- Monneo, a new fintech startup, joined hands with Coinbase cryptocurrency exchange to accept and enable payments of invoices in cryptocurrencies.
- Clients can control and monitor access to their IBANs through a single log-in while sending and receiving payments in over 130 currencies.
Monneo, a Europe-based new fintech startup, joined hands with Coinbase cryptocurrency exchange to accept and enable payments of invoices in a wide range of cryptocurrencies. The association is backed by two partner banks of Monneo and can be used for B2B invoice settlement.
Monneo’s new partnership with Coinbase will offer businesses an additional payment method. It will be engaged in closely monitoring the introduction and implementation of the new service so that it is reliable and secure for payees and payers.
What does Monneo do?
Monneo was established in 2016 and is regulated by the Financial Conduct Authority (FCA). It is engaged in providing virtual international bank account number (IBAN) and corporate accounts that allow B2B companies and online merchants to set up multiple IBANs in their firm’s name. It helps them gain access to multiple regional and global banks on Monneo’s network.
Customers can control and monitor access to their IBANs with a single log-in while sending and receiving payments in over 130 fiat currencies, including leading cryptocurrencies. The company also highlighted that there is no difference between FX and cryptocurrency payments, and they both operate through the same mechanisms.
How are IBANs useful?
Virtual IBANs can enable online merchants and B2B clients to deal with the complexities of banking while simultaneously modernising all process related B2B transactions.
IBANs are an integral part of the merchant payment ecosystem and address the need for a highly secure and regulated platform that essentially involves the movement of money.
Coinbase runs a secure cryptocurrency exchange platform that can be used for purchasing, transferring, selling and storing digital currencies such as Ethereum and Bitcoin.
Companies in the software and IT sector across the globe issue invoices with the option to make payments via traditional currency and cryptocurrency. The partnership with Coinbase will enable Monneo to better respond to customer demands while promoting greater flexibility in terms of how payments are made.
Hopping on to the crypto trend
The reaction to cryptocurrencies has always been a mixed bag. However, many people currently enjoy using it and see value in it. Monneo’s collaboration with Coinbase will enable the fintech company to provide its customers with the best-in-class services in the cryptocurrency market.