Virtual IBANs

Reduce your risk exposure. Simplify your bank reconciliation process.

Fraud techniques such as identity theft or idendity fraud are becoming highly sophisticated, posing a significant risk to all businesses. Additionally, finance and accounting teams are facing challenges in managing, segmenting and reconciling their business' liquidity and transactions. Virtual IBANs reduce your risk exposure and simplify the bank reconciliation process.

Dive into the world of virtual IBANs.

Virtual IBANs: A definition

Virtual IBANs (vIBANs) are IBANs that conceal the details of your physical accounts' IBANs from your recipients. They can be used for both incoming and outgoing transfers and direct debits. Each virtual IBAN comes with its own bank account detaills (in PDF format) that you can share with your clients or suppliers.

Simplify the bank reconciliation process

Assign a virtual IBAN to a client, a specific transaction, a business unit, or a store. Your finance and accounting teams will then be able to accurately and swiftly identify and reconcile incoming and outgoing transactions.

Reduce the risk of fraud

Through virtual IBANs, IBANs of your physical accounts are kept confidential and never revealed. The risk of fraud is then minimised.

Segment you financial flows

Virtual IBANs allow your finance and accounting teams to segment funds associated with different projects, clients, suppliers, or activities, while using a single bank account.

Produce your financial reporting

Virtual IBANs enable accurate and granular traceability of your flow of funds or financial transactions, which will expedite and streamline the creation of both internal and external reporting.

Define and apply specific VAT rates

Assign a VAT rate to a virtual IBAN, and this rate will be automatically applied to all transactions flowing through this IBAN.

Easily create and manage your virtual IBANs

Generate your virtual IBANs in seconds

Virtual IBANs can be generated and managed directly and in full autonomy from either your Memo Bank account or via our banking API.

Set up your rules for managing virtual IBANs

Choose the virtual IBAN which will appear against your outgoing transfers or which will be linked to your direct debit instruction. Change the phyiscal bank account to which an existing virtual IBAN is linked. At any time, you can disable or fully delete a virtual IBAN. Incoming and outgoing transactions made or received through this IBAN will then be rejected.