Providing multi-currency, multi-jurisdictional accounts for customers of Financial Institutions
Banking Circle Virtual IBAN (VIBAN) 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, Payments businesses, 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 Faster Payments Service and SEPA.
Full reconciliation reporting is available on the Banking Circle web platform, the Banking Circle API (which also enables FX and payment capability), and via SWIFT. 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
- One IBAN across 24 currencies, enabling easy account detail management
- 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 Solution||Transaction 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
|HKD||Hong Kong Dollar|
|NZD||New Zealand Dollar|
|RON||Romanian New Leu|
|SAR||Saudi Arabian Riyal|
|ZAR||South African Rand|
Banking Circle’s Virtual IBAN solution helps Payments businesses to deliver multi-currency accounts to their customers, increasing the ease, speed, and clarity of payments.
“Now we can manage all the cross border payments for our merchant clients from one unique solution”Vidar Thorkelsson, Chief Executive Officer, Valitor
“By partnering with Banking Circle, Tuxedo Money Solutions can provide a truly global cross border payments solution focused on delivering low cost transfers to our multinational client base”John Sharman, CEO, Tuxedo Money Solutions
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