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What is a virtual IBAN account? Empty What is a virtual IBAN account?

Wed Nov 23, 2022 2:26 pm
A virtual IBAN (also referred to locally as a Virtual Account) is an IBAN (International Bank Account Number) reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account.

Virtual IBAN accounts, dedicated sub-accounts that are linked to a master account, can be used to send and collect payments worldwide, allowing businesses to extend their value chain to provide settlement services to their global customers.

From the customer’s point of view, a virtual IBAN works in exactly the same way as a regular IBAN bank account – once they make a payment, their funds will end up in the physical bank account linked to the virtual IBAN.
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