Collections for Sellers via Virtual Accounts
Our virtual account solution (also known as virtual IBAN) allows you to provide your sellers with IBAN accounts in their own name, to collect payments locally and cross-border from your Marketplace.
Features & Benefits
- Provide your sellers with instant access to virtual accounts
- Sellers can collect payments locally and cross-border in their own name
- Each seller has their own unique details which they can provide to buyers
- Unlimited number of accounts can be created
- Available in EUR (DE IBAN), GBP, USD, DKK & PLN
- Provides look and feel of having a banking presence
- Clear segregation of funds and full transparency
Multi-currency settlement accounts
Through Banking Circle, Marketplaces 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
- Available in 25 currencies
- Four IBAN formats supported
- DE (Germany) and LU (Luxembourg) – EUR
- DK (Denmark) – DKK
- GB (United Kingdom) – GBP
- Easily manage funds
- Virtual account capability for easy reconciliation