Benefits

Our payment accounts can now be partitioned into any number of sub-accounts that you can label with your clients’ names, identified individually by virtual IBANs, and which roll up to your account’s main IBAN

Allocate client money accurately

Reduce payment rejection rates from error-prone payment references

 

Smarter solutions

Improve straight through processing rates and overall customer experience.

Virtual IBANs remove the need for payment reference numbers and enable you and your customers to send and receive payments using universally recognisable account details

Improve Open Banking settlement

To collect open banking payments and instantly issue payouts

Faster payments. Smoother transactions

Virtual IBANs speed up the payment process by simplifying how funds are collected and dispersed. They smooth the reconciliation process and allow you to have better oversight of payments and receipts

Trade cross border

Virtual IBANs can be set up in GBP and EUR and are particularly useful for businesses that regularly trade across borders. Not only do they improve overall customer experience, but they can also improve business reach

Who uses Virtual IBANs?

Frequent vIBAN users include cross-border businesses such as import/export firms, ecommerce companies, foreign exchange traders and international property businesses

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  • Compliance and anti-money laundering challenges are reduced, through clear segregation and improved transparency of funds.

  • Our vIBANs cut costs and complexity, giving businesses time back to focus on strategic goals and other vital corporate tasks.

  • Enhancement of security through account privacy and reduction of manual processing.

  • Reduce risk

    Compliance and anti-money laundering challenges are reduced, through clear segregation and improved transparency of funds.

  • Cut costs

    Our vIBANs cut costs and complexity, giving businesses time back to focus on strategic goals and other vital corporate tasks.

  • Secure

    Enhancement of security through account privacy and reduction of manual processing.

Contact us

To find out more about using virtual IBANs speak to your BCB customer service representative or contact us today.

Contact us