Monneo, the UK-based startup that provides corporate accounts and IBAN numbers for merchants, has joined the crypto bandwagon as it has partnered with Coinbase to enable crypto payments on its platform.
The company helps merchants and other businesses to set up multiple IBANs across the large network of international banks that the company has. The clients would then be able to log in to their user interface and monitor all their IBANs from that single interface and receive and send payments in 130 currencies. This helps the businesses a great deal as they would be able to generate an IBAN in any bank across a range of countries and receive payments from their clients as if it were a local transfer. This reduces the charges involved and also increases the speed and reliability of the payments.
By partnering with Coinbase, the company would be looking to add cryptos as a form of sending and receiving payments which would increase the choice that the clients have with Coinbase helping in the conversion of the cryptos. The company believes that crypto payments and FX payments via fiat have the same payment mechanism and hence would be able to co-exist with each other in the long run.
“Whatever one’s perspective on cryptocurrency, it is here to stay. Many people see both the value of it and enjoy using it. We believe that by working with Coinbase, Monneo is offering its customers the highest standards in the cryptocurrency market,” Lili Metodieva, managing director of Monneo, said.
The virtual IBAN service that the company provides has become a very useful tool for many merchants around the world as any sort of cross-border payment involves multiple banks and different regulations as well. So the merchants prefer to accept payments as a local transfer which is better regulated and much faster as well. This also ensures that all the payments that are received can be managed from within a single login and merchants would then be able to transfer these payments into the real-world bank accounts that they may hold. This guarantees high security, as well as the client, can track the flow of funds throughout the entire process. With the latest addition of crypto payments to the mix and with the fact that cryptos are being viewed favorably by businesses and merchants nowadays, the company would be expecting a boost in volumes in the coming months.