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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? Previous slide Next slide What are vIBANs?
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. .
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-border payments. 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-border payments, and accelerate growth in new regions.
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-border payments 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.
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 crossborder payments 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-border payments solutions for regulated institutions. The post Ripple Partners With Clear Junction to Enhance UK and EU Cross-Border Payments appeared first on Fintech Finance.
This licence enables us to remove barriers to entry, simplify cross-border transactions, and expedite revenue in these fast-growing markets” Founded in 2019, PayFuture secured an agent EMI licence from the Financial Conduct Authority (FCA).
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 crossborder payments, it will also launch tap to pay with Vipps and MobilePay this year.
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.
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. to name just a few.
Clear Junction , a global leader in cross-border payments 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.
Sokin will enhance global payments at Excel, soon to be Europe’s largest fully integrated events venue, by streamlining cross-border transactions, increasing efficiencies and reducing costs. Financial technology specialist Sokin has today announced it has become the Official Global Payments Partner of Excel London.
These accounts will be accompanied by individual IBANs and will, in turn, enable fast-growth businesses to collect payments in European countries and beyond on local payment rails. However, despite being designed as an international standard, IBANs are often only functional on a domestic basis.
Clear Junction , a global leader in cross-border payments for regulated financial institutions, has once again been recognised in the 2025 FT 1000 , the Financial Times prestigious ranking of Europes fastest-growing companies.
With Bivials Swiss IBAN Accounts, businesses can transact through SEPA and SWIFT across more than 160 countries and in 90+ currencies via the Bivial Dashboard and APIs. These new international accounts are ideal for companies looking to grow their global reach through cross-border transactions. More information at bivial.ch.
With some initiatives to focus on cross-border payments, 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.,
Because the cost of cross-border payments 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.
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.
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.
Neo, the cross-border payments 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. It offers International Bank Account Numbers (IBAN) through which businesses can send and receive payments in 25 currencies.
Saxo Payments is looking to ease friction in cross-border payments through the launch of an IBAN service, the company said this week. Saxo’s clients set up a master account linked to the Banking Circle platform, then issue a master IBAN. According to Tuesday (Feb.
Fuse Technologies , launched in January 2023, aims to facilitate cross-border payments for global businesses, particularly focusing on the GCC (Gulf Cooperation Council) region. By providing virtual IBANs and facilitating compliance with local regulations, Fuse Technologies enables seamless transactions for international businesses.
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.
In particular, CBI’s VoP service, called Name Check, is designed to ensure that IBAN codes are correctly matched with the names of beneficiaries before payments are processed. This verification process is crucial in mitigating fraud, preventing payment errors, and ensuring that funds are accurately directed to the intended recipients.
CurrencyWave , a Leeds-based cross-border payments 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. For example, if a U.S. In addition, the funds would also be able to get to the recipient much more quickly.
The introduction of Mobile Wallets simplifies the process of sending money overseas, eliminating the need for traditional bank account details, such as IBANs or SWIFT codes. The new feature allows users in Singapore to send funds to bKash accounts in Bangladesh and M-Pesa accounts in Kenya through the Revolut app.
B2B Pay plans to roll out API-enabled banking services, the ability to create an unlimited number of International Bank Account Numbers (IBANs), credit card processing and solutions related to cryptocurrency. to develop a solution for financial institutions to facilitate secure B2B payments for large-value, cross-border transactions.
Banks operating in the Egyptian market have started using the International Bank Account Number (IBAN) standard to facilitate cross-border transactions.
Cross-border payment 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.
Netherlands-based payment verification solutions provider SurePay has rolled out a single European IBAN Name Check solution, covering cross-border and domestic payments across the EU.
Travel payments optimization company Ixaris announced a new partnership with financial service infrastructure company Banking Circle to streamline cross-border payments for the travel industry. Virtual IBAN lets companies send and receive cross-border payments in real time at competitive rates, the companies said in their announcement.
For customers of Banking Circle , new services for transparent payments and collections are now available under the customers' names both locally and across borders, according to information on the company's website. The IBAN is used for letting companies send and receive cross-border payments in real time.
The local accounts — with accompanying individual IBANs — will enable fast-growth businesses to collect payments in countries across Europe and beyond on local payment rails. However, despite being designed as an international standard, even today IBANs are often only functional on a domestic basis.
For instance, clients can offer wallet services to their customers holding deposits for extended periods, generating interest, or enabling cross-selling opportunities, like advertising sales. But this brings along the long-standing challenges of B2B cross-border payment limitations, too.
Lithuania payments company SatchelPay is adding multi-currency cross-border payments functionality through a new partnership with multi-currency IBAN account provider ONPEX (the Online Payment Exchange). The solution allows businesses to initiate or accept payments across multiple currencies using a single IBAN account.
Seamless Multi-Currency Transactions In collaboration with ClearBank, Privat 3 Money introduces a cutting-edge multi-currency account, supporting transactions in EUR, USD, CHD, and CAD, all under a single IBAN.
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.
The company can also issue IBANs denominated in euros for corporate clients to assist in making payout and use cases easier. Bialy also noted per reports, in part, “If our customer can process a cross-border transaction faster than their competitors, they have a huge market advantage.”.
Cobase works in cloud-based corporate multi-banking solutions while Ebury is backed by Santander Bank and works in cross-border tech and financial management. Cobase Head of Financial Markets and Risk Solutions Joost Kevelam said the companies' aim "is to make multi banking simple.". "By
It seems that’s the journey for cross-border payments, 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.,
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