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What are the benefits of virtual IBANs? Empty What are the benefits of virtual IBANs?

Wed Nov 23, 2022 2:27 pm
Accepting and sending international B2B payments can often result in companies incurring a large number of transactional fees. Virtual IBANs offer companies the same facilities as a traditional settlement account, facilitating the reconciliation process, and allowing businesses to transact with ease on a global scale, however, they reduce the complexity and costs involved in opening and managing a physical account.

Virtual IBAN accounts provide a wide variety of benefits for banks and payments businesses and their customers. The use of these accounts allows financial institutions to hold a regulated master IBAN account with dedicated virtual IBANs allocated to each of their customers, aiding settlement and reconciliation.

A virtual IBAN provides payments businesses with a multi-currency, multi-jurisdictional banking solution without the need for several different banking relationships, while giving them the look and feel of having a local banking presence.

They are a representation of normal accounts, where clients can instruct payments to any other accounts.  
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