Israel-based Nilos has partnered with embedded payments platform Modulr to launch virtual EU IBANs for companies dealing with crypto in Europe. These virtual EU IBANs will allow businesses to have dedicated crypto-friendly payment accounts, which means that they will be able to create EUR and GBP virtual accounts, make payments across Europe and the UK, and use SEPA and Faster Payment rails.

The partnership and product launch comes in the context of the crypto market’s struggles to find viable payment alternatives. According to prnewswire.com, even when businesses do find banking solutions, they are faced with lengthy onboarding procedures and challenging compliance. Nilos’ solution provides customers with a modulable payment infrastructure that allows them to move from crypto to fiat seamlessly using their own business account.

In essence, businesses can now move funds from crypto to fiat in just a few seconds while using their name as the originator of the payment. This solution deals with the pain points associated with slow, compliance-heavy processes according to Nilos officials cited by prnewswire.com. More information about Nilos In April 2022,  Nilos has announced a USD 5.2 million financing round to build a platform that unifies crypto and fiat treasuries for businesses.  The round was led by leading investors from the fintech and crypto space including Viola Ventures, Fabric Ventures and Mensch Capital Partners.

Over 20 angels from the tech and business sector also took part in the round, including Yuval Tal (Founder at Payoneer), Sebastien Borget (Co-founder at The Sandbox), Emmanuel Schalit (Founder at Dashlane), Benjamin Seror (CPO at SimilarWeb), Didier Valet (Ex-Deputy CEO at Société Générale), Guillaume Houzé (Galeries Lafayette), Phillipe Suchet, Valentine Baudoin, and Gmoney. Nilos allows businesses to connect crypto wallets, corporate bank accounts and/or payment service providers and centralise all their treasury operations, such as tracking incomes, reconcile money flows and payments across crypto and fiat seamlessly. Nilos’s platform helps businesses to connect all their accounts through one single interface and track all their crypto and fiat transactions in one unified ledger.

Through the platform, users can reconcile their crypto and fiat payments, schedule, route, and trigger fiat payouts, while also extracting reports for business or accounting purposes. Nilos also specialises in monitoring incoming crypto transactions to spot suspicious sources of funds for AML requirements and by providing custody services to store crypto accounts on behalf of third parties. .