vIBANS (Virtual International Bank accounts)
International companies processing transactions in different currencies often face serious challenges to manually reconcile all incoming payments. With vIBANs, they can allocate a unique virtual account to receive payments from each client, for each currency or product line, or even for each payment, which will then be rerouted to a master bank account.
Through this process, the company may centralise its transaction management using a single physical bank account, saving on the expenses of maintaining multiple accounts and the fees of transferring funds between bank accounts. Virtual IBANs also offer companies better oversight of their cash flows and FX risk management. With the same functionalities as a traditional bank account, each vIBAN provides a separate statement so that the company can easily locate each incoming payment. This minimises reconciliation efforts and facilitates analysis and identification of transaction patterns.
Apart from that, virtual IBANs enable companies to hold reserves in different currencies and to create a cash pool to optimise FX management efficiency. As a result, they can send payments in foreign currency, saving on currency-exchange costs and reducing Fx risk.
We at Fairexpay offer VIBANs in 38+ currencies through our partner network.