Verv launches multi-currency banking solution
Verv has launched its Multi-Currency Business Accounts, which will allow businesses in the European Economic Area (EEA) and the United Kingdom to receive, pay and hold money in more than one currency, a statement from Verv said. press Tuesday, May 24.
This will allow the company name, account number and SWIFT code to be the same for all currencies. And it will allow companies operating worldwide to manage one account for all their global payments.
The multi-currency business account streamlines cross-border billing and avoids currency conversion fees.
“Verv’s new multi-currency business accounts allow entities registered in the EEA and the UK to benefit from a full range of business account services on a single platform. With quick and hassle-free onboarding procedures, an account can be opened quickly and painlessly. This product allows businesses to fund their Verv account directly in one currency and benefit from multi-currency payments at lower exchange rates than banks. With no fees or hidden charges, Verv’s Multi-Currency Commercial Accounts offer a fast and cost-effective solution for 21st century businesses,” said Stavros Psyllos, Chief Commercial Officer at Verv.
See also: NEO CEO Says Banks and Regulators Ignore Multi-Currency Management Needs of EU Businesses
NEO, a neobank headquartered in Barcelona, reportedly cleared around $3 billion in March, saving EU businesses around $15 million in bank fees.
Laurent Descout, CEO and co-founder of the company, said the investment was a favorable number compared to the billion dollars it raised last September.
“Opening a corporate account has become a corporate nightmare,” Descout said. “It’s either extremely time-consuming or expensive, and more and more corporate treasurers are looking for alternatives to [usual] brick and mortar banks.
The report notes that one of the great alternatives sought by treasurers and CFOs is a corporate account with multi-currency management. According to the company, there are only a few FinTech companies specializing in B2B that can provide this.
He said the choice either comes down to banks that don’t have the resources, or they have another set of accounts to manage, or they don’t have the right pricing – or maybe they don’t have just no appetite for a specific country.