Latest News
PayDo’s Dedicated Multicurrency IBANs: Breaking Down Borders in Fintech
Businesses need financial solutions that match their international ambitions.
Whether paying contractors, receiving client payments, or handling cross-border transactions, traditional banking systems often fall short. Opening a bank account can take months, and handling large volumes of transactions can be as hard as avoiding the word “AI” in modern media.
Hardships with banking and international transfers are particularly palpable for high-risk industries like iGaming.
That’s where PayDo’s dedicated multicurrency IBANs come in. PayDo’s team of experts did their best to provide clients with an ultimate IBAN solution. In this piece, we will deconstruct PayDo IBAN and see what makes it unique in Fintech.
What Is a Dedicated Multicurrency IBAN?
A dedicated multicurrency IBAN is a unique international bank account number assigned exclusively to one business. This means the business can easily handle international transactions. Unlike pooled IBANs, where multiple businesses share the same account number, a dedicated IBAN gives a business full control over its transactions.
Imagine a company called TechGlobal Ltd. They have customers and suppliers all over the world. With a dedicated multicurrency IBAN, TechGlobal Ltd. can receive payments in different currencies directly into their unique account. If a client in Germany pays an invoice in euros and another client in Japan pays in yen, both payments go straight to TechGlobal’s dedicated account. This makes it easy for them to see who paid and when without confusion.
The catch—to have a dedicated multi-currency IBAN, a company needs to open a business account. Here’s where the tricky part comes in. Opening a business bank account can take months, not speaking about the number of documents you need to provide. Another major challenge is all about high fees and slow processing times.
Besides, traditional banking methods usually require businesses to maintain separate bank accounts for different currencies. This complicates financial management and increases the costs associated with international payments.
PayDo’s Multicurrency IBAN Offering
PayDo is a payment ecosystem that pays particular attention to making its IBAN worthwhile. A user can open a PayDo Business Account in just 48 hours and get as many dedicated IBANs as one wants. Here’s what makes PAyDO IBAN unique:
1. Access to 9 Payment Schemes. PayDo’s IBAN is connected to major local and international payment schemes. These include:
- SWIFT
- SEPA
- SEPA Instant
- Target2
- Faster Payments
- CHAPS
- BACS
- Kronos2
- Fedwire
Such broad access to payment schemes means you can send and receive transfers to various locations without delays. Besides, as a SWIFT Direct Participant, PayDo has exclusive access to the given network.
2. 35+ Currencies. With PayDo, IBAN is truly multicurrency. Along with some most common currencies like EUR and USD, companies get more than 35 currencies with their IBAN. The more currencies you have, the more localised transfers are available. In other words, with a multicurrency IBAN, you can pay global contractors using their preferred currency. And there is no extra cost for any of the 35 currencies involved.
3. High-Risk Industry Support. Many traditional banks avoid high-risk industries like iGaming. On the other hand, PayDo is all about working with high-risk clients. With no volume restrictions and a deep understanding of compliance requirements, PayDo makes international transactions accessible and reliable for industries often overlooked.
4. Quick Onboarding and Global Reach. Opening a dedicated IBAN with PayDo takes as little as 48 hours. In addition, PayDo supports operations in over 150 countries.
Breaking Down Financial Barriers
International business often involves dealing with multiple currencies, high fees, and compliance issues. These can create significant operational hurdles. With PayDo’s dedicated multicurrency IBANs, companies no longer need to worry about managing separate accounts or facing delays in cross-border payments.
For example, suppose a company based in the UK works with contractors in Europe and the US. They can easily make payments in euros, pounds, and dollars. No need to open separate accounts or deal with costly conversion fees.
PayDo also takes security seriously. The company complies with global standards and adopts various security measures. The Financial Conduct Authority (FCA) fully regulates the platform in the UK and FINTRAC in Canada.
Conclusion
Businesses need financial tools that are as flexible and dynamic as the markets they operate in. PayDo’s dedicated multicurrency IBANs offer a practical, efficient, and secure solution for managing global transactions. With features like 35+ currencies, access to 9 payment schemes, and support for high-risk industries, PayDo sets a new fintech standard.
Open a PayDo Business Account. See for yourself what PayDo IBAN can do for your business.
The post PayDo’s Dedicated Multicurrency IBANs: Breaking Down Borders in Fintech appeared first on European Gaming Industry News.