a BIC?

BIC stands for: Business Identification Code, when funds are sent to a bank account the BIC identifies the beneficiaries business/ bank to where the funds should go.

What is a passive BIC?

A passive BIC is not issued by SWIFT. A passive BIC is usually for Payment Institutions which obtained their BIC via a country’s national/central bank.

Does Monneo has its own BIC?

Yes, Monneo is registered with SWIFT, Monneo’s BIC is: EPITGB22 / EPITGB22XXX

What does FCA stands for?

FCA stands for “Financial Conduct Authority” and is the financial regulator in the United Kingdom. The FCA oversees regulated firms registered in the United Kingdom. Monneo is regulated by the FCA with reference number: 802210.

What does KYC stand for?

KYC stands for “Know Your Customer”. Monneo obtains and validates full “KYC” details on each client to protect the financial system and minimising the likelihood of being misused for money laundering, terrorist financing and other illegal activities.

What does PSD2 stand for?

PSD2 is a revised payment service directive which came into force in the United Kingdom on January 13, 2018.

What does SWIFT stand for?

SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication”. Established in 1973, SWIFT was made up out of 239 financial institutions (banks) from 15 different countries. The aim was to developer a single messaging standard for processing payments between financial institutions globally.

LinkedIn

sales@monneo.com

47, Red Lion Street, London, WC1R 4PF, United Kingdom