Our business accounts can now be partitioned into any
number of sub-accounts that you can label with your
clients’ names, identified individually by virtual IBANs, and
which roll up to your business account’s main IBAN.
Virtual IBANs remove the need for payment reference
numbers and enable you and your customers to send and
receive payments using universally recognisable account
details.
How it works
BENEFITS
- Allocate client money accurately, reducing payment rejection rates from error-prone payment references
- Remove manual reconciliation requirements
- Improve straight through processing rates and overall customer experience
- Decrease your customer time to value
- Improve Open Banking settlement to collect open banking payments and instantly issue payouts
RISK MANAGEMENT
- Enhanced security through account privacy and reduction of manual processing
- Reduce AML risk through clear segregation and improved transparency of resource funds
Extra Details
- The solution: 100% API integration based
- Capabilities: Create, assign, edit, close vIBANs
- vIBAN opening time: <10 seconds
- Number of vIBANs: Unlimited
- Currencies: GBP at first, the rest to follow
- TX Pricing: Volume based discounts
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