Your business needs a Virtual IBAN
Every business receives money and spends money. To do so, you need a bank account, you need your dedicated IBAN. VallettaPay has the solution for you.
At VallettaPay, you get your virtual IBAN. The demand for global commerce allows you to expand your business. Having and operating a virtual IBAN is the way to serve those demands.
IBAN stands for “International Bank Account Number.”
This international bank account number is used to make and receive payments on a global scale.
The numbers that make up an IBAN are put together with a purpose. They are specifically grouped to identify certain elements about the sender or receiver. Account numbers are comprised of up to 34 letters and numbers. The numbers are structured with two letters that identify the account holder’s country, two check numbers to avoid errors, and 30 alphanumeric characters that point to a bank account number.
IBAN accounts were initially utilized by the European Committee for Banking Standards (ECBS). At the time, there were numerous errors in the international money transfer system.
Prior to 1997, several transfers would not finalize, money would route to the wrong countries or accounts, and other issues. Once the ECBS adopted the IBAN system, the error rate dropped drastically. Eventually, the IBAN system would spread throughout the entire European continent and into the Middle East. The system is not used in the United States and Australia.
The original system that adopted IBAN would eventually lead to virtual IBAN accounts. Most European businesses that carry out international trade, use the convenience of virtual IBANs.
A virtual IBAN is a reference number used to send incoming payments to a physical bank account.
A business that processes many international payments cannot survive without a virtual IBAN. Thanks to a virtual IBAN, you can create a unique account dedicated to each separate customer.
The only thing that separates a traditional bank account and a virtual IBAN is that the latter is much simpler and completely automatic.