Navro , a fintech company previously known as Paytrix , has introduced local accounts in major European and several international currencies. These accounts, equipped with individual IBANs, facilitate payment collections across Europe and other regions using local payment systems.

With these local accounts, businesses can open accounts in countries such as the UK, Germany, France, Italy, Spain, Poland, Australia, and New Zealand. These accounts are denominated in the local currencies and do not require an in-market office or business registration. Navro’s local accounts aim to address issues with traditional IBANs, which, despite being standardized for cross-border transactions, often face functional limitations and rejection due to varying national regulations and compliance requirements.

Global payments and currency options The company’s payment curation solution provides access to regional payment services through a single platform, API, and contract, simplifying the process for businesses to receive payments in local currencies via local payment systems. Additionally, Navro now offers business accounts in major international currencies such as US dollars, Chinese Yuan, Japanese Yen, and UAE Dirham. This service targets firms operating outside these markets but engaging in transactions involving these currencies.

The new capabilities complement its existing payout services, which enable payments in 130 countries and 200 locations worldwide. Headquartered in London, Navro aims to simplify international growth for online businesses by offering a comprehensive payments curation platform. This platform provides access to global payment and banking infrastructure through a single contract and API.

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