Neo, the treasury management, payments and FX fintech has announced the launch of a new international multi-currency account service for small and medium-sized enterprises (SMEs).
At this current time, treasurers, CFOs and finance professionals are hindered by the importance of navigating multiple accounts with different bank providers – many of which operate in silos – meaning that they are unable to monitor their cash flow, payments and currency exposure effectively.
Laurent Descout, CEO and Founder of Neo, commented: “The fintech revolution has impacted many areas of financial services to date, but corporate treasury departments and finance professionals, especially those at SMEs, continue to be overlooked.
“Neo’s multi-currency accounts allow clients to open a new account within days, send and receive payments, monitor their cash flow and much more in real-time. It is a modern, one-stop solution that allows corporate treasurers to have full autonomy over their treasury, payments, cash flow and risk management strategy.”
Neo’s multi-currency account provides users with fully registered International Bank Account Numbers (IBANs) from which they can complete payments in over 30 currencies.
Commenting on the impact of the pandemic, Descout noted: “During the past six months when the world began adapting to remote working conditions, users across the market realised quickly that digital solutions are now tantamount to business survival.
“Having the ability to monitor all of your payments, transactions, cash flow and currency exposure in real-time is a solution that the market desperately needs, especially with the remote working life being here to stay.”
Neo’s multi-currency account provides users with fully registered International Bank Account Numbers (IBANs) from which they can complete payments in over 30 currencies.
The new service seeks to deliver features to SMEs that have only been previously available primarily to the largest multi-national companies. For example, it allows corporate treasurers to freely navigate between different currency-denominated accounts through a single dashboard, with access to real-time cash management, personalised data and detailed analytics.
Another key feature of Neo’s multi-currency accounts is its low fees. Treasurers are accustomed to paying sizeable commissions and rates that are significantly higher than interbank rates. Neo charges average trading fees between 0.05% and 0.25%. This compares to a typical rate of 1% to 3% charged by many banks.
