European FinTech Startup Monneo has partnered with a cryptocurrency exchange Coinbase to enable bill payment in cryptocurrency, UK Tech News reported on Wednesday (September 22).
Founded in 2016, the European Virtual International Bank Account (IBAN) Number and Business Account Provider enables online merchants and B2B businesses to create multiple IBANs on behalf of their business across the company’s extensive network from the main European and international banks.
Monneo customers can monitor and control access to all of their IBANs with a single connection, while receiving and sending payments in over 130 currencies around the world.
Coinbase, on the other hand, operates a secure cryptocurrency exchange to buy, sell, and store virtual currencies like bitcoin and Ethereum.
The partnership, supported by two of Monneo’s partner banks, will be available for the settlement of B2B invoices.
Commenting on the new service, Lili Metodieva, Managing Director of Monneo, said the company is excited to offer businesses an additional payment method for the 130+ fiat currencies it currently offers, adding that “Monneo will be closely monitoring the launch and implementation of this new service so that it is secure. and reliable for payers and recipients.
She also pointed out that there is no difference between cryptocurrency payments and currency payments through fiat currencies, as they both have the same mechanisms.
“Regardless of everyone’s perspective on cryptocurrency, it’s here to stay. A lot of people both see the value and love to use it. We believe that by working with Coinbase, Monneo offers its customers the highest standards in the cryptocurrency market, â€added Metodieva.
Related: Virtual IBANs accelerate the “consumption†of B2B payments
In an interview with PYMNTS earlier this year, Metodieva told PYMNTS that virtual IBANS can help merchants tackle the complexities of global banking relationships while modernizing B2B transactions in the process.
“Virtual IBANs have become an inseparable part of the merchant payment ecosystem because whenever there is a movement of money, things need to be highly secure and highly regulated,†she said.
Read more: Virtual account numbers make international digital banking easier
See also: Virtual IBANs remove friction from cross-border and B2B payments
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