Monneo reveals multi-currency merchant settlement solution

The new service will help make transacting across currencies and borders quicker, proving vital for acquirers operating in various verticals. The service works by utilising the acquirer’s or PSP account at Monneo, in which they can receive payments from card schemes or other bank accounts they operate. In addition, the online merchants they process card transactions for are set up with IBANs on the Monneo platform. Once the acquirer receives settlement funds, they can distribute these settlements to the merchant’s IBAN accounts, in all major currencies. After that, the merchants can transact via SEPA, SWIFT, Faster Payments, CHAPS, FX payments for their day-to-day operations. 

The merchant settlement distribution service can be accessed either through API and/or through Monneo’s banking platform, allowing acquirers to provide distribution details and obtain historical data for reconciliation.

Also, the goal of the launch is to help ease some of the challenges that acquirers face with their traditional banking partners, who are often limited in terms of their settlement currency options. Depending on the merchant’s vertical, some businesses fall into specific categories that traditional banks are reluctant to send funds to. By leveraging Monneo’s banking network and platform, acquirers and PSPs have flexibility when it comes to which merchants they can support, and how they’re able to distribute settlement funds to them.