As a credit institution authorised by the European Central Bank and regulated by the French Prudential Supervision Authority (ACPR), Memo Bank is authorised to open client accounts in accordance with French and European regulations (all our client accounts come with French IBANs):
1. Ring-fenced account
2. Settlement account
3. Specially dedicated account
4. Trust account
5. Meal voucher account
6. Dedicated collection account
Payment institutions (PI) and/or electronic money institutions (EMI) are required to segregate and safeguard their clients’ deposits with a credit institution (Articles L522-17 and
L526-32 of the French monetary and financial code). Our ring-fenced accounts meet these requirements and allow the separation of the business's own funds from those of their clients.
Payment institutions and/or electronic money institutions may need to hold a settlement account to manage their clients' transactions (SEPA credit transfers or SEPA direct debits). Transactions are processed between the ring-fenced account and the settlement account. At Memo Bank, we couple the opening of a ring-fenced account with a settlement account. Both accounts are accessible from Memo Bank platform.
Opening a specially dedicated account may be necessary if your business is collaborating with asset management firms and specialised financing vehicles or securitisation vehicles. Memo Bank's specially dedicated account allows to ring-fence and safeguard the funds resulting from this collaboration.
Our trust account allows the trustee to separate and manage assets in the interest of the beneficiaries in accordance with the terms and conditions specified in the trust agreement. Financial activities occurring on the trust account are visible and updated in real-time, allowing for account consultation, financial reporting, and the management of transactions related to trust assets.
Our meal voucher account complies with French law (Articles R3262-33 and R3262-37 of the French Labour Code). It allows companies to separate activities related to these vouchers from their other activities. Data on this account is updated in real-time and is accessible by accountants to generate financial reports such as those required by the CNTR.
This account is intended for: companies involved in amicable debt collection activities (R124-2 of the Code of Civil Enforcement Procedures), credit managers or debt buyers (L54-11-6 of the Monetary and Financial Code). This account ensures the smooth execution of collection activities, in full transparency with stakeholders and in compliance with the current French regulations.
If you operate in industries (such as real estate, property management, etc.) which require you to segregate some of your funds into client accounts, in compliance with French and European regulations, you can book an appointment with one of our relationship managers to discuss your needs in more details.
The pricing on all our client accounts is fixed and billed monthly, with no transaction commission. Balances on these accounts earn a variable interest rate of 25% of the Euro Short Term Rate (€STR), the daily reference rate calculated by the ECB. Interest is paid out monthly.
The type of access, role and permission on client accounts are granted by Memo Bank to the relevant individuals or legal entities as defined in the contract. Whenever required, Memo Bank will be facilitating full transparency by giving the relevant access to: independent third parties, asset management companies, and other actors involved in contractual agreements.
Opening client accounts requires having a business current account with Memo Bank. After you've discussed your needs with your relationship manager, signing the terms and conditions and opening the client account can be done online.
You can manage client monies accounts in real-time and in full autonomy from your Memo Bank banking platform. However, closing a client account is managed by your relationship manager.
You can manage clients monies accounts through our banking API. You are notified in real time (webhooks) upon the creation of the account, as well as on incoming and outgoing movements.
You can reconcile incoming and outgoing transactions taking place on client accounts at a granular level and in real time, via virtual IBANs which you can generate in just seconds from your Memo Bank account or via our Premium bank API.
Banking as it should be.
Memo Bank is a limited company (Société Anonyme) with an Executive Board and a Supervisory Board with a capital of €13,084,327.35 and accredited as a credit institution by the European Central Bank and regulated by the French Prudential Supervision and Resolution Authority (4 place de Budapest, 75009 Paris).
Use cases
Do you need to release orders quickly with your suppliers? Fulfill your commitments without tapping into your liquidity too early? At Memo Bank, everything is designed to accelerate your execution speed
Use cases
Do you need to release orders quickly with your suppliers? Fulfill your commitments without tapping into your liquidity too early? At Memo Bank, everything is designed to accelerate your execution speed
