The new XYB will be available initially to customers in Europe and the UK, with the aim to expand the platform into the North American and Asia Pacific markets and industries in the near future.
XYB is a `coreless` banking platform that focuses on allowing banks and non-banking financial institutions to make new financial services and solutions accessible to their clients faster and in a more efficient way. By using the platform, businesses and companies will be able to pick the tools they need in order to build customised solutions.
Monese utilised its expertise in retail banking and the services of its investors, including PayPal Ventures, Augmentum, Kinneyik, and HSBC, for developing the new XYB. Moreover, by leveraging its software products, as well as its Banking-as-a-Service (BaaS) technology platform, Monese made the service more safe, seamless, and efficient for clients.
XYB was designed to take a transformative approach by establishing an extensive and secure ecosystem of partners, such as non-banks, banks, financial institutions, technology providers, as well as tools and solutions providers.
The network will give XYB the capability to provide a dynamic and interconnected platform to its customers. This will offer them managed solutions for critical and important functions, such as the onboarding process, compliance, client support, as well as risk management. In addition, XYB will provide users with a license-as-a-service option, which was created to accelerate the overall time-to-value system.
By building a secure ecosystem of partners, XYB aims to offer financial institutions and banks access to multiple opportunities and offerings. Furthermore, they will be enabled to deliver tailored financial products which were created to meet the needs, preferences, and demands of their users and customers. Monese’s products and services
Monese represents a Pan-European fintech company that offers its clients from multiple geographic areas numerous services and tools, such as money transfer solutions as an alternative to the products provided by traditional banks, current accounts, and joint accounts.
For individuals to open a Monese instant account, customers need to download the application and follow the sign-in process. This will allow them to access all the features offered by the company within the mobile application, with no need for proof of address, no minimum amount of money needed for the opening of the account, as well as no credit checks made by the company.
Clients will be able to get multi-currency account details in GBP, EUR, and RON, as instant transfers of money between Monese accounts will be free of cost. Furthermore, the clients have the possibility to order their contactless physical debit card that can be used online, in-store, or at the ATMs with no fees.
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