What is a Multi-Currency IBAN Account and How It Helps You Grow Your Online Business?
Businesses operating online have an easier time today managing multiple accounts in different currencies than ever before and all of this is thanks to a multi-currency IBAN. We’ll explain what a multi-currency IBAN is, how it can help you grow your online business, and what specific benefits it brings to the table.
A multi-currency IBAN is an international clearing bank account that is capable of routing transactions in different currencies into one central account and currency. Rather than requiring that a merchant maintain accounts in each location where they do business then re-route those funds to a central account, multi-currency IBANs collapse that process into a single stream that cuts down on administrative expenses and makes online business efficient and profitable.
Aside from the immediate administrative benefits, there are others as well. First, multi currency IBANs help grow businesses through capital preservation. This means that businesses that uses them spend less on administration and transaction expenses thus preserving more of their capital for other, more useful purposes. There are other benefits as well from a more technical perspective.
One benefit is the ability to assign a unique virtual IBAN to each of your customers or revenue streams. This helps you establish transaction and client history and gives you actionable data for strategizing over the future of the business relationship.
The second benefit is that, once assigned, these clients then use the virtual IBAN to send payments to your business. All of this is linked to your multi currency IBAN account which clears to zero at the end of each day.
The third benefit of a multi currency IBAN is that all of these payments in various currencies are converted into the currency of your choice and routed to a central account. This account can also be used for outgoing payments in other currencies.
A fourth, and potentially huge benefit for companies that face liquidity crunches, is that incoming payments to a multi currency IBAN are immediately booked to the account.
Finally, and not least among which, all payments and transactions are virtually and automatically reconciled leaving the account with a sum zero balance at the end of each business day.
As a conclustion we want to mention that Monneo’s is an established provider of Digital Banking Solutions and Multi-Currency IBAN accounts. With our solutions one can make international payments in 134 currencies.
The benefits of our services expand much further so if you are interested to learn more you can contact our team or directly apply for your virtual Multi-Currency IBAN by browsing the “apply” section on our official website.