What is a virtual IBAN? How money apps give every customer their own account number
By SendPay Business · · 2 min read
A virtual IBAN is an account number that looks and works like a normal IBAN for the person paying, but routes the money into a larger master account behind it. It lets a firm give every customer, or even every invoice, its own account number without opening a separate bank account for each.
How it works
The payer sends money to the virtual IBAN as they would to any account. The payment lands in the master account, and the virtual IBAN tells the firm exactly whose money it is, so it can be credited to the right customer automatically.
Who uses them
- Money apps, to give each customer their own account details for getting paid.
- Marketplaces, to know which buyer paid without matching references by hand.
- Businesses with many invoices, to match each payment to its invoice.
- Firms selling abroad, to offer local account details in several countries.
What to check
Some virtual IBANs carry a country code different from where the customer lives, which some payers or employers query. Check which country's IBANs your provider issues, and that they're named in the customer's name where that matters.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.