“Virtual IBAN for businesses”
A corporate virtual IBAN is a phantom bank account with an International Bank Account Number, which is used by companies with complex payment flows to simplify reconciliation efforts.
The advantages of virtual IBANS
Virtual IBANs are a convenient alternative for exporters, international merchants and other businesses that receive significant volumes of payments, or payments in different currencies. With numerous virtual IBANs associated with a master account, these companies can allocate a different IBAN to payments from each market, in each currency or for each client, if they so wish, to simplify their reconciliation process.
This solution allows them to centralise their payments and avoid the complexity of payment reconciliation within a structure of multi-jurisdictional bank accounts. Furthermore, this helps companies to improve control over their cash flows and liquidity and minimise the costs related to maintaining different accounts and transferring funds between them.
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