London, 02 August 2021, Monneo, virtual IBAN and eCommerce bank account provider, today announces the launch of its merchant settlement distribution service to enable acquirers to receive and distribute settlements to their merchants through the Monneo platform. The new service will help make transacting across currencies and borders easier and quicker, proving vital for acquirers operating in various verticals.
The service works by utilising the acquirer’s or Payment Service Provider’s (PSP) account at Monneo, in which they can receive payments from card schemes or other bank accounts they operate; the online merchants they process card transactions for are set up with IBANs on the Monneo platform. When the acquirer receives settlement funds, they can then distribute these settlements to the merchant’s IBAN accounts, in all major currencies. Once received, the merchants can transact via SEPA, SWIFT, Faster Payments, CHAPS, FX payments for their day-to-day operations. The merchant settlement distribution service can be accessed either through API and/or through Monneo’s banking platform allowing acquirers to provide distribution details and obtain historical data for reconciliation.
The launch of the service aims to help ease some of the challenges that acquirers face with their traditional banking partners, who are often limited in terms of their settlement currency options. Depending on the merchant’s vertical, some businesses also fall into specific categories that traditional banks are reluctant to send funds to. By leveraging Monneo’s banking network and platform, acquirers and PSPs have greater flexibility when it comes to which merchants they can support, and how they’re able to distribute settlement funds to them.
Commenting on the launch, Lilia Metodieva, Managing Director at Monneo, explains how the service is yet another example of fintech innovation is helping to solve problems brought about by traditional banks.
“This service was born out of requests from several acquirers and PSPs who are facing ongoing challenges from their traditional banks. Additionally, they also seek a more efficient and responsive solution to handle reconciliations with their merchants. The merchant settlement distribution service will allow acquirers and PSPs greater control and flexibility over how they distribute funds to merchants, removing obstacles and offering greater choice over key elements such as the various eCommerce verticals and settlement currencies.”
Metodieva elaborates that: “This new service demonstrates Monneo’s in-depth understanding of the modern eCommerce payments ecosystem and the challenges it creates for online merchants. In the wake of COVID-19, increased digital adoption has meant that more businesses than ever are looking to scale across borders, and they need partners who can support with this international ambition. Traditional banks are struggling to keep up with the pace of change, and Monneo is helping to deliver solutions that add value, making a difference to both Monneo’s acquiring partners and the mutual merchants we serve.”
Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.