TrustPay Virtual IBANs: Why IBAN and Why Virtual?
The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts to facilitate the processing of cross border transactions.
While in the traditional banking you need an IBAN per account, in the virtual world of transaction processing it is enough to have a single “real” IBAN per (company) master account and multiple “virtual” IBANs, each per (company’s) customer or contract.
What are the benefits?
There are several benefits of the virtual IBANs you can enjoy:
- Ease of management of just one account in online banking.
- Cost-effectivity. You only pay account fees for a single account, not multiple accounts.
- You know who is paying for what.
- No lost payments. There are no bank references nor variable symbols to be filled in by your customer.
A virtual IBAN allows the rerouting of incoming payments to another, physical master account.
- Fast money transfer. All of the virtual IBANs issued by TrustPay are EUR denominated SEPA accounts.
Thus, you can accept same-day payments throughout Europe at almost no cost to your customers.
- Save time of your clients. They only need to remember and save a single IBAN to send money to.
- Simple reconciliation. All IBANs maintain a zero balance at all times. All incoming payments to virtual IBANs are credited to your main account with TrustPay. You only ever have to reconcile the main account!
- Centralized transaction management and overview.
How do you get these Virtual IBANs for your customers?
Simply. You create and close virtual IBANs via our modern API Banking; no human interaction is needed. Our API banking also allows you to download statements and receive real-time notifications about your inbound transfers.
Do you need help or more information? If you are interested in this solution, please, contact your TrustPay Account Manager, or contact our Sales Department at firstname.lastname@example.org.