How to Create a Virtual IBANs

You can create a Virtual IBAN using either the automated or manual method:

Automated Method

1. Navigate to the ‘RequestPay’ menu.

2. Go to ‘Customers’ from the top menu.

3. Create a new contact or select an existing contact.

4. Set the Matching Criteria to ‘Dedicated Funding Source’.

5. On your next payment request to this customer, the system will automatically generate a vIBAN and link it to the account or sub-account where you want to receive the funds.

6. You can view the vIBAN details by:

   • Clicking on the payment request and selecting funding details.

   • Going to the ‘Accounts’ menu, selecting the relevant account or sub-account, then navigating to the ‘Receivables’ tab.

Manual way:

1. Navigate to the ‘Accounts’ menu.

2. Select the relevant account, then go to the ‘Receivables’ tab.

3. Click ‘Create Dedicated Funding Source’. You will have two options:

Option 1: Create a New Virtual IBAN

• You can assign a pre-existing customer to the new vIBAN or create a vIBAN and share it directly with your customers without using the RequestPay within the platform.

  • If you create a vIBAN without assigning it to a contact, you can still track its usage through reports when the vIBAN is used for incoming deposits into the linked account or sub-account.

Option 2: Assign an Existing Virtual IBAN to an Existing Customer

• The system will display any previously created vIBANs that are not currently in use or were created but never assigned to a contact.

• You can link an available vIBAN to a contact. On the next payment request, the assigned vIBAN will be used for automated matching.

Once incoming deposits start flowing through these vIBANs, you can view historical transactions by:

1. Navigating to the ‘Accounts’ tab.

2. Going to the ‘Receivables’ menu.

3. Selecting the respective vIBAN.

4. Opening the ‘Transactions’ tab.

Watch this video that explains in depth how to use virtual IBANs