Fintech firm Neo introduces new multi-currency account for SMEs

Treasury management, payments and FX fintech Neo announced the launch of new international multi-currency account service for small and medium-sized enterprises (SMEs).

Treasurers, CFOs and finance professionals currently face the need to navigate multiple accounts with different bank providers. Many of them operate in silos and are they are unable to monitor their cash flow, payments and currency exposure effectively.

Neo’s new multi-currency account provides users with fully registered IBANs from which they can complete payments in more than 30 currencies. Traditional banks can take weeks or even months to set up multi-currency business accounts, while on Neo, a client can be operating within 48 hours, even while running remotely. The Neo also employs full connectivity and membership of SWIFT, which allows payments made through Neo to be easily and securely tracked.

The new service offers SMEs new futures that were previously available primarily to the largest multi-national companies. Now Neo allows corporate treasurers to navigate freely between different currency-denominated accounts. That can be done through a single dashboard, with access to real-time cash management, personalised data and detailed analytics. It also provides FX execution capabilities for spot, forwards, swaps and options in up to 80 currencies for hedging and risk management purposes.

Another advantage of the new accounts are their low fees. Treasurers are used to paying sizeable commissions and rates, much higher than interbank rates. Neo’s average trading fees vary between 0.05% and 0.25%.

Laurent Descout, CEO and Founder of Neo, commented:

Laurent Descout, Neo

Laurent Descout
Source: LinkedIn

The fintech revolution has impacted many areas of financial services to date, but corporate treasury departments and finance professionals, especially those at SMEs, continue to be overlooked. Neo’s multi-currency accounts allow clients to open a new account within days, send and receive payments, monitor their cash flow and much more in real-time. It is a modern, one-stop solution that allows corporate treasurers to have full autonomy over their treasury, payments, cash flow and risk management strategy.

Descout added:

During the past six months when the world began adapting to remote working conditions, users across the market realised quickly that digital solutions are now tantamount to business survival. Having the ability to monitor all of your payments, transactions, cash flow and currency exposure in real-time is a solution that the market desperately needs, especially with the remote working life being here to stay.

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