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In an interview with PYMNTS, Lilia Metodieva, managing director at Monneo , said virtual international bank account numbers (IBANs) can help firms gain scale internationally, and customize payments to serve the needs of their end customers. That is where digital banking and the virtual IBANs come in,” she said.
Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in UK headquartered payments business Sokin , marking an exciting new chapter for the fast-expanding fintech firm. Sokin was founded in 2019 with a simple vision to remove the borders, barriers, and burdens associated with internationalpayments.
The company is a virtual International Bank Account Number (IBAN) provider, working in tandem with a network of Europe-based banks to provide eCommerce merchants with virtual IBANs. The establishment of virtual IBANs, she said, “allows our clients to make digital transfers.” and FX Payments in 134 currencies.
UK headquartered payments firm Sokin today announces that it has acquired Norwegian fintech Settle Group AS (Settle) for an undisclosed amount. Settle is an app-based payment platform, launched in 2010, that operates across all EU countries. Sokin is currently operating at a transactional volume run-rate of over $4.5
IFX Payments’ performance comes against a backdrop of a large growth in internationalpayments and a surge in demand for solutions to manage them, such as its flagship ibanq platform. Its growth strategy includes plans to expand into new international markets.
George Davis , co-founder and CEO of Fuse, discussed the importance of this: “Our mission is to make MENA simple and accessible for global businesses, and this fuelled our decision to work with the DFSA as its understanding of both local and internationalpayments is essential in realising our ambition.
Indian neobank Jupiter is reportedly in talks to acquire a stake in SBM Bank India, according to TechCrunch. Trinidad and Tobago inked an agreement with NPCI InternationalPayments to build a real-time payments system based on India’s UPI. and EU IBAN payout services to the central European nation.
They also enter a recipient’s International Bank Account Number (IBAN). The app then calculates an exchange rate and runs the final cost by the user before sending the payment to the recipient’s bank account. Customers can select a digital currency along with the amount of fiat currency they would like to use.
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