N26 introduces IBANs for sub-accounts

Friday 7 May 2021 14:40 CET | News

Germany-based neobank N26 has introduced its own German IBAN for sub-accounts to simplify the administration of invoices and incoming payments. 

N26 has announced the expansion of its sub-accounts called Spaces, that allow users to define budgets for themselves. Customers with the chargeable account models N26 Smart, N26 You and N26 Metal can use spaces as independent sub-accounts and can now also assign each space its own individual IBAN. This enables direct debit payments to be set up for sub-accounts and SEPA bank transfers to be received directly.

According to an N26 survey, over a third of customers would want payments to be made directly through Spaces. The customers of the account models assign IBAN to the spaces by creating the space in the app and then selecting ‘Add IBAN to space’ via the settings. The new feature has additional benefits for freelancers and self-employed persons, who can assign an individual space to customers and assign up to 10 IBANs for this. This makes it easier to track incoming payments, download separate bank statements for each space and optimise the management of business finances.

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Keywords: product upgrade, mobile banking, IBAN, bank account
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Germany
This article is part of category

Banking & Fintech