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A virtual IBAN number is linked to your main account but isn’t a physical account itself. It works the same way as a regular IBAN except the funds are automatically directed to the main account. Not only can vIBANs allow for easy SEPA payments, businesses can track payments easier from different regions as each user is assigned unique vIBANs without needing multiple actual accounts.
How Can Virtual IBANs Help Businesses
vIBANs simplify day to day operations for businesses managing multiple transactions from individual accounts by reconciling incoming and outgoing payments.
In essence, having only one IBAN for all payments means customers have to include reference numbers when making transfers so the business knows who the payment is from. And in case they miss it or make errors, the business has to manually track the payment details.
However, with a virtual IBAN number, businesses can issue individual account numbers to each customer so they don’t need to add extra details when making payments and the businesses can immediately identify and track the payment details – making the process a lot more efficient by eliminating risk of errors.
And since a virtual IBAN number works the same as regular IBANs and can be issued much faster, it makes payment processings much more convenient for businesses.
Simplifying Payments For Fintechs And Businesses with a Virtual IBAN API
Issuing vIBANs make multi-currency payments much less complicated, making cross border payments easier. Businesses can allow their end users to make international payments with cryptocurrencies and provide them with a cost effective solution.
This is especially useful for underserved regions so they can access a more improved form of payment and participate in the global economy by expanding their reach into new markets.
Second, as businesses grow, so do the complexities in terms of payments. Creating a virtual IBAN account for business will enable them to consolidate multiple payments into one account, removing the need for separate physical bank accounts and unnecessary exchange and transaction costs.
Third, Since vIBANs are generated much faster, businesses can leverage this for automation in their payment systems such as for handling subscriptions, multiple vendors, and one-time payments. Thus reducing the time to market new products and services.
Lastly, and most importantly, vIBANs provide an extra layer of security and transparency as each transaction can be traced back to its source making KYC and AML checks easier. It also reduces fraud risks for businesses and ensures compliance with financial regulations.
Simplify Your Crypto Payments With A Virtual IBAN API Provider
When building your crypto exchange, virtual IBAN API providers can help you issue crypto wallets to your end users. With each wallet containing multiple accounts such as BTC, ETH, USDC, and more, you can also issue them crypto cards to make direct payments.
After a successful KYC check, a default wallet is created for the user, providing you with the option to select the currencies you wish to enable for the wallet. Each account can be then enriched with vIBANs
As a virtual IBAN API provider, Striga’s crypto as a service model allows you to onboard users, create dedicated crypto deposit addresses, issue vIBANs and let them trade against fiat currencies.
Built on top of the crypto as a service model is the crypto and banking service model where you can issue branded VISA payment cards to your end users that can be linked to any account, allowing them to spend crypto directly without the need to pre-fund their account.
Instead of partnering with multiple providers, Striga’s virtual IBAN API allows you to launch your crypto payments platform seamlessly. Create a crypto exchange wallets, offer an intuitive crypto on ramp and off ramp solution, and issue crypto cards for direct payments, all under one platform without requiring any license.
Striga Crypto-native Banking as a Service:
Your path to building and launching financial products
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
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