Neo , a cross-border payments fintech company, has announced it cleared more than EUR 10 billion through its corporate multi-currency accounts since its launch in 2020. The company, which provides a one-stop-shop account for corporate treasurers, has experienced an increase in cleared volume over the past year, with EUR 5 billion cleared in 2023 alone.

This growth is reflected the rising demand among businesses for alternatives to traditional banking solutions. Challenges in Traditional Banking Many businesses rely on traditional banking for their FX and payment needs but the banking crisis highlighted the risks of relying on one or two banking partners. Treasurers saw the short-term liquidity issues that those who had deposited funds solely with the likes of Silicon Valley Bank suffered.

As a result, three-quarters of treasurers are considering diversifying their banking pool, as per the announcement information. The press release points out that this diversification drive and the historic problems of working with traditional banks have resulted in growing demand among treasurers for a fast, cost-effective, and transparent one-stop shop for all their needs, helping Neo secure new clients and increase volumes from existing customers. When working with traditional corporate banks, opening an international bank account could be a difficult and long process.

In many cases, it seems to be difficult to get an account, while firms that do get one may have to pass various operational hurdles and inefficiencies. They also are not able to get support from responsive cross-border payment specialists when problems do arise. As SMEs continue to expand and do business in different countries, many end up making use of separate accounts for each country or currency, which adds a more complex layer.

If a business needs to onboard a supplier in a different market, it can take weeks to get the infrastructure in place, which can have an impact on their time and money. Neo's Solutions According to the press release, Neo helps overcome these issues by having evolved from a platform offering FX hedging to become a one-stop shop for businesses across the globe. Businesses can set up an international account with their own multi-currency International Bank Account Number (IBAN), enabling them to manage cash flows with their supply chains, hedge their FX exposures, and access all transaction data, all in a single place. Virtual wallets enable them to organise funds and make and receive payments in more than 25 currencies, together with transparent and competitive pricing, along with support from Neo’s international payment specialist team.

About Neo Neo is a European fintech that offers MiFID II-compliant investment services and PSD2-compliant payment services from a single platform. It offers a way to manage international treasury departments through its all-in-one platform that provides FX corporate risk management, international, multi-currency bank accounts, cash-flow management, payments data analytics, and more. Neo now works with more than 400 corporates across 28 countries, delivers payments in more than 100 countries and more than 8,000 banks are reachable through its Bank Identification Code (BIC) on the Swift network.

Neo supports businesses in a wide range of industries such as export-import, software, asset management, payment services and alternative lending. .