Moneybase promises 48-hour turnaround for opening business accounts

Following the launch of their platform Moneybase – which offers a complete solution to individual customers for managing all their payment and investment needs, the financial institution, a subsidiary of Calamatta Cuschieri, has now introduced business accounts to their offering, promising companies a swift 48-hour response to those submitting an online application for a new business account.

For many years, it has taken legacy banks in Malta several months to open business accounts that allow them to make payments. Individuals in business have long complained that these delays have hindered business in Malta, with the issue hitting the headlines several times.

Alan Cuschieri, CEO at Moneybase, said that “with the launch of Moneybase business, our promise is fast turnaround times, low fees and great customer support. We have been approached by several local businesses, and together we designed an easy, convenient, and low-cost platform that allows businesses to channel their efforts towards their strategic growth”.

Moneybase Business was born in response to the needs expressed by customers and feedback received from the Maltese community at large, says Mr Cuschieri. “Trust is fundamental, businesses want a friendly digital solution that is backed by a local established and reputable business, which is licenced and regulated in Malta, whom they can call, and who can engage with them efficiently if they need. This is who we are, we have received a very positive response and see a lot of energy and potential for us within the Maltese market,” the CEO insists.

Customer experience and cost-efficient pricing, remained core priorities when building the Moneybase Business platform, Mr Cuschieri continues, which allows businesses to manage all their payments and investments digitally whilst being backed by seven-days-a-week customer support, pricing starts at just €9.99 per month and there are no onboarding or setup fees.

The offering, which was launched at FinanceMalta’s 16th Annual Conference, builds on the firm’s achievements with their investment and capital market clients: “Moneybase was initially established for Calamatta Cuschieri’s existing customer base, and, today, we have more than 40,000 clients on the platform. Our customers have become accustomed to accessing their finances, digitally be it to make a card payment or make an investment, this facility is now being extended to Malta’s business community.”

Indeed, corporate clients have also been keen, and quick, to benefit. “We have already onboarded hundreds of customers”, he attests, elaborating that many across sectors have recognised the benefits of Moneybase business product.

Businesses are also attracted to the investment products on the platform which allow them to manage their liquidity easily and to earn interest on cash balances held. Products such as Treasury Bills and Money Market funds allow them to earn interest via “safe and flexible investments”.

“We just launched a new feature that allows all our customers, to buy and sell money market funds in five currencies without incurring any initial or exit fees. In the current high interest rate environment these are currently providing attractive gross APY rates of circa five per cent in US Dollar and circa 3.8 per cent in Euro. We are seeing a healthy take-up and I am thrilled to be able to provide our customers with such an attractive offering since this is directly in line with our mission to continuously innovate and to leave a positive impact on peoples financial lives. Furthermore, as always, all investments held on the Moneybase platform do not incur any custody or any annual fees.”

The Moneybase Business platform provides a wide variety of additional features including a Maltese IBAN, instant foreign currency conversions and the ability to configure four or six eye approval flows. When it comes to liquidity management, apart from money market funds and a variety of European and US Treasury bills for short term liquidity management, company liquidity can also be managed by investing in and Bonds and local IPOs through the platform.

“We’ve invested in technology and in people, our teams are fully engaged, and this allows us to be efficient and adapt swiftly to evolving requirements and needs. In the future, Moneybase Business will be integrated with payroll and accounting systems, so that companies can process bulk payments including salaries through Moneybase.”

Moneybase is also “community driven,” and is keen to seek feedback from clients as more of the product’s capabilities start to be rolled out. “We would like to invite business users to form part of this journey; wel plan to conduct business workshops to ensure we keep abreast of any further improvements we can implement.”

To apply, or for more information, visit Moneybase Business