In yet another indication of the mainstreaming of cryptocurrency, this posting at Finextra has the UK-based fintech Monneo, which specializes in virtual IBANs and other payments facilitation, working with Coinbase, the NASDAQ listed crypto exchange, to provide B2B invoice settlement in various cryptocurrencies. Generally speaking the rise of decentralized cryptos has been a consumer-related phenomenon, with banks and corporations leaning towards stablecoins tied to fiat currency as a means of DLT value exchange. This new service suggests a rising corporate demand for the use of decentralized cryptos in general settlement of trade in goods and services.
‘The new service will be available for B2B invoice settlement and is supported by two of Monneo’s partner banks… Coinbase, a secure online exchange platform for buying, selling, transferring, and storing digital currencies is a leader in the cryptocurrency industry… Lili Metodieva, Managing Director of Monneo, comments: “We are excited to offer corporates an additional method of payment. Monneo will closely monitor the launch and implementation of this new service so that it is secure and reliable for both payers and payees.”… Increasingly companies in the IT and software sectors issue invoices with the option to settle via cryptocurrency, as well as traditional currency. Through its relationship with Coinbase, Monneo is responding to customer demand and remains at the forefront promoting flexibility in how payments are executed.’
There is no indication as to the level of demand but clearly something is afoot. We pointed out these types of trends in various postings and member research during the past couple of years and it seems momentum is growing. We are also not familiar with Monneo but the company already has cross-border services in a number of fiat currencies.
‘In its platform, Monneo offers payments in 130+ fiat currencies to which leading cryptocurrencies are now added. Essentially payments in a cryptocurrency are no different from FX payments via fiat currencies. The mechanisms are the same.”… Lili added: “Whatever one’s perspective on cryptocurrency, it is here to stay. Many people see both the value of it and enjoy using it. We believe that by working with Coinbase, Monneo is offering its customers the highest standards in the cryptocurrency market… Online merchants and B2B companies can set up multiple IBANs in their company’s name across multiple banks from Monneo’s network.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group