Sending and receiving international payments is vital to businesses scaling in today's global marketplace. A key obstacle businesses face is the ability to manage multiple currencies in one place, while navigating the challenges and opportunities international payments bring.
What is a multi-currency virtual IBAN?
A multi-currency virtual IBAN combines the benefits of multi-currency accounts and virtual IBANs into a single solution. It empowers businesses to manage payments in various currencies and can help reduce costs, manage risk, save time, and boost efficiency to optimise international payment operations.
Key features of a multi-currency account include:
- Multiple Currency Balances: Businesses can maintain balances in different currencies without needing separate bank accounts for each currency.
- Intra-Account Currency Conversion: Funds can be converted between currencies within the account, often at more competitive rates than traditional banks offer.
Key features of a virtual IBAN include:
- Unique Identifiers: Virtual IBANs are unique and can be assigned to specific clients, invoices, or transactions, simplifying reconciliation.
- Direct Allocation: A virtual IBAN automatically allocates payments to the corresponding currency sub-account or currency wallet.
What are the benefits of using a multi-currency virtual IBAN?
There are many benefits to using a multi-currency virtual IBAN solution, including:
Simplifying multi-currency management
With only one multi-currency virtual IBAN needed for global operations, users can skip the hassle of setting up multiple bank accounts in different countries to manage multiple currencies. IFX Payments' multi-currency solution on their platform, ibanq, allows users to receive payments in 38 currencies, or pay out in over 100 currencies via the mass payment function. This enables businesses to facilitate entry into new markets and increases their operational efficiency.
Flexible currency conversion
Users are protected from fluctuating currency exchange rates as they can hold funds in different currencies in the same account simultaneously, allowing businesses to convert funds at the most opportune times. By doing so businesses can mitigate the risks associated with volatile currency markets and make FX more cost-effective.
Increasing business efficiency
Businesses can better manage their cash flow by holding and using funds in the currencies they receive. This capability reduces the need for frequent conversions and the associated costs.
Virtual IBANs automatically route transactions in different currencies, providing detailed transaction information and making reconciling payments and managing accounts easier. This enhanced visibility supports better financial planning and reporting.
Availability of customer support
The IFX Payments customer service team are easily accessible and always on hand to help users with any queries they may have when navigating the multi-currency solution.
In a hyper-competitive and connected world, the importance of a flexible payment management system cannot be overstated as a tool for international growth. By harnessing ibanq, businesses can be supported in their international transactions, enabling them to thrive across the globe.
