Virtual IBAN And Their Importance For eCommerce Businesses
Over 20 years have passed since IBANs were first used. Using 34 alphanumeric characters, virtual IBANs help banking systems send money to the correct country, bank, and branch of a physical bank.
The traditional IBAN, however, is not ideally suited to the needs of online merchants as they were created before eCommerce became mainstream. Meanwhile, alternatives to traditional banking services can be very helpful for online merchants who need to receive money from their acquirers and send funds to partners and suppliers around the globe.
What Is A Virtual IBAN?
A new alternative to the traditional IBAN has emerged as more and more business is conducted online. Virtual IBANs are numbers that do not correspond to physical accounts. Instead, incoming payments can be routed to a physica...