A virtual IBAN is a ghost International Bank Account Number reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account. Virtual IBAN accounts can be used to send and receive payments worldwide, allowing businesses to extend their value chain to provide settlement services to its global customers. From the customer’s point of view, a virtual IBAN works in exactly the same way as a regular IBAN account – once they make a payment, their funds will end up in the physical bank account linked to the virtual IBAN.

Organisations have been looking for simple and effective ways to make cross border payments as frictionless as possible for themselves, and their clients, for years.

Traditional business account solutions often involve long, laborious on boarding processes during set up, with ongoing resources needing to be allocated to ensure all banking relationships are maintained appropriately. Virtual IBAN accounts, however, offer an alternative that provides more control, increased efficiency, and a much simpler implementation process.

Accepting and sending international B2B payments can often result in companies incurring a large number of transactional fees. Virtual IBANs offer companies the same facilities as a traditional settlement account, however, they reduce costs involved in opening and managing a physical account.

Upon opening an account with ibanex we will issue you with a European and United States virtual IBAN in your company name allowing your payers to make local bank transfers to you with faster settlement times than a typical international bank transfer.