Virtual IBANs: Named Accounts for Your End-Users
Stop reconciling deposits manually. Fiat Republic's named virtual IBANs, available to individuals and businesses, give each of your end-users a dedicated account number in their own name.
Deposits are identified instantly, reconciliation is automatic, and your users experience a fiat on-ramp that feels like a local bank account.
One API. Multiple currencies. SEPA, SEPA Instant, Faster Payments, and Wire transfer. Multi-bank redundancy. Compliance built in. Whether you run a crypto exchange, an OTC desk, or a digital wallet, Fiat Republic's virtual IBAN infrastructure handles fiat so you can focus on growth.
Pricing is scoped to your platform.
Volume, currency mix, and compliance complexity all affect your setup.
We’ll give you a clear commercial picture before any commitment.
Why Named Virtual IBANs?
Named end-user virtual IBANs are not the same as a pooled account. The difference affects your reconciliation speed, compliance posture, and user experience.
With a named vIBAN, each user has a dedicated account in their own name. Every deposit is automatically attributed to the correct user without requiring a reference code. With a pooled account, users share a single account number and rely on reference codes that are easy to mistype or omit, leading to reconciliation errors and compliance gaps.
| Dimension | Named vIBAN (Fiat Republic) | Pooled vIBAN | Traditional Bank Account |
|---|---|---|---|
| Account ownership | User's own name on the account | Shared account with reference codes | Company name only |
| Reconciliation | Automatic: each deposit is identified by vIBAN | Manual: reference code matching required | Manual: statement-based matching |
| Setup time | Seconds via API | Minutes to hours | Weeks to months per jurisdiction |
| Multi-currency | EUR, GBP, USD, with a separate connection per currency | Varies by provider | Separate account per currency |
| Compliance posture | Strong: clear user-to-payment audit trail | Weak: reference code dependency | Strong but slow to scale |
| Banking redundancy | Multiple banks behind one API | Depends on the provider | Single bank per account |
How It Works
Integrate via API
Issue named vIBANs to each end-user
Once integrated, create a named virtual IBAN for any user in seconds through an API call. Each vIBAN is issued in the user's name and linked to your master account.
Users deposit via local bank transfer
Your users send fiat from their bank using their personal vIBAN, just like a normal bank transfer. Supported rails include SEPA, SEPA Instant, Faster Payments, and Wire transfer.
Funds arrive pre-identified and compliance-screened
Every incoming payment is automatically matched to the correct user by its vIBAN. Transaction monitoring, sanctions screening, and risk alerts run in the background. No manual reconciliation needed.
POST /v1/virtual-accounts
{
"masterFiatAccountId": "fa_82937419",
"endUserId": "usr_928374",
"ibanCountry": "LU",
"label": "EUR Virtual Account for End-User"
}Estimated integration time: as little as two weeks from API access to live vIBAN issuance.
Total time depends primarily on your compliance readiness: platforms with existing KYC/AML policies and a designated compliance officer typically go live fastest. No separate banking onboarding is required per jurisdiction.
Built for Crypto and Web3 Platforms
For crypto platforms, virtual IBANs solve a problem that goes beyond reconciliation: access to banking itself. According to Coincub's Europe Crypto Report 2025, only 14% of European crypto startups successfully opened bank accounts and did not later face closures.
Named virtual IBANs issued through Fiat Republic give crypto platforms access to banking infrastructure already negotiated for them as crypto businesses.
Fiat on-ramp
Fiat off-ramp
Withdrawals route through the same-named account, giving users a consistent and familiar experience when moving crypto back to fiat.
OTC settlement
Liquidity providers settle fiat with counterparties through named vIBANs, with instant reconciliation and multi-currency support.
Multi-jurisdictional access
Issue EUR and GBP virtual IBANs to users across Europe and the UK through one integration, without opening bank accounts in each country.
GOAT Finance
GOAT Finance, a client of Fiat Republic, was denied corporate accounts by multiple banks in Lithuania and Estonia solely because of its involvement in crypto. After integrating with Fiat Republic, GOAT Finance gained access to multiple IBANs across jurisdictions, with SEPA Instant and Wire capabilities, eliminating single-bank dependency and restoring full fiat access for their users.
