Monneo Launches Merchant Account/ Card Acquiring Service

Date Published: 09 Dec 2021
Last Updated: 09 Sep 2022

Originally posted on Finextra, 08.12.21;

Monneo is excited to announce the launch of its new merchant account/ card acquiring service.

The development allows the company to offer a full payment ecosystem to its customers and represents a true end-to-end solution.

Monneo can now offer online merchants the same flexibility on card processing that it already provides through its leading digital banking service. With the company’s enhanced solution, customers get access to a PCI DSS Level 1 compliant gateway connected to several acquirers across Europe. In turn, online merchants have the freedom to choose where they process their transactions.

The upgraded service has been made possible through new partnership agreements with several major card acquiring banks in and beyond Europe. Whereas many alternative systems focus solely on providing either an ‘Open Banking’ or card acquiring service, Monneo’s solution now brings both tasks under one roof.

Built with risk mitigation in mind, the innovative platform is connected to multiple banks and card processing services. As such, merchants always have access to multiple channels and a dedicated back up for their card processing and banking operations should an issue occur.

The new launch forms part of Monneo’s overarching growth plans and will enable the company to continue scaling up operations in the near future. To support this rapid progression, Monneo is also delighted to announce the opening of a new office space in Sofia. The Bulgarian capital is one of Europe’s foremost FinTech hubs and provides a perfect fit for the company’s exciting expansion into card acquiring.

Speaking on the development, Lili Metodieva, Managing Director at Monneo commented: “Today’s announcement has been a long-term goal for Monneo and allows us to continue on our growth journey. By providing a full end-to-end solution, we are now one step closer to facilitating a new payment landscape where innovative ways of thinking and business models can succeed.

“Alongside the new launch, we’re thrilled to announce the opening of a new office space in Sofia, which will give us greater capacity to support card processing services through multiple acquirers. In recent years, the city has become a veritable FinTech hub, so it stood out as an obvious choice when considering our expansion plans.”

As a business, Monneo understands the realities and constraints imposed on the eCommerce sector and is committed to helping the industry overcome these challenges. Through its platform, the company is able to respond to the needs of eCommerce merchants, giving them access to the bank accounts, virtual IBANs, and the online merchant accounts they need, from leading banks they can trust.

In addition, the company, which is regulated by the Financial Conduct Authority, recently announced a new partnership with leading cryptocurrency exchange Coinbase, that will enable the payment of invoices in a range of digital currencies. Alongside today’s announcement, this development truly underlines the company’s forward-thinking approach to online digital banking.

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