Challenger Neo gets authorised by Spanish central bank
Neo has been authorised to offer a multicurrency account for corporates by the Bank of Spain.
Neo will allow the account holder to receive, store and pay in around 30 currencies. The Neo account will include an IBAN in the client’s name, and will be fully programmable in order to offer extended automation capabilities to clients.
The payment services will be exclusively available on getneo.com, and will run alongside the FX hedging services already offered by Neo Capital Markets (the investment services entity of the group).
This includes virtual multicurrency accounts for international payments and collections, FX hedging solutions and treasury investment. The platform will allow clients to reduce costs, digitise their treasury department, automate tasks and reduce errors which can occur through manual input.
Neo will also include features inspired from Treasury Management Systems (TMS) which are normally reserved for large multinationals due to the high cost.
It will rely on a proprietary core banking system developed by Neo, which aims to ensure that clients remain in control of their data all along the chain. It is also a guarantee that Neo will be able to control its growth with no external dependencies.
Neo CBS is developed in the UK by Neo Fintech Lab.
Laurent Descout, CEO, comments: “Our vision back in 2017 was to create a platform that can replace the old-fashioned banking platform. A true “One-stop shop” that offers all the financial products a corporate client needs to operate in a global environment. Operating with Neo does not require any complex installation.”
“It is 100% on demand with the client being in complete control. The platform ensures clients can reduce costs and increase efficiency by reducing manual tasks and improving processes. Our 100% API approach also offers clients great automation possibilities.”
The Neo multi-currency account will be available start 2020 in Spain, France, UK and Poland.