EQ Global in partnership with Citi, have launched a new Virtual Bank Account service which allows businesses to transfer money across 26 currencies. The immediate benefit is that business can gain access to their own unique GB IBANs for 26 funding currencies enabling them to transact across multiple currencies anywhere in the world
The Virtual Bank Account service can be accessed via EQ Global’s web-based PayFac platform. Additional benefits will include automated payment reconciliation that will increase the speed at which EQ Global can process payments in delivery to the ultimate beneficiary.
EQ Global plans to add other features to the service soon, including enabling third-party funding into Virtual Bank Accounts. As a result of this, businesses’ own customers will be able to pay directly into their Virtual Bank Account.
Additional international Virtual Bank Accounts are to be launched in 2018 with local IBANs to further increase the speed and efficiently of EQ Global’s payments offering. This may well be useful for businesses trading on overseas marketplaces who would prefer to repatriate funds under their own terms rather than rely on the marketplace or payment providers exchange rates.
This new Virtual Bank Account service is aimed at medium to large sized businesses and institutions with complex international payment networks. If you’re a smaller company then there may be more suitable solutions to fit your needs in the Finance section of the Tamebay Guide.
