Banking onboarding in the European Union – It’s not a walk in a park

First established in 2000, this medical device company created a new technology that allowed researchers to quantify the subtle changes in patient heart health in granular detail and in a reliable manner.


With 80,000+ patient data points from over 70 medical centers in the United States and EU, this medical company has been rigorously validated in over 500+ publications and has grown significantly throughout the globe.



The idea:


The company saw an opportunity to expand their business into the European Union in 2019. The incorporation of the business went smoothly but it was quickly realized that opening a bank account with a local bank in The Netherlands had its challenges. With potential clients in the horizon and a purchase order away, how did they get a European bank account to get paid?

How Cornerstone Helped:

Cornerstone came on as a partner to this medical device company from the start of its expansion into the EU. We helped the business with contracts and established their presence in the EU. Acquiring a bank account requires experience in the banking sector as it calls for Preparation of Source of Wealth Documentation, client identification, business case for the bank, risk analysis and filling up of documentation.

As Cornerstone was taken on board as their clients point person in the EU, we did all the groundwork to find a bank that was suitable to the needs of this company. The company received a bank account and was able to trade in the EU.

Where are they now?

They are now able to collect and make payments in the EU in EURO and USD. They are also able to trade freely with a European IBAN which isneeded for contracts in the EU, and especially with Hospitals. Additionally, having a European IBAN prevents the company from having to deal withhigh foreign exchange costs. The business is fully prepared to grow in the EU and have interests in Spain, The Netherlands and the UK for their solutions.