Virtual IBAN, multi-currency (134) and more
Virtual IBAN’s issued by Monneo means merchants can obtain trustworthy virtual IBAN’s from well established European banks with payment options including:
- SWIFT multi-currency for international payments
- SEPA Euro within the Euro zone
- GBP Faster Payments and CHAPS in the UK
Through Monneo, merchants can apply for multiple virtual IBAN’s provided by our network of European banks. Virtual IBAN’s are issued to merchants, in their company name. Every virtual IBAN is linked to a Monneo safeguarded bank account so client funds are safe secured at all times.
In addition, merchants can take advantage of debit cards and international payment services to receive funds and pay in 134 currencies.
Make international payments in 134 currencies
Whatever the currency of the Monneo virtual IBAN is, merchants can make international payments to third-parties around the world in 134 currencies.
Multi-currency B2B bank transfers can be made from the virtual IBAN through Monneo’s platform.
From their virtual IBAN, merchants can enter the amount of the international payment in the desired destination currency along with recipient’s details. The Monneo platform automatically displays the amount to be transferred in the currency of their IBAN for easy reference.
The multi-currency bank transfer option is available through Monneo in addition to other direct bank transfer services such as SWIFT, SEPA, Faster Payments and CHAPS.
Spend funds using Mastercard debit cards
Merchants can extend their digital banking services by attaching Mastercard debit cards to their Virtual IBAN account. Cards are linked to the merchant’s total company balance rather than a card per Virtual IBAN account. That means cashflow is improved as available funds are calculated based on the merchant’s aggregated balance from all their virtual IBAN accounts across every Monneo bank partner. With the debit cards merchants can:
- Access company funds held in their virtual IBAN accounts
- Provide employees with cards that are linked to internal sub-accounts under a virtual IBAN account for simplified accounting and expense management
- Control spending with limits set at card level
- Use cards at millions of locations online and offline that accept Mastercard around the world.
The Monneo system is user-friendly, intuitive and designed with the needs of ecommerce merchants in mind:
- Easy navigation and access to all features
- Single log-in for a complete view across all virtual IBAN accounts, companies, banks and groups
- Option to create templates for regular payments
Merchants can set controls and parameters to ensure the Monneo system is tailored to their business needs including the ability to:
- Assign different user access to different IBAN accounts
- Set rules at user-level which allows merchant to grant access to their team members, set up individual rights for each and protect sensitive information.
- Dedicated support team is available to address any questions or enquiries
We have a team of security and compliance specialists working closely with our IT development team to ensure the Monneo platform, infrastructure and dataflow remains secure at all times.
- Our infrastructure is built to the highest security and safety standards to protect merchants’ data and funds
- 2 -factor authentication to access the platform
- Real-time transaction monitoring to ensure safety of transfers
Partner with Monneo
Get in touch today to find out more about how Monneo can help merchants with virtual IBAN accounts and enables service providers such as ISO's, PSP's and acquirers to offer Virtual IBAN's with debit cards and international payment services.