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.