Virtual IBAN and eCommerce bank account provider, Monneo, today announces the launch of its Monneo Corporate Visa debit card, in partnership with Railsbank, the leading global Banking-as-a-Service (BaaS) platform.
More than just a typical corporate card, the Monneo card, issued by Railsbank, means that for the first time an eCommerce merchant can link one card to several IBANs at multiple different banks. It does this by unifying numerous IBAN accounts under one application and agreement. As such, a company will be able to link one card to the combined balance of all its IBANS held at different banks across the Monneo European banking network.
The new card is an addition to Monneo’s existing platform which connects thousands of online merchants to a network of EU and international banks to provide virtual IBANs and banking services. Merchants will benefit from only having to work with Monneo, via a single agreement they will have access to multiple IBANs and a Corporate Visa card giving choice and flexibility across a well-established banking network without the need to change or manage multiple providers.
As we move into the new normal shaped by Covid-19, online businesses and their employees need to make payments in the most efficient and secure way possible. Monneo enables local and international payments via B2B banking transfers, while maintaining visibility of cash flow in real time. In addition, merchants can now utilise the corporate card for their employees, contractors or affiliates, and access instant reporting via a single user interface.
Lilia Metodieva, Managing Director at Monneo, highlights how the solution will make strides in the eCommerce industry: “Monneo’s Corporate Visa debit card removes a number of hurdles that eCommerce businesses face today. Many have struggled with fund flow management, as in the past, they have had to access multiple payment platforms for one solution. By contrast, Monneo brings all solutions (including the card) under one platform, which enables businesses to better oversee the distribution of their funds.”
Metodieva continues: “Partnering with a respected partner like Railsbank ensures the card is a stable and reliable option for eCommerce businesses, enabling them to carry out day-to-day operations without challenges. Any issues that do arise are resolved by Monneo, which incorporates its expert industry knowledge to resolve these challenges. We strongly believe this will make a positive difference to lots of businesses.”
Louisa Murray, COO UK & EU at Railsbank added: “The Monneo Corporate Visa debit card setup is the only one of its kind that Railsbank currently supports, which makes it an important partnership for us. The unique features really do cater to the varying needs of eCommerce merchants and the banks that service them across Europe. It mends any disconnect that has been felt in their relationships in the past and facilitates an environment where new business models have the freedom to succeed.”