ConnectPay has launched virtual accounts (vIBANs) for licensed financial institutions. EMIs, payment institutions and specialised banks can now give each of their business customers a virtual IBAN account, connected to their master account at ConnectPay.
Why financial institutions need virtual accounts
Many financial institutions collect payments for their business customers into one shared account and match them by hand afterwards. Payers forget references, teams chase unmatched payments, and business customers ask for an IBAN of their own.
The name on a payment also matters more than before. Since 9 October 2025, payment providers in the eurozone check that the payee’s name matches the IBAN before a euro transfer goes through. When the IBAN belongs to the provider rather than the business being paid, payers get a warning and payments can fail.
How ConnectPay virtual accounts work
Each virtual account is a unique IBAN linked to your master account with us. To payers and recipients, it works like any other account:
- Every payment arrives already marked for the right customer, even if the payer forgets the reference.
- Outgoing payments carry your customer’s name.
- Virtual IBAN accounts support SEPA, SEPA Instant and transfers within ConnectPay.
- You manage virtual IBAN accounts through a single set of APIs, and every transaction shows on your master account statement with its virtual IBAN account and customer name.
Your customers stay yours. They never sign up with us: you onboard them, check them and decide who gets a virtual IBAN account.
“Financial institutions don’t need another shared account. They need each customer to have their own IBAN, their own name on every payment, and a clear record of who paid what. Building that in-house takes years. We built it once so our partners don’t have to,” says Marius Galdikas, Founder and CEO of ConnectPay.
Who can use ConnectPay virtual IBAN accounts
Virtual IBAN accounts are available to EMIs, payment institutions and specialised banks established in the EEA or other jurisdictions we accept.
Learn more about virtual IBAN accounts →
Explore the vIBAN API docs →
