Monneo, a virtual IBAN and corporate account provider has added a new European bank partner to its banking network, meaning it can now offer multi currency IBAN accounts to customers. The updated service allows merchants to receive international payments in more currencies, whilst still retaining the ability to securely store all funds in one centralized account.

With Monneo’s multi currency IBAN accounts, customers can now receive payments in over 20 different currencies, including: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, NOK, NZD, PLN, SEK, SGD, TRY, USD, YEN and ZAR.

Monneo already supports 134 currencies and several digital currencies for outgoing payments through its IBAN solution. This leading service is only possible as a result of the company’s partnership agreements with major banks. Moving forward, Monneo’s clients can now also choose, and connect, to more than ten banks in its banking network.

Multi currency IBAN accounts have several benefits for customers. For one, this form of system prevents users from having to open and manage different accounts in different countries, thus eliminating the administrative burden of dealing with multiple currencies.

Instead, by offering a secure, automatic and simple solution to globalized banking, multi currency IBAN accounts present greater opportunities for growth.

By adopting a multi currency IBAN account, businesses are able to spend less time and resources on administrative and transaction fees. Additionally, with Monneo’s multi currency IBAN accounts, businesses can easily establish records of transaction and client history, whilst retaining the same account number for counterparties. As such, the solution is particularly suited to companies in the eCommerce and international business sectors.

Speaking on the new update, Lili Metodieva, Managing Director of Monneo commented: “A multi currency IBAN account can be very advantageous for businesses, particularly for eCommerce merchants who commonly sell products and services in multiple markets and would like to receive settlement funds from their acquirers in like-to-like currencies. Instead of opening a local bank account in multiple locations, the multi currency IBAN account allows merchants to receive international payments in different currencies and store them in one account.

“By making more currency options available on inflow payments, we’re aligning our service offering with the needs of our customers. In recent months, we’ve worked to do this in other areas of our business, including the launch of our card acquiring service, which allowed us to offer a full payment ecosystem to our customers. We’re anticipating more exciting announcements soon that our customers should keep an eye out.”