How does the virtual IBAN work?

Virtual IBANs are an alternative to traditional IBANs. They route incoming (or outgoing) payments from a company to the main IBAN. These funds are then consolidated into a single account, making it easier to track transactions. 

Create as many virtual IBANs as you need, associating them with the main account to centralize cash receipts in a single account.

Once generated and communicated to the recipient, the latter can make transfers using the payment details. Funds are automatically credited to the associated master account.

The virtual IBAN can be used to segment incoming transactions according to product or service, geographical area, expenditure category, etc.

The advantages of virtual IBANs with Treezor

Enhanced confidentiality and security

Protect the main account’s banking details by limiting its exposure through the creation of virtual IBANs.

  • Reduces the risk of fraud
  • Protects bank data

Simplified bank reconciliation

Facilitate the reconciliation process by providing a unique reference for each transaction

  • Reduced risk of mislabeling or mistaken references 
  • Better identification and matching of operations 
  • Save time for your teams 

Why choose Treezor as a solution for virtual IBANs?

Thanks to Treezor’s technology, you can customize management rules to suit your needs. 

Our platform enables you to easily change the name of an existing virtual IBAN, or the bank account to which it is attached, offering great flexibility in account management.

Treezor greatly simplifies the process of deactivating virtual IBANs by enabling you to do so instantly via API, while offering the option of reactivating them at a later date if necessary. Although deleting a virtual IBAN is possible and effective, this deactivation feature may be necessary for you. 

Features of Treezor’s virtual IBANs

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Predefined number of transactions

Treezor’s virtual IBANs can be configured to accept up to a predefined number of transactions. This feature is particularly useful to help you manage your budgets and prevent misuse, as you can impose a ceiling on the number of transactions linked to a given virtual IBAN.

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Control over cumulative transaction amounts

Treezor gives you the option of restricting the total value of transactions that a virtual IBAN can process. This limit on the cumulative transaction amount provides an additional layer of financial security, preventing the excessive transfer of funds via a single virtual IBAN, ensuring that cumulative spending remains within the same allocated budget.

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Configuration limited to a single direction

Treezor’s virtual IBANs can be configured to handle a single transaction direction: either outgoing funds via SEPA Direct Debit (SDD) or incoming funds via SEPA Credit Transfer (SCT). This limitation helps you to considerably reduce the risk of unauthorized funds movements.

Speed

Time restrictions

To further enhance the security of your transactions, Treezor’s virtual IBANs can be customized to operate within a specific time period. This time limitation ensures that the virtual IBAN in question is active only during specified periods, and deactivated once the period is over.

Discover the technical documentation

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Some use cases of the virtual IBAN with Treezor

In all cases, a separate virtual IBAN can be used for each type of expense, enabling clear categorization of transactions and precise cost analysis.

Allocate a unique virtual IBAN to each customer, making it easier to track and manage payments for each customer relationship.

 

Assign a single virtual IBAN to a group of customers sharing similar characteristics, such as type of business or geographical area, simplifying the management of group-specific financial flows.

Allocate a separate virtual IBAN to each supplier, enabling precise traceability of incoming payments and efficient management of supplier relationships.
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Allocate a single virtual IBAN to a group of suppliers sharing common attributes, such as the type of products or services provided, thus facilitating the management of transactions linked to this group.

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