Through Banking Circle, Payment Service Providers (PSPs) can offer virtual IBANs to marketplace sellers who can thereby collect their proceeds in local currencies and take control of the foreign exchange conversions. Virtual IBANs are provided in bulk to PSPs, to enable quick allocation to sellers.
Virtual IBAN accounts through Banking Circle:
- Easy and quick account setup across currencies
- Available in GBP and EUR, with USD coming soon
- Can be accessed and utilised through the Banking Circle web platform or via the Banking Circle API
- FX capability to enable conversions and payments to sellers
- Reporting capability allows full visibility and reconciliation
- Local EUR SEPA and GBP BACS/Faster Payments collection capability