UK FinTech Monneo to Accept Crypto for Invoice Payments

European FinTech startup Monneo has partnered with cryptocurrency exchange Coinbase to enable payment of invoices in cryptocurrencies, UK Tech News reported on Wednesday (Sept. 22).

Founded in 2016, the European virtual international bank account number (IBAN) and corporate account provider enables online merchants and B2B companies to set up multiple IBANs in their company’s name across the firm’s wide network of leading European and International banks.

Monneo’s customers can monitor and control access to all their IBANs with one log-in, while receiving and sending payments in more than 130 currencies worldwide.

Coinbase, on the other hand, operates a secure cryptocurrency exchange platform for buying, selling and storing virtual currencies like bitcoin and Ethereum.

The partnership, backed by two of Monneo’s partner banks, will be available for B2B invoice settlement.

Commenting on the new service, Lili Metodieva, managing director of Monneo, said that the company is excited to offer businesses an additional method of payment to the 130+ fiat currencies it currently offers, adding that “Monneo will closely monitor the launch and implementation of this new service so that it is secure and reliable for both payers and payees.”

She also pointed out that there is no difference between cryptocurrency payments and FX payments via fiat currencies as they both have the same mechanisms.

“Whatever one’s perspective on cryptocurrency, it is here to stay. Many people see both the value of it and enjoy using it. We believe that by working with Coinbase, Monneo is offering its customers the highest standards in the cryptocurrency market,” Metodieva added.

Related: Virtual IBANs Speed ‘Consumerization’ Of B2B Payments

In an interview with PYMNTS earlier this year, Metodieva told PYMNTS that virtual IBANS can help merchants tackle the complexities of global banking relationships while modernizing B2B transactions in the process.

“Virtual IBANs have become an inseparable part of the merchant payment ecosystem because whenever there is a movement of money, things must be highly secure and highly regulated,” she said.

Read more: Virtual Account Numbers Facilitate International Digital Banking

See also: Virtual IBANs Remove Friction From Cross-Border, B2B Payments