Community Fintech 11Onze launches enterprise banking services for SMEs in Spain and UK
The easy-to-use account offers a slew of premium enterprise services such as a multi-currency account, with access to transactions across 140 countries and 28 currencies. It also offers access to Forex directly from the business account and allows you to take advantage of any currency fluctuations. By developing purpose-built and tech-driven platforms, it has enabled accelerated onboarding processes, streamlined anti-money laundering processes, and an overall profitable banking experience.
This is a great boost for the fintech sector, offering enterprise services to SMEs and sole traders that big banks generally deny them.
Speaking about the launch of the business services account, James Sène, chairman 11Onze said, “Small and medium-sized enterprises are the lifeblood of our communities and global economies, yet they are often restricted from access to the tier one banking services enjoyed by larger, more established organisations. We are levelling up the ground offering services that are needed for growth.”
“11Onze’s enterprise account offers total control and transparency and huge savings – a heady mix for an SME. Here, your dashboard becomes your profit centre,” he added.
A do-it-yourself account, the 11Onze enterprise account offers SMEs premium services including speedy money transfers, and as the transfer is live, there are no hidden costs. It’s secure and transparent.
“For European transfers UKIBAN – within Single Euro Payments Area (SEPA) you pay no commission on our business account. So, 20 transfers per month are free; more than what a sole trader or SME needs in a day,” Sène explained.
Generally, you have to open several accounts to use different currencies. However, 11Onze offers a multi-currency business account. So, the same account can be used for 28 currencies! “You can have your normal account with different currencies. Customers also get a dedicated SWIFT and IBAN for their accounts. Further, they have access to Forex directly from their bank account. They don’t have to call a bank and jump through multiple loops. They get a quote straight away and get charged a small commission saving them over 2-8 % compared to other big banks. Further, the fee that commercial banks charge for cross-border transfers is a percentage of the volume a business transfers. With 11Onze, it’s a fee, so it’s only 9 euros. This is a huge benefit, esp, for SMEs who do business across Europe.”
Lastly, the dashboard of the enterprise account is a real profit centre. “Within your account, you can move and buy currency. Something you don’t get to do with other banks. Currency is volatile and with an 11Onze business account, you can really make the most of it. You can decide in what currency you want to make with your money sitting in your account. Which is huge in terms of treasury management. It helps with your money. Nothing like that exists in the sector,” concludes Sène.