FAQ Virtual IBAN
What is a Virtual IBAN?
A Virtual IBAN is a payment account that enables you to receive and remit funds. The Virtual IBAN’s provided by Monneo are connected to safeguarded bank accounts held at well established, European and International banking institutions.
Who can apply for a Virtual IBAN?
Monneo provides services to companies, not to individuals.
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.
Who provides/ issues the Virtual IBAN?
Monneo works with a network of well established European and International banks that issue the Virtual IBAN’s which are linked to the Monneo platform.
Is the Virtual IBAN in my company’s name?
Yes, the Virtual IBAN is issued to your company, in your company’s name. Receiving funds would be to beneficiary: “Your company name LTD”.
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.
Are my funds safe?
Yes, Monneo operates client funds strictly in safeguarding bank accounts within its banking network. Deposits are not eligible under Financial Services Compensation Scheme. Learn more about FSCS.
What is a safeguarding bank account?
A safeguarding bank account is an account designed to operate solely client funds. 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 and clients’ claims are met in priority to anybody else.
What currencies does a Virtual IBAN support?
Monneo supports 134 currencies. Whatever the currency of their Monneo virtual IBAN’s, clients can make international payments to third-parties around the world in any of these 134 currencies.
Does the Virtual IBAN support SWIFT transfers? (International transfers)
Monneo’s Virtual IBAN’s support SWIFT incoming and outgoing transfers in multiple currencies.
Does the Virtual IBAN support Faster Payments and CHAPS transfers?
Monneo’s Virtual IBAN’s supports both Faster Payments and CHAPS in the United Kingdom.
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 across multiple banks though a single interface.
Can I assign access rights to the Monneo platform on individual level?
Yes, you are able to assign different roles for different individuals in your organisation.
How long does it take to obtain a Virtual IBAN?
Normally within 5 working days from the moment a full application is submitted.
Merchant Account FAQ's
What is a merchant account?
In order to accept online payments at your website an online merchant is required to clear card payments. Transaction data are sent for clearing to the acquiring bank and credited to your bank account after clearing.
Who can open a merchant account?
Monneo accepts online merchants incorporated in the EEA and UK.
Can I obtain merchant accounts at multiple acquiring banks?
Yes, Monneo works with a network of acquiring banks allowing you to operate through multiple merchant accounts.
Who provides the online merchant accounts?
The actual merchant account is opened within Monneo’s network of acquiring banks and card scheme members. Transaction data is sent over API to Monneo’s PCI DSS Level 1 payment gateway and forwarded to the acquiring bank for clearing.
Do you provide multi currency merchant accounts?
Yes, all merchant accounts are multi currency merchant accounts. Your customers can pay in their local currency and you will receive the funds either in multi currency or a specific currency of choice.
Where do I receive my settlement funds?
Merchant account settlements are paid to your IBAN account within Monneo. As Monneo provides both IBAN accounts and Merchant accounts your settlements will arrive instant.
FAQ Visa Debit Card
Does Monneo offers debit cards linked to the Virtual IBAN?
Yes, Monneo’s Dedicated Virtual IBAN Accounts come together with a contactless Visa Debit card.
What currency is the Visa debit card?
The Visa debit card is EUR denominated.
Can I request more than one Visa debit card?
Yes, we allow multiple Visa debit cards to an account as long as the individual is connected to your business. (a director, employee, affiliate etc.)
To which Virtual IBAN account will my Visa debit card be linked?
You are able to choose if to link the Visa debit card to a single Virtual IBAN account or to multiple Virtual IBAN accounts held at different banks across Monneo’s banking network. The Visa debit card is linked to your accumulated company balance rather than a single card per Virtual IBAN.
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 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 connected BIC?
A connected BIC is a BIC issued by SWIFT that is able to communicate over the SWIFT messaging network. Monneo is connected to the SWIFT messaging network with BIC MNEOGB22.
What is a passive BIC?
A passive BIC is a BIC issued by SWIFT for identification however is not connected to the SWIFT messaging services. (non-connected BIC) This is usually obtained by Payment Institutions connected to a national/central bank.
What BIC do I get via Monneo?
As Monneo works with a network of traditional banks (all SWIFT participants), the Virtual IBAN’s issued are all with connected BIC’s of the partnering banks or Monneo’s connected BIC.
Does Monneo has its own BIC?
Yes, Monneo is registered and connected to SWIFT, Monneo’s BIC is: MNEOGB22/ MNEOGB22XXX
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 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 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 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 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 PSD2 stand for?
PSD2 is a revised payment service directive which came into force in the United Kingdom on January 13, 2018.
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 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.