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One Account
Multiple solutions

IBAN
Why us ?
Providing multi-currency, multi-jurisdictional accounts for customers of Financial Institutions

Key benefits of Virtual IBAN accounts include:

Available in 25 currencies

One IBAN across 25 currencies, enabling easy account detail management Improved payments acceptance, settlement times and reconciliation because payments are made in the name of your underlying client

Reduced AML and KYC risk

Reduced AML and KYC risk as a result of end-to-end transparency and clear segregation of funds Local clearing capability plus cross border payments through the SWIFT network

Same-day settlement for SEPA payments

Ability to leverage the Banking Circle network to make and receive payments instantly Payments and API connectivity

FEATURES & BENEFITS

Paypound accounts are full of features
to cater to a wide range of industries, countries and currencies.

TAILORED

Traditionally the solutions available for financial institutions aren’t flexible enough to satisfy the needs of the fintech community. This can result in your having to dedicate more time and energy to managing the suite of products you have been given than you would like. Our team of experts have built a solution that can be tailored to suit your specific requirements. Once you have been assigned a correspondent account, you can link as many virtual IBANs as you want to the account, so that each of your individual customers has been allocated their own unique account. Moreover, there is a flexibility to issue these virtual IBANs in the names of the underlying customers – provided your regulatory status allows that. This allows your business to focus only on that which is necessary and free up time to focus on more important areas within the company.

COST-EFFECTIVE

Virtual IBANs are IBANs (International Bank Account Numbers) that are issued by banks to reroute incoming payments to a physical payment account. In recent years, they have become an essential tool for sending and receiving payments around the world, expanding the reach of financial institutions and reducing the costs associated with performing a large number of transactions. One of the most attractive features of virtual IBANs is that they offer financial institutions all of the same benefits and facilities you would expect from a traditional settlement account, but at a reduced cost. This is because there is none of the hassle associated with opening and managing a physical account – you simply allocate a virtual IBAN to a specific customer, then start sending and receiving payments.

One account — lots of possibilities

A virtual bank account is a trusted instrument for your business or daily expenses. Benefit from multi-currency IBAN accounts for the collection and processing of International and SEPA transfers.

Dedicated EU IBAN for SEPAOpen a payment account with Paypound and get a unique IBAN with your name or company name as a sender/recipient. European and International payments supported.
Multicurrency IBAN Get multicurrency bank details for incoming and outgoing payments as an additional feature to your dedicated IBAN. Accept and send transfers in supported currencies without spending money on an exchange.

100% Online application

Getting started is a completely-online affair. Managing and making payments is entirely virtual through the Statrys platform.

No physical presence required

Unlike the big banks, we don’t require you to show up in-person to begin your application. Paypound applications are an entirely virtual process.

24/7 support

Paypound's support squad is available 24/7 to support your business you can be anywhere while managing your payments.

IBAN Account FAQ's

Here we gathered the most popular questions we’ve got. You are free to explore them and ask get back to our representative for details and specifications. Good Luck!
IBAN numbers, or International Bank Account Numbers, are used for fast and secure payments both domestically and internationally. Unique to you and your account, this number offers a safeguarding system that checks account data before sending funds between international banks. Up to 34 letters and numbers, each set of characters in an IBAN provides information on your account to verify it during the transaction.
When you make a cross-border transaction, the characters that make up your IBAN number are run through the payments system used by your bank. By verifying the numbers and letters against their database, the system is able to confirm the sender’s account and that of the recipient. Special algorithms are used to digest and check the account information. If it’s valid, the payment will be processed.
By reducing international transfer errors, using your IBAN number can help avoid extra fees that may occur when your bank needs to reverse an incorrect payment. It also speeds up transfer times. Transferring funds overseas from your bank account can sometimes be costly and time consuming.
The IBAN format is used mostly within the EU, but it is also used by financial institutions across the Caribbean, Middle East and Africa. One key global market that does not use IBAN is the United States. However, if you are based in the US and making a transfer to an account in Europe, it’s likely that you’ll need your recipient’s IBAN.
As the name suggests, an International Bank Account Number is used for sending and receiving interbank transfers from overseas contacts. They may also be called for during other international payment procedures such as setting up a wire transfer.
Cross-border payments are transactions involving parties that are situated in at least two different countries. Typically, cross-border payments are made using country-specific regulations, which can result in slow and expensive processes. Having an understanding of country-specific requirements can speed up payment times and make the process less cumbersome.
In some countries, the bank account numbers are displayed differently when dealing with banks locally versus when they are put into the IBAN format. The destination bank can advise the proper way to display an account number when sending a money transfer with an IBAN.
Example IBANs come from SWIFT’s IBAN Registry. Additional information about IBANs can be found on the SWIFT website at www.swift.com.
 
The IBAN is not yet universally adopted. Account numbers, routing numbers, and SWIFT Codes may be required when sending an international money transfer to some countries.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an international organization that provides a global network for financial institutions to communicate securely and effectively. SWIFT focuses on the standardization of payment orders and is the official registrar of IBANs and SWIFT/BIC Codes.

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sales@paypound.ltd

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+44 800 832 1733

Suite 7, Hen Ville Building
Charlestown, Nevis.

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