Monneo enlists Coinbase to allow invoices to be paid in cryptocurrency
Originally posted on Finextra, 21.09.21
Monneo, regulated by the Financial Conduct Authority (FCA), a virtual IBAN and corporate account provider, has enlisted cryptocurrency exchange Coinbase, in a move that will enable payment of 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.
Lili Metodieva, managing director of Monneo, comments: “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”.
Lili added: “Whatever one’s perspective on cryptocurrency, it is here to stay. Many people see both the value of it and enjoy using it. We believe that by working with Coinbase, Monneo is offering its customers the highest standards in the cryptocurrency market.
Online merchants and B2B companies can set up multiple IBANs in their company’s name across multiple banks from Monneo’s network.
With its high service standard and “private banking” approach towards business customers, combined with its expertise and knowledge in all aspects of merchant payments, Monneo’s customers can receive and send payments in more than 130 currencies internationally.