Virtual IBAN Account
Monneo issues B2B (Business-to-Business), multi-currency, dedicated Virtual IBAN accounts via 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.
Monneo’s Dedicated Virtual IBANs support incoming and outgoing payments in the following currencies: EUR, GBP, USD, AUD, CAD, CHF, DKK, HKD, HRK, HUF, JPY, NOK, PLN, RUB, SEK with more in development.
Monneo provides access through its user-friendly, secured online banking interface from where clients operate dedicated Virtual IBAN accounts.
As Monneo is an Authorised Payment Institution, fully passported throughout the EEA, licensed and regulated by the United Kingdom’s Financial Conduct Authority, it can offer clients many alternative banking solutions such as dedicated Virtual IBAN accounts.
Monneo is fully Compliant with the Second European Union Payment Services Directive (PSD 2) which came into force in January 2018. PSD2 is a significant evolution of existing regulation for the payments’ industry. It aims to increase competition and diversity in the payments’ industry, promote new types of payment services, and enhance customer protection and security.
Monneo’s Virtual IBAN advantages:
– Dedicated Virtual IBAN (B2B)
Monneo issues B2B (Business-to-Business), multi-currency, Dedicated 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 accounts to obtain financial information on your 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.