Product

Virtual IBANs: the finance team’s key
to tracking and reconciliation

Virtual IBANs offer a modern solution to the cash management challenges faced by finance departments. They aid in categorising and tracking transactions, simplifying accounting reconciliation, reducing fraud risk, and generating financial reports, making them an indispensable ally for finance teams.

Discover why you should link virtual IBANs to your main IBAN

Automatic reconciliation of the invoice and payment using a virtual IBAN.

IBAN: the bank account identification number

IBAN stands for International Bank Account Number. Established by the International Organization for Standardization (ISO) and the European Committee for Banking Standards (ECBS), this alphanumeric code serves to:

 

  • Uniquely identify a bank or e-money account.
  • Secure transactions between accounts, such as international or domestic transfers and SEPA direct debits.

Virtual IBAN: the solution for transaction identification

Virtual IBANs are alternative IBANs that redirect financial transactions to the company’s main IBAN. This allows an account to be connected to multiple virtual IBANs based on specific needs, such as assigning different virtual IBANs per payer, invoice, transaction, or type of online payment.

 

This system offers two key advantages:

 

  • Authenticate incoming transactions without requiring the payer to enter a transfer reference.
  • Automatically reconcile pay ins for simpler and more reliable accounting.
Creation of virtual IBANs by company name and by their category (suppliers, buyers, ...).
Diagram showing that a virtual IBAN allows generating aliases of the main IBAN, with two different virtual IBANs here.

Instant and unlimited, create your Virtual IBANs as needed

As a facilitation solution for SEPA payments, our BaaS platform enables businesses handling large volumes of transfers or needing to qualify the destination of funds to create virtual IBANs on-the-fly, tailored to their needs:

 

  • Associate virtual IBANs with the account where you centralise your cash receipts.
  • Assign virtual IBAN to a transaction or expense category, to a customer, to an internal department or to a shop.
  • Receive transfers (classic or Instant Payment) in your account.
  • Find each virtual IBAN in your transactions and account statements.

Three key advantages of virtual IBANs for your finance department

Security

Securing the main IBAN to reduce fraud risks.

Boost your finances

Automating accounting reconciliation to save time on time-consuming, low-value tasks.

Save time

Real-time tracking to quickly identify abnormal transactions and prevent financial losses harmful to the company’s cash flow.

Optimise monitoring of financial flows

You define your reconciliation rules, each invoice being automatically reconciled with a payment.

 

  • Reduce time spent with account setup.
  • Easier follow-up: chargebacks, errors…
  • Improved proactivity: teams can access information on each payment in real-time.
Payment history directly visible in your accounting tools to facilitate reporting.

Reduce your risk of fraud

Manage risk and control fraud

The virtual IBAN makes it possible to hide the structure and bank details of the main account,which in turn can prevent attacks (CEO fraud, direct debit, etc.) and thus secure your finances.

Identify the source of funds

The payment issuer is easily identified through the allocation of a virtual IBAN.

Integrate virtual IBANs directly into your existing tools via the Xpollens API

Our Banking-as-a-Service platform technology allows you to use our API to integrate your existing tools and processes with our solutions, such as generating virtual IBANs.

 

No need to change your bank, CRM, ERP, or CMS, or add new applications to your information system.

 

From the planning phase to the operational phase, you’ll have a dedicated project contact and support from our teams to assist you daily.

Combine virtual IBANs with next-generation payment methods

Want to simplify your users’ shopping experience with innovative payment methods? Combine
Instant Payment with virtual IBANs to reduce payment times or collect funds faster.

For online shops and marketplaces, B2B or B2C, this increases satisfaction:

 

  • Customers can pay instantly, even for large amounts, bypassing card payment limits.
  • Your teams can accurately and securely track these payments.
Directly pay your invoices via instant transfer from your management software.

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