How virtual IBANs work - an in-depth explainer
Traditional IBANs - international bank account numbers - have been used by businesses and individuals for over 20 years. But they aren’t necessarily the best option for companies that do most of their business online. Virtual IBANs have emerged as a better alternative to traditional IBANs, ensuring cheaper cross-border payments and facilitating easier transaction administration.
Now banks, fintechs, and PSPs can enhance their service proposition by offering virtual IBANs to their clients. So let’s take a look at what virtual IBANs are, what they can do that a traditional international bank account number can’t, and how they work.