Virtual IBANs are additional IBANs that route to the central COMMITLY business account. They are used to assign payment flows unambiguously without opening a separate physical bank account for every purpose.
Benefits of virtual IBANs
1) Automatic assignment of incoming payments
Each virtual IBAN can be assigned to a customer, contract, location or case.
Incoming payments can therefore be mapped unambiguously without parsing the payment reference.
Result: fewer clarification cases, less manual booking work, faster reconciliation.
2) Better cash and liquidity transparency
Payment flows are structured (e.g. per customer/property/project).
You get near real-time visibility into where money comes from and what it is meant for.
Helpful for forecasting and working capital management.
3) Scalability without account proliferation
Many "sub-account" structures, without opening hundreds of real accounts.
Especially useful with a growing number of customers, tenants, debtors or projects.
4) Better customer experience
Customers pay to "their" IBAN – fewer questions ("Which reference should I use?").
Fewer misbookings, less dunning and clarification communication.
5) Simplified reconciliation for collective accounts/payment hubs
Ideal when payments are to be received centrally (treasury/shared service center), but still need to be assigned in a granular way.
6) Support for compliance and controls
Clear assignment can facilitate internal controls (e.g. traceability, audit trails).
Depending on the setup, rules/restrictions can be defined per virtual IBAN.
7) Suitable for special use cases
Real estate/property management: one IBAN per tenant/property
Marketplaces/platforms: one IBAN per seller/partner
Subscription/SaaS B2B: one IBAN per customer/contract
Project business: one IBAN per project/cost center
8) Potential for cost reduction
Less manual reconciliation effort, fewer returns/misallocations.
Reduced bank account administration (depending on bank/provider).