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Navigating AML obligations in the age of virtual IBANs February 10 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The compliance challenges of virtual IBANs, focusing on AML obligations and regulatory gaps. Why is it important? What’s next? Previous slide Next slide What are vIBANs?
Market Size Value of cross-borderpayments is estimated to reach a minimum $ 250 trillion by 2027. Global non-cash commercial payments will grow at a CAGR of 11.3% 60% of corporate banks agree that cross-border real-time payments infrastructure brings a revenue opportunity.
LSEG Risk Intelligence has launched its Global Account Verification (GAV) service in Asia-Pacific and Europe, the Middle East, and Africa, expanding efforts to enhance security in cross-borderpayments. By October 2025, Eurozone providers must conduct mandatory account name-IBAN checks for transactions.
PayFuture can offer instant, direct SEPA and SWIFT access, issue e-money, provide IBAN accounts along with a broader suite of localised payment solutions. These capabilities will help merchants streamline their international transactions, reduce friction in cross-borderpayments, and accelerate growth in new regions.
Through the new partnership, OpenPayd will support Ripple’s cross-borderpayments solution, Ripple Payments, with its global fiat infrastructure, including real-time payment rails, multi-currency accounts and virtual IBANs.
Enhancing security Some of these services are the Check IBAN, Name Check CBI and CBI Safe Trade, all designed to combat frauds and deliver greater security.Moreover, these solutions are fully in line with the Sustainable Development Goals (SDGs) identified by the United Nations 2030 Agenda.
and CBI joins their IBAN-Name Check expertise at the service of their respective communities in order to offer an interoperable solution to fight against fraud. The IBAN Name Check – VoP Service, is designed to ensure that IBAN codes are correctly matched with the names of beneficiaries before payments are processed.
Clear Junction , a global leader in cross-borderpayments for regulated financial institutions, has once again been recognised in the 2025 FT 1000 , the Financial Times’ prestigious ranking of Europe’s fastest-growing companies.
As eCommerce and B2B payments expand across borders, time zones and currencies, virtual international bank account numbers (IBANS) can pave the way for firms to capture online sales efficiently — and bypass the frictions of traditional banking relationships. . That can be done, she maintained, with the virtual IBAN. .
Dialect Communications, an award-winning Business Process Outsourcer (BPO) that provides front and back office solutions in the Payments sector across the globe is thrilled to partner with Yordex, a provider of cards, Ibans and crossborderpayments helping businesses to offer their own cards and automate their payouts.
Today, Ripple , the leader in enterprise blockchain and crypto solutions, announced a new partnership with Clear Junction , the global leader in cross-borderpayments solutions for regulated institutions. The post Ripple Partners With Clear Junction to Enhance UK and EU Cross-BorderPayments appeared first on Fintech Finance.
PingPong , the world-leading provider of embedded cross-borderpayment solutions for enterprises, today announces it will be using Form3 ‘s Verification of Payee (VoP) solution for SEPA account validation, giving PingPong a competitive edge by implementing compliance measures five months ahead of the October go-live date.
The collaboration will enable Emirates NBD to provide real-time beneficiary validation for cross-borderpayments. With this solution, customers can verify payee names, IBANs and account numbers in real time, before a payment is made.
This initiative aims to simplify cross-border transactions by eliminating the need for cumbersome IBAN numbers. “That means goodbye to long IBAN numbers and tedious button-pushing. Last month, it indicated that following crossborderpayments, it will also launch tap to pay with Vipps and MobilePay this year.
Orbital has partnered with ClearBank Europe to expand real-time euro payment options. The Orbital ClearBank partnership connects SEPA rails with stablecoins, driving innovation in cross-border digital payments.
Clear Junction , a global leader in cross-borderpayments for regulated financial institutions, has once again been recognised in the 2025 FT 1000 , the Financial Times’ prestigious ranking of Europe’s fastest-growing companies.
In an interview with PYMNTS, Lilia Metodieva, managing director at Monneo , said virtual international bank account numbers (IBANs) can help firms gain scale internationally, and customize payments to serve the needs of their end customers. That is where digital banking and the virtual IBANs come in,” she said.
Clear Junction , a global leader in cross-borderpayments for regulated financial institutions, has once again been recognised in the 2025 FT 1000 , the Financial Times prestigious ranking of Europes fastest-growing companies.
Multi-currency IBAN account provider ONPEX is collaborating with Canada’s Wirexend to provide multi-currency payment solutions for joint business customers. The companies noted that connecting IBANs to Wirexend accounts supports faster and easier reconciliation and security.
