BNP Paribas offers a powerful Virtual IBAN solution to help corporates to increase their Straight-Through Reconciliation (STR) rate and centralise collections. The Virtual IBAN solution provides a system of smart end-to-end references (in the format of an IBAN) which are all linked to the same physical master account. This allows our customers to customise and allocate unique account number references to each of their payers in order to automatically identify both the payer and/or the final beneficiary and to rationalise the number of real bank accounts opened.
Virtual IBAN provides a reliable technical response to your collection reconciliation and centralisation problems, thanks to:
- its flexibility to customise the Virtual IBAN references to your liking
- its capacity to support all incoming electronic transaction types, i.e. domestic, SEPA and international transfers
- its ability to re-route the Virtual IBAN references in use to another physical master account
- its harmonised account statement reporting, enriched with the Virtual IBAN references
For more information about our Virtual IBAN offer, please contact your Relationship Manager.