Multi-Currency Bank Account for SMEs Launched by Neo

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

The solution provides users with fully registered International Bank Account Numbers (IBANs) from which they can complete payments in over 30 currencies. Clients can be up and running on Neo within 48 hours, even while working remotely. With full connectivity and membership of SWIFT, payments made through Neo are also securely trackable.

The new service 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.

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.

Laurent Descout, CEO and Founder of Neo, told TMI that a lack of data visibility and analytics are both key issues facing treasurers today and are equally crucial to Neo's offering. “We provide better visibility via a single dashboard showing payments, collections, balances as well as market information. Every movement of funds is recorded and stored in a ledger, enabling users to keep track of any debits and credits and see any operation at the highest level of detail.” He added that a full range of data analytics are provided to users, including real-time market data, rate alerts, portfolio performance and mark to market. “Our analytics are constantly expanding, and this is an area we are continually focused on.”

Rather than relying on a stack of siloed plugins and systems working on top of each other, Descout says Neo provides all key treasury functions in one single platform. “However, if a client needs to feed its TMS, Neo can provide customised extracts such as account entries, balances, trades reports, that client can easily load into its TMS.”

The system allows users to automate and optimise their FX operations using orders, and to define their own FX scenarios and set their triggers for executions. FX orders can be adjusted automatically through the use of an API, “ensuring treasurers have full control over their orders”.

This is a bank agnostic product, says Descout. “Neo is fully MIFID II licenced as an investment services company and is one of the very few Fintechs with a financial advisor license. It’s also Bank of Spain regulated for payments and collection activities.”