Neo, the treasury management, payments and FX fintech, is launching a new international multi-currency bank account service for small and medium-sized enterprises (SMEs).
September 21, 2020 | AtoZ Markets – Neo has on Monday announced the launch of a new international multi-currency SME bank account. The new account will enable finance teams and CFOs to streamline their processes, managing cash flow, payments and currency transfers all in the one place.
Neo, which is available across all European countries including the UK, offers FX swaps and options in up to 80 currencies for hedging and risk management purposes.
Laurent Descout, CEO and founder of Neo, told AtoZ Markets:
“From the very first day we wanted Neo to be cross-border. One of the biggest problems our clients face is that, even when you have a large company, as soon as you cross the border you can encounter issues.”
“Even in Europe, he added, we have seen that banks don’t always offer the same services from one side of the border to the other, which can become extremely problematic as soon as you want to open a branch subsidiary, you have to completely re-do everything.”
Key features of Neo multi-currency bank account for SMEs
Neo’s multi-currency bank account comes with a fully registered International Bank Account Number (IBAN). It is also fully MiFID II and PSD2 compliant.
During the pandemic, Neo increased its customer base three-fold, a jump Descout puts down to the inability of banks to operate remotely: “Certainly, for us, the pandemic has been an opportunity because I think everyone realized there was a need to work differently”.
“Demand for our multi-currency account has increased massively because clients are coming to us simply because they can’t speak to anyone in the banks. Bankers aren’t in their offices, they’ve been struggling to work remotely and they just haven’t been performing at the capacity they need to,” Descout commented.
As well as offering a fully digital account, Neo’s fees are lower than traditional banks. Neo charges average trading fees between 0.05% and 0.25%. This compares to a typical rate of 1% to 3% charged by larger banks.
Established in 2017, Neo has over 100 clients in the past few months alone. Notably, 40% of these customers hail from the UK.
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