Monneo, a virtual IBAN and corporate account provider, has partnered with a global leader in money transfer services to expand its local banking network. The new agreement gives the company’s customers an indirect connection to more than 60 additional local banks in Europe, North America, South America, Asia, and Australia. It will help to speed up transaction times on cross-border payments dramatically. Monneo can now conduct cross-border payments more efficiently for its customers. Moving forward, the company will be able to use its expanded network of local banks to settle international transactions, often within a day of the request being made. As such, Monneo’s customers are no longer reliant on the SWIFT process, which can take up to a week to complete, when looking to execute cross-border transactions.
Already linked to eleven different international banks and with a further three announcements expected imminently, Monneo allows eCommerce merchants to receive and send payments in 134 currencies internationally, as well as in several digital currencies. By leveraging new connections in its local banking network, Monneo’s clients can now combine the benefits of this flexibility with faster transaction timeframes. Online merchants and B2B companies can set up multiple IBANs in their company’s name across multiple banks from Monneo’s network. The company has also recently launched its new card acquiring service, offering a proper end-to-end solution for eCommerce merchants.