One can do lots of things using a virtual IBANs. For example, Rather than payments being directed to one bank account, Director can direct payments from different countries to distinct bank accounts, in their preferred currencies and can make them quite easy to supervise. It also makes analysis/reporting and accounting simpler because you can create sub-accounts and statements for different product ranges, or even sort it by customers and many more.
Configuring business account is quite easy
Virtual IBANs eliminates so many of the bureaucracy involved in setting up an account at a traditional banking system. As many businessmen know, configuring a business account can be a quite complicated and lengthy process with traditional banks. It will not be a headache with a virtual IBAN from an online platform.
Improved Security and low-risk
When we come to security and low-risk, virtual IBANs are kept in redundant, encrypted servers in the cloud with very low risk of fraud or downtime. It’s also easier for businesses to comply with AML (Anti-Money Laundering) and KYC (Know Your Customer) rules due to end-to-end transparency and segregation of funds.
Available in almost all currencies
It is available in almost all the currencies and hence international transfers would also be quite easy.
Local clearing capability plus cross border payments through the SWIFT network
SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment and combining connector with it makes process more faster and secure.
The Single Euro Payments Area(SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro and it enables Funds to transfer and available for use within 10 seconds after the payment is sent 24/7, each day of the year.
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