Magnetiq Bank Launches Personalised Virtual IBANs

Magnetiq Bank is expanding its Banking-as-a-Service offering with the launch of Personalised Virtual IBANs, available to the Bank’s clients, EU-registered companies licensed or authorised to provide payment services to their customers.

The service enables these businesses to provide their customers with dedicated Virtual IBANs for incoming and outgoing EUR payments. Each Virtual IBAN is linked to the client’s Master Account, helping simplify customer payment management and reconciliation without the need to open a separate bank account for every customer.

Personalised Virtual IBANs support payments via SEPA, SEPA Instant and TARGET and can be used for both individual and corporate customers.

The service is integrated with Magnetiq Bank’s API, allowing clients to request, manage and monitor Virtual IBANs within their existing payment infrastructure. Clients can also receive Virtual IBAN status updates through webhooks.

The launch further strengthens Magnetiq Bank’s Banking-as-a-Service offering, providing the Bank’s EU-registered clients with additional infrastructure to support their customer payment flows.

Interested in Personalised Virtual IBANs? Contact the Magnetiq Bank team to learn more.