Accept international wire transfers
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Accept international wire transfers
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Big organisations have been improving their way of making cross-border payments by trying to have as little friction as possible for themselves and their customers for a long time.
The use of traditional business accounts almost always requires long integration processes that are laborious during configuration, and it is necessary to determine ongoing resources to ensure that all banking relationships are maintained in the correct manner. However, there is an alternative that offers more control, better efficiency and a much simpler process, these are Virtual IBAN accounts.
The IBAN is a 24-character code that has replaced the traditional Bank Account Code. It consists of two letters that represent the country of origin of the account and another two digits to which are added the 20 numbers of the traditional account. The IBAN allows an identification of bank accounts that is homogeneous in all countries and thus differs from traditional methods of identification. This identification code can be recognized anywhere in the world.
Simply, with the IBAN code, the errors decrease. The data of the beneficiary’s account is always correct and complete.
• Facilitates the automation of processes.
• Correct transmission of the data related to the bank account number.
• Ease in automated processing throughout the entire circuit.
• Reduction of manual interventions.
• Reduces the manual processing of operations.
• Therefore allowing for the reduction of costs.
The IBAN code is different from a virtual IBAN account, let’s see what it is about.
What is a Virtual IBAN Account?
A virtual IBAN is a reference IBAN (International Bank Account Number) that is issued by a bank in order to approve incoming payments can be redirected to a different physical bank account. Virtual IBAN accounts are generally used to send and receive payments around the world, this allows extending the value chain of companies in order to provide settlement services to their customers around the world. Explaining this from the point of view of the client, a virtual IBAN works practically the same as a normal IBAN account: once payment is made, its funds will be deposited in the physical bank account related to the virtual IBAN.
Speaking of B2B payments, accepting and sending them almost always results in companies interfering in a gigantic number of transaction fees. Virtual IBANs provide companies with the same facilities as a traditional liquidation account, however, the costs involved in opening a physical account are significantly reduced.
Many traditional providers will try to send complete shipments to new customers, including a variety of unnecessary services, such as credit cards, global payment services and insurance. For these reasons, the process can be very annoying for many companies, and they now need to invest great effort and time in what should be relatively simple. A virtual IBAN provides access to payment services by removing the cost and complexity of a full account. Administrative costs are significantly reduced when using virtual IBAN accounts, allowing companies to do business around the world in a very easy and less expensive way.
Virtual IBAN accounts provide a wide variety of benefits for companies and their customers. Using these types of accounts allows the FX groups to control an IBAN mother account where a virtual IBAN account can be created and assigned to each of its clients, thus helping the settlement and reconciliation process. A virtual IBAN provides a multi-currency banking solution excluding different banking relationships and has a unique one.