Neo has cleared $3 billion through its multi-currency accounts, saving clients an estimated $15 million in banking fees, as appetite grows for an alternative to the traditional corporate banking model. The provider launched its multi-currency account offering for corporate treasurers in June 2020 and has seen volumes more than double in the last six months.
Neo now works with more than 230 corporates across 28 countries and more than 5,000 banks are connected to its Bank Identification Code (BIC) on the SWIFT network.
For businesses operating internationally, managing cross border payments often requires navigating multiple bank accounts and relationships. Opening an international account can be a long process and the transactions can take days to complete. Many banks don’t just charge the exchange rate and the FX margin, they also inflate the overall price.
Neo offers a single platform where treasurers can gather all currencies and access their information in one location. Businesses can set up an international account with their own multi-currency International Bank Account Number (IBAN), enabling them to manage cash flows and view trading data, all in one place. Virtual wallets then allow them to organise funds and make and receive payments in more than 30 currencies.
Laurent Descout, CEO and Co-Founder of Neo, comments: “Reaching this milestone so soon after hitting $1 billion transactions in September 2021 demonstrates real momentum in the market for an alternative model. The reality is businesses have had to contend with high costs and a lack of speed and transparency for too long. We are offering a new approach – one that puts control back into the hands of the corporate treasury and is proving to deliver multi-million-dollar savings.”