Verv Launches Multicurrency Banking Solution for Businesses

Verv has debuted its Multi-Currency Business Accounts, which will let companies in the European Economic Area (EEA) and the U.K. receive, pay and hold money in more than one currency, a presss release said Tuesday (May 24).

This will allow the company’s name, account number and SWIFT code be the same for all currencies. And it will allow companies trading globally to manage an account for all their global payments.

The Multi-Currency Business Account streamlines cross-border invoicing and avoids foreign exchange conversion fees.

“Verv’s new business multi-currency accounts allow EEA- and U.K.-registered entities to enjoy a full scope of business account services under one platform. With quick and hassle-free onboarding procedures, an account can be opened swiftly and painlessly. This product allows companies to fund their Verv account directly in one currency and enjoy multi-currency payouts at lower-than-bank exchange rates. With no hidden fees or charges Verv Multi-currency Business Accounts offer a quick and cost-effective solution for 21st century businesses,” said Stavros Psyllos, commercial director at Verv.

See also: NEO CEO Says Banks, Regulators Ignore Multicurrency Management Needs of EU Firms

NEO, a neobank headquartered in Barcelona, reportedly cleared around $3 billion as of March, which would save businesses in the EU around $15 million in banking fees.

Laurent Descout, the firm’s CEO and co-founder, said the investment was a favorable number compared to the $1 billion it cleared last September.

“Opening a corporate account has turned into a corporate nightmare,” Descout said. “It’s either extremely long or it’s costly, and more and more corporate treasurers are looking for alternatives to the [usual] brick-and-mortar banks.”

The report notes that one of the big alternatives treasurers and CFOs are looking for is a corporate account with multicurrency management. According to the company, there’s just a few specialized B2B FinTech firms that can provide this.

He said the choice came down to either banks not having the resources, or they have another set of accounts to manage, or they didn’t have the right pricing — or maybe they just didn’t have the appetite for a specific country.