Using vIBANs

A regular IBAN, made up of up to 34 letters and numbers, is linked to a single bank account in one country. A Virtual IBAN (vIBAN), however, specifies a sub-account of a master bank account. Using vIBANs, your organisation can send and receive payments directly to sub-accounts without needing payment reference numbers, which are often a source of error and delay.

At BCB Group, our payment accounts can now be partitioned into any number of sub-accounts that you can label with your clients’ names. Each is identified by virtual IBANs.

Creation takes seconds per virtual IBAN via the BCB Group API. As of September 2024 we offer virtual IBANs for GBP with other currencies rolling out on a phased programme.

What are the benefits of using vIBANs?

Unlike traditional multi-currency banking solutions, virtual IBANs are frictionless channels that reduce the risk of payment rejection due to human error.

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.

Virtual IBANs can be set up in several different currencies 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.

What protections do virtual IBANs offer and who uses them?

By using virtual IBANs, clients using crypto exchanges or trading platforms can fund their own private accounts from their traditional bank. Your organisation enjoys enhanced security and reduced compliance and anti-money laundering challenges through clear segregation and improved transparency of funds. It allows your organisation to manage incoming and outgoing payments with ease.

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

Learn more

Begin your virtual IBAN journey with BCB Group

BCB’s API-powered technology provides you with a unique vIBAN for each of your organisation’s clients in a matter of seconds. Just open a currency account that suits your business needs, and you can issue unique virtual IBANs for any of your customers.

Get in touch with your sales representative to discuss our virtual IBANs and pricing, or send an email to sales@bcbgroup.io.

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