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MiFinity launches Virtual IBAN to improve payments platform

MiFinity has made Virtual International Bank Account Number (IBAN) technology available to its users, providing greater control over their accounts and how they transfer money. 

moneytransfer

The company, which provides a secure, private and fast payments solution for the iGaming industry, will allow its customers to request a free IBAN, linked to its primary MiFinity eWallet. This can then be used to top up player accounts, which in turn can be used anywhere that accepts the payment solution, including over 190 merchants and iGaming operators currently linked to MiFinity. 

Paul Kavanagh, CEO, MiFinity, commented: “Our virtual IBANs are a remarkably simple way for users to top up their MiFinity and iGaming accounts. It’s free, quick to set up, and easy to use. IBANs also offer an extra layer of privacy for our more security-conscious customers. We think that the virtual IBAN will prove to be a big hit with customers in 2022, and the launch of this exciting new product is a great way to start the new year.” 

While all bank accounts have a unique number recognisable in local territories, an IBAN is verifiable worldwide.

Similar to a telephone number, the 34-digit figure consists of an area code and two security numbers, in addition to the standard account number and sort code. The IBAN was first proposed in 1997, to overcome both standardisation issues and human error. Currently, 77 countries around the world have signed up to use the IBAN protocol.  

MiFinity’s IBAN is a free service, enabling customers to transfer money from any GB or EEA IBAN-supporting bank account. It will be available in both GBP and EUR currencies.

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