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 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
*

 

Available currencies:

CodeCurrency
AEDEmirati Dirham
AUDAustralian Dollar
CADCanadian Dollar
CHFSwiss Franc
CZKCzech Koruna
DKKDanish Kroner
EUREuro
GBPBritish Pound
HKDHong Kong Dollar
HRKCroatian Kuna
HUFHungarian Forint
ILSIsraeli Shekel
JPYJapanese Yen
MXNMexican Peso
NOKNorwegian Krone
NZDNew Zealand Dollar
PLNPolish Zloty
RONRomanian New Leu
SARSaudi Arabian Riyal
SEKSwedish Krona
SGDSingapore Dollar
TRYTurkish Lira
USDUS Dollar
ZARSouth African Rand
How it works

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.

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Other Solutions
Compliance

Banking Circle’s compliance model provides Payments businesses and Banks and their customers with fully secure and compliant transactions.

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Payments

Banking Circle provides a range of offerings to meet the payments needs of Banks and Payments businesses, and their customers.

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FX

Banking Circle delivers access to a global IBAN account infrastructure, through a platform from which they can trade forex and make international payments.

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Bank accounts

Our accounts deliver full transparency and faster settlement, enabling financial institutions to offer their customers a full transactional service.

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Get in touch

Email us at info@bankingcircle.com and our team will be in touch shortly.

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