Providing multi-currency, multi-jurisdictional accounts for customers of Financial Institutions

Banking Circle Virtual IBAN gives financial institutions a crucial competitive edge to enhance their service proposition, by providing them with access to international business bank accounts.

Through Banking Circle, FinTechs, banks and other financial institutions can issue multiple currency virtual IBAN accounts to their client base in their customers’ own names and in multiple jurisdictions. This increases the ease, speed, and clarity of payments, and facilitates internal reconciliation.

Virtual IBANs can be created quickly and in bulk to allow easy allocation to underlying customers, or to internal departments. The same IBAN number can have up to 24 currencies linked, allowing local settlement and payment capability, such as FPS and SEPA.

Full reconciliation reporting is available on the Banking Circle web platform, the Banking Circle API, and via SWIFT which also enables FX and payment capability. Any forex requirements can also be facilitated within the Virtual IBAN set up through our portfolio of FX solutions (more on Banking Circle’s FX solutions here).

Key benefits of Virtual IBAN accounts include:

  • Fast account set-up
  • Available in 24 currencies
  • Improved payments acceptance, settlement times and reconciliation because payments are made in the name of your underlying client
  • Reduced AML and KYC risk as a result of end-to-end transparency and clear segregation of funds
  • Local clearing capability plus cross border payments through the SWIFT network
  • Same-day settlement for SEPA payments
  • Ability to leverage the Banking Circle network to make and receive payments instantly
  • Payments and FX API connectivity
  • Access to an award-winning FX platform via desktop, tablet and mobile

Virtual IBAN is available as a Collection or a full Transaction Solution:

 Collection SolutionTransaction Solution
Single payments in
Single payments out
Bulk payments out
Bulk generation of Virtual IBANs
Accounts are in the name of each unique customer of the Master account holder
Enables FX and Payments businesses to
offer their customers a full transactional service
How it works

Banking Circle’s Virtual IBAN solution helps Financial Tech businesses to deliver multi-currency accounts to their customers, increasing the ease, speed, and clarity of payments.

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Get in touch

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