A Virtual International Bank Account Number (IBAN) is a reference issued by a bank to allow incoming payments to be rerouted to a different physical bank account. Virtual IBANs are used in international banking to simplify the processing of cross-border payments, making it easier for companies to manage their finances without needing multiple bank accounts in different countries.
Virtual IBANs provide businesses with a way to centralize their banking relationships and facilitate their international payment processes. They can be assigned to specific customers or invoices, improving the reconciliation process and improving the efficiency of payments. This is particularly beneficial for companies engaged in off-ramping crypto to Fiat, international trade, e-commerce platforms, and businesses that handle a high volume of transactions.
