Freemarket and vIBANS
What is a vIBAN?
A virtual IBAN is an IBAN (International Bank Account Number) reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account.
Virtual IBAN accounts can be used to send and receive payments worldwide, allowing businesses to extend their value chain to provide settlement services to its global customers.
Freemarket and vIBAN accounts
Freemarket can request a vIBAN on the customer’s behalf to a bank for multiple currencies. This will allow the client to provide their own account number stating their own company name instead of Freemarket’s for transactions.
The request should be placed with an Account Manager. We will follow the internal Compliance procedure to create the account.
How does the vIBAN work?
From the customer’s point of view, a virtual IBAN works in exactly the same way as a regular IBAN account – once they make a payment, their funds will end up in the physical bank account linked to the virtual IBAN.
The vIBAN account is made of:
Account Owner Name: the client name (to be provided by the client – must be the company registered company name or individual’s legal name)
BIC: A bank identifier code (BIC) is a unique identifier for a specific financial institution. This will be provided by the bank upon vIBAN creation.
In addition, the bank can provide:
Sort code: identifies both the bank (in the first digit or the first two digits) and the branch where the account is held.
Account number: the domestic bank account number