- These accounts allow firms and their clients to hold, send, and receive payments (e.g., USD, EUR, GBP, etc.).
- Provide faster payment times as transactions are processed quickly using systems such as SEPA, SWIFT, Faster Payments (in the UK), or similar national/international payment networks, with instant or same-day settlement being possible (network/region dependant).
- Unique IBANs are issued for each account holder, client, or principal allowing firms to manage accounts more efficiently with transparent tracking for each individual client or entity.
- For firms managing funds on behalf of clients (e.g., investment firms, payment processors), unique IBANs can be tied to segregated accounts ensuring funds for each client or transaction remain separate and compliant with regulatory requirements.