LHV started offering Virtual IBAN to payment intermediaries
On 7 March, LHV launched its Virtual IBAN (International Banking Account Number) service.
Virtual IBAN is a fully functional IBAN that can be personalised and allocated to end customers and can send and receive payments. Behind the scenes the Virtual IBAN is connected to a master account which is debited and credited when a payment is made. Currently, LHV is only issuing EE IBANs.
The service is provided through the Connect API, a fast and secure solution which gives companies an overview of their accounts in real time.
Virtual IBAN accounts provide more control, increased efficiency, and a much simpler implementation process compared to traditional business accounts. Furthermore, the Virtual IBANs offer companies the same facilities as a traditional settlement account, but at a reduced cost as there is no need to open and manage a physical account.