Digital Bank Neo to offer multi currency accounts

Tuesday 9 July 2019 11:14 CET | News

Digital bank Neo has received regulatory approval from the Bank of Spain to launch a corporate multi-currency account.

According to a release from the company, Neo will now create a PSD2 payment institution which will be supervised by the Bank of Spain. The Spain-based company, with development labs in London and Cambridge, explains that it will allow account holders to receive, store and pay out in approximately 30 different currencies. The Neo account will include an IBAN in the client’s name, and will be fully programmable in order to offer extended automation capabilities to clients.

The company said it will rely on a proprietary Core Banking System developed by Neo Fintech Lab in the UK. The payment services will run alongside the FX hedging services already offered by Neo Capital Markets. Clients will be able to hedge over 90 currencies and receive/make payments in 30+ currencies form a single place.

Neo’s services currently include virtual multi-currency accounts for international payments and collections, FX hedging solutions and treasury investment. The platform claims to allow clients to reduce costs, but also to enable users to digitalise their treasury department and automate tasks.

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Keywords: NEO, digital bank, challenger bank, multi-currency account, Spain, Europe, UK, London, Bank of Spain, FX , foreign exchange, payments , banking
Countries: World