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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?
Through the partnership, OpenPayd’s global fiat infrastructure, including real-time payment rails, multi-currency accounts and virtual IBANs, will support Ripple Payments into EUR and GBP. This solution supports a wide range of use cases, including cross-border payments, global treasury management, and streamlined access to U.S.
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.
Market Size Value of cross-border payments is estimated to reach a minimum $ 250 trillion by 2027. 60% of corporate banks agree that cross-border real-time payments infrastructure brings a revenue opportunity. 42% Global cross-border e-commerce is to reach USD 3.4
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.
The license permits Finmo to issue electronic money, process domestic and international fund transfers, offer foreign exchange services, and issue IBANs. It also allows the company to hold safeguarded client funds in the UK and connect directly to local clearing systems, including Faster Payments and CHAPS.
The licence authorises Finmo to issue e-money, provide domestic and cross-border payments, and offer FX services, while enabling direct access to UK clearing systems and the ability to issue IBANs and safeguard client funds locally.
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.
ClearBank PingPong Partnership is enabling new embedded cross-border payment capabilities in the UK. ClearBank’s cloud-based solution will allow PingPong to issue virtual accounts and IBANs under its own brand identity.
With its new EMI licence, Finmo can now issue electronic money and offer a range of new payment services, including account issuance, domestic and cross-border fund transfers, and foreign exchange transactions. Finmo also plans to expand its UK-based compliance and operations team to support these efforts.
Through the new partnership, OpenPayd will support Ripple’s cross-border payments solution, Ripple Payments, with its global fiat infrastructure, including real-time payment rails, multi-currency accounts and virtual IBANs.
PingPong , the world-leading provider of embedded cross-border payment 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.
ClearBank , the real-time clearing and embedded banking enabler, is teaming up with PingPong , an embedded cross-border payment solution provider, to enhance PingPong’s UK offering with virtual business accounts, GBP collections, and Confirmation of Payee (CoP) functionality.
The Orbital ClearBank partnership connects SEPA rails with stablecoins, driving innovation in cross-border digital payments. Cross-border payments using rails like SWIFT are too expensive, too slow, and too opaque for enterprises trading with and across Europe. But stablecoins are sandwiched between fiat on/off rails.
Local Accounts and Payment Rails: Current support includes local receiving accounts in key markets—including PIX (Brazil), CVU (Argentina), IBANs (Europe), and UK sort codes—allowing users to send and receive funds like a local. This is just the beginning, with many more markets and rails on the horizon.
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.
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.
According to HM Treasury, the new classification reflects the sector’s increasing exposure to criminal exploitation, particularly through prepaid products, rapid onboarding, and cross-border digital capabilities. The decision has sparked debate across the payments industry.
Additionally, Hérault and Jozwiak see growing potential in combining account-to-account payments (via IBANs) with identity verification features, especially in sectors such as mobility or education. However, these integrations must be secure, seamless and widely accepted.
Local Accounts and Payment Rails: Current support includes local receiving accounts in key markets—including PIX (Brazil), CVU (Argentina), IBANs (Europe), and UK sort codes—allowing users to send and receive funds like a local. This is just the beginning, with many more markets and rails on the horizon.
PayDo provides: Dedicated IBANs with 19+ currencies. Cross-border and 3rd party payments to/from any country (150+ countries) via SWIFT, SEPA, SEPA Instant, Faster Payments, and other global payment schemes. Merchant services with 350+ global & local payment methods: cards, wallets, bank transfers & more.
• Local Accounts and Payment Rails: Current support includes local receiving accounts in key markets—including PIX (Brazil), CVU (Argentina), IBANs (Europe), and UK sort codes—allowing users to send and receive funds like a local. This is just the beginning, with many more markets and rails on the horizon.
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).
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.
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-border payment solutions to businesses worldwide. The new website is also available in Danish and Hebrew with more languages soon to follow.
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.
The collaboration will enable Emirates NBD to provide real-time beneficiary validation for cross-border payments. With this solution, customers can verify payee names, IBANs and account numbers in real time, before a payment is made.
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.
The integration will allow InSoil users to access features such as personal IBAN accounts, multi-currency settlements, and digital wallets. Moreover, the move aims to improve the efficiency of transaction processes and ensure compliance for both investors and agricultural borrowers.
PayDo provides: Dedicated IBANs with 19+ currencies. Cross-border and 3rd party payments to/from any country (150+ countries) via SWIFT, SEPA, SEPA Instant, Faster Payments, and other global payment schemes. Merchant services with 350+ global & local payment methods: cards, wallets, bank transfers & more. “It
Kraken , the crypto trading platform, is extending its ability to issue named virtual IBANs across a range of currencies, enabling instant fiat movement, accelerating real-time money movement for the digital asset economy following a new partnership with OpenPayd , the financial infrastructure provider.
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.
More information on the IFX Payments x Form3 collaboration According to the official press release, the VoP scheme was developed to reduce fraud and payment errors by verifying that the payees name matches their PSPs records for the given IBAN.
The collaboration will support secure onboarding and regulatory alignment as NGPES integrates TradFi services with digital assets and near-instant IBAN wallet transactions. Personal finance site Be Clever With Your Cash has launched a new mortgage hub in partnership with broker Tembo.
Kai Wu , Chief Revenue Officer at Airwallex, said: “Digitisation has driven an explosion of cross-border payment volumes and Airwallex sits at the heart ensuring businesses are set up with the right financial infrastructure to support this.
These can be converted into shared spaces or linked to separate cards or IBANs, providing additional tools for managing travel budgets individually or as a group. The subscription also includes access to ‘Spaces’, a feature that allows users to create and manage up to ten sub-accounts to organise spending.
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.
Zero Fintech provides a “bank-like experience without actually being a bank”, according to Theodossiades, thanks to significant collaborations in issuance, underlying IBAN accounts, KYC liquidity, transaction monitoring, reconciliation, card manufacturing, open banking activities, and more. Please read our Privacy Policy.
Following this announcement, Aani Instant Payments introduced a new solution designed to enable SME businesses to collect payments from their clients instantly and securely, without the need for an IBAN.
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. .
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.
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 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.
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