Following the launch of USD collections for Amazon in the US, Canada and Mexico earlier in 2020, the extended service gives payments businesses an additional proposition for their customers. Virtual IBANs can now be used to collect the proceeds of online stores including Amazon, eBay, Shopify, Wish, Walmart, Newegg, Souq (Amazon UAE), Jet, Wayfair, or Etsy.
Using Banking Circle Virtual IBAN, payments businesses’ merchants are allocated US bank details, allowing marketplaces to pay in USD and via their ACH payment corridor (the US version of SEPA and BACS). This allows merchants to sell internationally and take control of the foreign exchange and payment method of their store income.
As a multi-currency, multi-jurisdictional banking solution Banking Circle Virtual IBAN negates the need to have several banking relationships and enables foreign exchange and payments businesses to give their customers their own virtual IBANs, according to the official press release.
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