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 and will help to dramatically speed up transaction times on cross-border payments.

As per its new agreement, 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 a number of digital currencies. By leveraging new connections in its local banking network, Monneo's clients are now able to combine the benefits of this flexibility with faster transaction timeframes.

Lili Metodieva, Managing Director of Monneo, comments: “We are excited to offer our corporate customers additional banking solutions for their businesses. By partnering with a global money transfer leader, we’ve been able to dramatically streamline the cross-border payment process. As a result, our customers can now complete international financial transactions in a matter of hours, which is of huge benefit.

“We continue to forge relationships with globally recognised, reputable payments businesses, who we are delighted to partner with. Together, our collaborations further strengthen Monneo’s continued commitment to providing the best service to our customers. With the implementation of this new service, we are able to expand our secure network for payers and payees even further across all corners of the globe. “

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, which enables it to offer a true end-to-end solution for eCommerce merchants.