News

Neo launches multi-currency account for SMEs

Tuesday 22 September 2020 13:44 CET | News

Neo, the treasury management, payments and FX fintech, has launched a new international multi-currency account service for small and medium-sized enterprises (SMEs). 

Currently, treasurers, CFOs and finance professionals are hampered by the need to navigate 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.  

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. While traditional banks often take weeks or even months to set up multi-currency business accounts, a client can be up and running on Neo within 48 hours, even while working remotely. 

The new service delivers 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. It also offers FX execution capabilities for spot, forwards, swaps and options in up to 80 currencies for hedging and risk management purposes. 

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.  

The platform incorporates advanced security features such as four-eyes checks, tailored permissions for an unlimited number of users and a full log trail of actions. 


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: NEO, SMEs, payments , treasurers, cash flow
Categories: Banking & Fintech
Companies:
Countries: World
This article is part of category

Banking & Fintech