what it is
Have a payment portal on the web where you can pay for any bill of any country, with any payment method.
problem
- to operate a company in a country in the EU, you shouldn’t need a local bank account.
- however, in practice you do.
- certain operations only work as such. while iban, direct debits (via IBAN) and card payments exist, there are many exceptions where you need a particular payment method that is de facto mandatory.
- this barrs businesses from consolidating their banking operations.
Example
- Portugal
- payments to the state (VAT, Profit and other taxes, fines)
- when paying monthly salaries, social security and income tax payments.
- payment for some services is exclusive to RefMB or .
- financial operations that require a “local IBAN” (real vida)
- payment methods that are “standard”
- “Pagamento ao Estado”. Used for IRS retentions, profit, fines.
- “Referencia Multibanco”. Used for many state and private actions.
- TBD
solution
A terminal on the web where you can make any payment for any country.
Benefit: avoiding having to setup accounts, consolidate and manage cash between those countries accounts, with complex permissions, delays, and a lack of security.
Business
Potential clients
- companies operating with multi-country accounts.
- remote.com: they operate many clients in different geographies, and probably need to open accounts as such.
Evolution: automate payments, etc.