With some initiatives to focus on cross-borderpayments, the Bank of England would join dozens of other central banks in conducting research on or implementing blockchain solutions to speed payments and make them more transparent. Also in the U.K., Also in the U.K.,
This addition empowers digital companies, including online merchants, ad networks, marketplaces, and regulated online services, to seamlessly collect and disburse CZK and SGD payments worldwide via their Corporate Bivial Account. More information at bivial.ch. About Bivial AG.
Because the cost of cross-borderpayments can substantially bite into profit margins for travel agencies, payments technology provider Ixaris and financial service infrastructure developers Banking Circle are partnering to eliminate that expense with virtual bank account numbers.
Neo, the cross-borderpayments and FX fintech, has today announced that the firm is now profitable as an increasing number of SMEs explore alternatives to banks for managing their international business needs. Neo has been able to help these businesses through its multi-currency account.
Obtaining the licence has allowed access to the dirham (UAE currency) and local payout option, which is executed within seconds, and enables seamless transactions, while multi-currency IBANs facilitate payment solutions across the world and market-beating foreign exchange rates ensure cost optimization.
Fuse Technologies , launched in January 2023, aims to facilitate cross-borderpayments for global businesses, particularly focusing on the GCC (Gulf Cooperation Council) region. ” This involves facilitating local currency payments from businesses based abroad.
Saxo Payments is looking to ease friction in cross-borderpayments through the launch of an IBAN service, the company said this week. ” He added that financial service providers can gain a “competitive edge” over other players that provide FX and global payment services. .”
PayFuture also offers instant, direct SEPA and SWIFT access, and can issue e-money, provide IBAN accounts alongside a broader suite of localised payment solutions. It says these capabilities will help merchants streamline their international transactions, reduce friction in cross-borderpayments, and accelerate growth in new regions.
Cross-borderpayment and FX fintech firm Neo is celebrating profitability – as an increasing number of SMEs explore alternatives to banks to manage their international business needs. It offers International Bank Account Numbers (IBAN) through which businesses can send and receive payments in 25 currencies.
Privat 3 Money introduces a multi-currency account in collaboration with ClearBank, enabling seamless transactions in EUR, USD, CHF, and CAD under a single IBAN. Key features include simplified international transactions, user-friendly FX solutions, and API-driven technology for enhanced control.
Payset , a leading global payments platform, today announces the launch of its completely redesigned website — a critical step forward in delivering faster, simpler, and more intuitive cross-borderpayment solutions to businesses worldwide.
Travel payments optimization company Ixaris announced a new partnership with financial service infrastructure company Banking Circle to streamline cross-borderpayments for the travel industry. “Ixaris’ ability to optimize travel payments is now second to none.”
The services include Payments on Behalf of (POBO) and Collections on Behalf of (COBO) features, meaning the banks and payments businesses can show sender details while processing B2B payments, according to the company. The IBAN is used for letting companies send and receive cross-borderpayments in real time.
CurrencyWave , a Leeds-based cross-borderpayments firm, has launched a new multi-currency account to help remove borders from paying in foreign currencies for smaller firms, a report from Business Up North states.
The perennial B2B payment hiccups B2C marketplaces primarily depend on credit and debit cards, while B2B commerce leans toward bank transfers, driven by the larger scale of transactions, complex logistics, and the high costs of card acceptance. But this brings along the long-standing challenges of B2B cross-borderpayment limitations, too.
Lithuania payments company SatchelPay is adding multi-currency cross-borderpayments functionality through a new partnership with multi-currency IBAN account provider ONPEX (the Online Payment Exchange).
It seems that’s the journey for cross-borderpayments, which are in the midst of a digital disruption as innovators focus on addressing a range of friction points, from sluggish speeds to high costs. Only a few years ago, small businesses lagged in global payments technology uptake. In the U.K.,
SurePay , the IBAN-name check provider, confirmation of payee (CoP) and verification of payee (VoP) to over 100 banks, has expanded its services following a strategic agreement with Swift , the messaging network, and the integration of Swift’s payment pre-validation service.
Through Banking Circle’s Agency Banking solution, indirect participants can issue accounts, using their own Bank Identifier Codes (BICs) and International Bank Account Numbers (IBANs) to send and receive payments. Using their own BIC and IBANs for payments presents the FI or PSP as the ordering party and their customer as the sender.
International transfers for businesses have traditionally come with a list of requirements that can differ per country, from expensive transfer fees and a time lag of several days to the need for specific information such as IBAN and BIC.
GBP wallets and savings are proof of this, giving business owners and managers more freedom to send and receive payments, leverage the benefits of a local IBAN, access same-day transfers, and gain greater control over their finances.
Fuse Financial Technologies , the cross-borderpayments firm based in the Middle East, has officially obtained licencing from the Dubai International Financial Centre (DIFC), enabling it to cater to the growing demand for remitting money into the UAE. per cent to reach nearly $8.5billion by 2028. .
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