Virtual Accounts for Banks
Virtual accounts (also known as virtual IBANs) allow Banks to issue multi-currency IBAN accounts to their customers in multiple jurisdictions, without the need for a physical presence in the regions.
Features & Benefits
- Unlimited provision of virtual accounts in multiple formats
- Simple and flexible integration options – choose to connect via API, Client Portal or SWIFT
PAYMENTS ON BEHALF OF (POBO) & COLLECTIONS ON BEHALF OF (COBO)
Our POBO & COBO solution allows you to offer your customers named accounts with full payment transparency on the sender’s details and the ability to collect funds into virtual accounts.
Features & Benefits
- Full transparency for virtual payouts and payments received
- Connect via API, Client Portal or SWIFT
- Manage payments on behalf of your customers
- Enable receipt of funds and payouts in the customer’s own name
- Improved settlement times, reconciliation, transaction processing and liquidity management
Reconciliation solutions for Financial Markets
Banks can improve their financial markets cash operations by allocating a unique account number for each of their customers to pay into.
Features & Benefits
- Account numbers are standardised and more reliable than reference numbers
- Payments are automatically swept into the master account
- Immediate notification when a payment is received
- Makes financial markets operations easier through improved reconciliation
- Reduces time and costs incurred
- Reduces credit risk that can be incurred during typical reconciliation process
Settlement accounts
Through Banking Circle, Banks can access multi-currency physical settlement accounts with safeguarding capability to support regulated activity. Settlement accounts can be linked to underlying virtual accounts for streamlined reconciliation.
Features & Benefits
- Easily manage funds
- Clear and effective reconciliation through virtual accounts
Operational accounts
Banking Circle’s multi-currency operational account is available to regulated entities, to meet their operational and treasury business needs. This physical account is held in your name, and can be linked to underlying virtual accounts to allow department, entity or operational reconciliation, without the need for multiple bank accounts.
Features & Benefits
- Collect, pay and manage funds in 24 currencies including up to 11 local payouts
- Represent departments, entities, and expenses as virtual accounts
- Choose to connect via API or Client Portal
- Removes the need for multiple physical accounts for other company entities and departments
- Enhances global treasury management with easy reconciliation
- Eliminates the need for multiple account management, resource costs and associated fees