Payment Rails and Currencies
| Payment Rail | Speed | Currency | Coverage | Limits |
|---|---|---|---|---|
| SEPA | 1 business day | EUR | EEA (36 countries) | No cap |
| SEPA Instant | Under 10 seconds | EUR | EEA (participating) | Up to €100,000 |
| Faster Payments | Seconds (typically) | GBP | UK | Up to £1,000,000 |
| Wire | 1 to 3 business days | USD (and others) | Global | No cap |
FinchTrade
FinchTrade, a Swiss-based OTC liquidity provider, integrated SEPA Instant and multi-jurisdictional virtual IBANs through Fiat Republic's single API. Settlement that previously required days of manual bank coordination became near-instant, with banking redundancy built in across European markets.
Compliance Built In
Every virtual IBAN issued through Fiat Republic comes with automated compliance and security infrastructure. You do not need to build transaction monitoring or sanctions screening in-house.
Oxygen is Fiat Republic's add-on compliance engine: a configurable rules layer that screens every incoming and outgoing payment in real time. You set the thresholds; Oxygen runs the checks. No third-party compliance software required.
Automated, instant screening of payees and senders against global sanctions lists on every transaction, ensuring you remain aligned with regulatory expectations.
Spike-in-activity detection and configurable thresholds that flag anomalies, suspicious behaviors, or transaction size variations before they become operational issues.
Full transaction visibility and audit trails that streamline regulatory reviews, internal compliance checks, and external banking partner due diligence.
FCA and DNB Authorized Safeguarded Funds
Fiat Republic holds EMI licences regulated by the FCA (UK) and DNB (Netherlands), MSB registration with FinCEN (US), and FINTRAC registration (Canada). Funds are safeguarded under e-money regulations in segregated accounts at partner banks.
Go Beyond Payment Rails with EagleNet
Standard payment rails have speed limits, operating hours, and fees. EagleNet removes all three.
For exchanges and OTC desks that need to move fiat outside banking hours, or that want to eliminate the capital lockup of traditional settlement, EagleNet provides a structural advantage that faster payment rails alone cannot match.
Real-time settlement, 24 hours a day, 7 days a week, 365 days a year.
No payment rail fees and absolutely no amount restrictions on transfers.
Settle instantly inside the Fiat Republic ecosystem with liquidity providers like Scrypt, FinchTrade, and Hercle.
No dependency on external banking hours or batch processing windows.
Fully compliant, end-user safeguarding solution aligned with Title IV.
Available both on and off-chain to match your technical requirements.
Frequently Asked Questions
What is a virtual IBAN?
A virtual IBAN (vIBAN) is a unique digital account number issued by a licensed payment provider. It functions like a traditional IBAN for receiving and sending payments, but instead of being tied to a standalone bank account, it routes funds to a central master account while retaining full identification of the source and purpose of each transaction. Virtual IBANs can be issued in seconds via API, across multiple currencies and jurisdictions, without separate banking relationships.
What is the difference between a named and a pooled virtual IBAN?
A named virtual IBAN is issued in the individual user's name, creating a dedicated account number that uniquely identifies every incoming payment. A pooled virtual IBAN shares a single account number across multiple users, relying on reference codes in the payment description to identify the sender. Named vIBANs provide instant reconciliation, a stronger compliance audit trail, and a better user experience because there are no reference codes to mistype or forget.
Which currencies and payment rails do Fiat Republic's virtual IBANs support?
Fiat Republic issues virtual IBANs in EUR and GBP, with USD support via Wire transfer. Supported payment rails include SEPA, SEPA Instant, Faster Payments (UK), and Wire Transfer (global). All rails are accessible through a single API integration. Real-time FX is available for programmatically converting between supported currencies.
How long does it take to integrate virtual IBANs via API?
Fiat Republic provides full API documentation and a sandbox environment for testing. Most integrations go live within two to four weeks, covering API connection, compliance onboarding, and production testing. Once live, individual virtual IBANs are issued to end users in seconds via a single API call.
Are funds held in virtual IBANs protected?
Funds received through Fiat Republic's virtual IBANs are safeguarded under e-money regulations. This means they are held in segregated accounts at licensed partner banks, separate from Fiat Republic's own operating funds. Fiat Republic is authorised as an Electronic Money Institution by the FCA (UK) and DNB (Netherlands), providing regulated protection for client funds across the EEA and UK.
Ready to eliminate settlement delays? Let's connect and explore how virtual IBANs and EagleNet work together for your platform.