Virtual IBAN

What is Virtual IBAN?

A virtual IBAN is an International Bank Account Number issued by a bank to allow non-bank entities to route payments to a master account. While it looks like a regular bank account number to the sender, it is actually a sub-account used for easier reconciliation.

Why It Matters

• It simplifies the process of identifying and reconciling incoming international payments.

• It allows businesses to provide local banking details to customers in different countries.

• It reduces the need for companies to open multiple physical bank accounts across the globe.