Virtual IBANs: What Are They and How Can They Benefit Your Business?
July 22, 2022
Recent improvements in payment technology have led to breakthroughs in cross-border payments, where businesses can expand into new, international markets.One of these breakthrough technologies is virtual IBANs, which are fast becoming an integral part of embedded finance. But what they are, and how they can benefit your business?Virtual IBANs are a digital representation of a real-world bank account.They’re used to send and receive payments from customers and clients and can be used in conjunction with other virtual accounts to make cross-border payments more efficient. This is an important part of embedded finance as it allows businesses to offer their customers a local banking experience, regardless of where they are in the world. The benefits:
- Cost-effective
- Time-saving
- Improves security
- Enhances customer experience
- Expands your business’s reach
- Keeps things simple