Opening an account with iBanFirst as well as your existing arrangement gives you access to all the financial services we offer to our customers along with the most competitive rates on the market. These services are available through our carefully selected partners - the finest FinTech companies in their field, which you can now use, thanks to a unique account: your IBAN account with iBanFirst! Today, we already can provide virtual payment cards and international payment services, soon we plan to have available the physical debit card along with even more services such as factoring and financing. Please have a look at our roadmap of services.

With iBanFirst you can order a prepaid virtual card to purchase anything you need online. We have got big plans for 2017 and will soon be adding a physical Debit Card to our offering, with which you will be able to withdraw money from any cash point. However, we do not process cash deposits or cheques. iBanFirst aims to provide an online banking experience from start to finish.

Our Founder Pierre-Antoine Dusoulier comes from a background of corporate banking and the startup world. Over the last 10 years he has been an investor in many successful businesses. During this time, Pierre-Antoine realised that while the service provided by existing banks worked well for the corporate and retail banking sectors, they had never given a lot of attention to SME business banking. Result: high fees, slow service, second-tier products, and painful lengthy processes. Thus, under his leadership, we’ve set out to solve this problem by providing:

 

•           Transparent pricing

•           Innovation and an easy online user experience

•           Solution driven, bringing value and savings to busy business owners.

 

We started in 2015 with a cutting-edge international payments solution which provides our customers with access to transparent pricing, ease of use and added value! We are now working very hard to extend the range of services for our clients.

In the light of major risks of identity theft raised by national supervisory authorities such as the National Bank of Belgium and the Financial Intelligence Processing Unit, iBanFirst requires an initial transfer of SEPA funds emerging from a recognized credit institution account registered in the name of the customer. This first transaction will also be analysed in reference to the money-laundering regulations and the fight against financing of terrorism.

Prepaid, one time usage, virtual cards. You can generate, for free, as many of these cards as you or your employees need to make purchases. This allows you to keep full control of the payments that are made by card in your Company.

Any company registered to its country-specific national register can apply to open an iBanFirst account.

However, please note that the automated online account opening feature is only available to companies that are registered in France or Belgium, and that own a business account from which they will be able to transfer funds in order to activate the iBanFirst account.

iBanFirst is a regulated EU payment institution (with EU passport) and is monitored by the National Bank of Belgium. iBanFirst has a strong compliance, internal and external auditor (top tier firm) program. The company is well funded and supported by its lead investor Xavier Niel.

In the worst-case scenario that iBanFirst would go bankrupt, this would have a very limited impact on our customers as their funds are segregated. This means that the funds are held by our banking partner, a top tier European bank, and that iBanFirst and/or its debtors cannot access these funds to reimburse the open debts.

At iBanFirst, each client has a dedicated Account Manager. You can make contact with your Account Manager by sending a message through the platform or by calling him or her using information available on the ‘Contact’ page of the platform. All our account managers are available from Monday to Friday between 8AM and 8PM.

As mentioned above, iBanFirst is not licensed to provide loans and when a customer’s account is overdrawn, it is considered by the regulator as a loan. Therefore, iBanFirst monitors its customer accounts very closely to make sure that they do not become overdrawn and will block services in the case of there not being enough funds available until the customer rectifies the situation.

Opening an iBanFirst account is a fully online process* and can take as little as 2 minutes.

We have brought the complex and time consuming business account opening process online. No more days and days waiting for an appointment with a bank, you can read a little more about our secret sauce here.

*Note: currently this online process is available only to companies registered in France and Belgium with a business account in other bank from which they can make the first payment required to activate their account.

iBanFirst holds a current Payment Institution License. This was first granted to us by the National Bank of Belgium in 2013. This licence does not allow iBanFirst to provide loans to its customers. Loaning is a service that remains a benefit of the banks. Since iBanFirst does not provide loans it does not use money of its customers to provide other services to clients. This means the funds of our clients are always available for them to recover.

The monthly subscription is deducted from your EUR iBanFirst account on the first calendar day of each month.

To help keep your account safe, we recommend that you use the following best practices:

  • Choose a reliable password that you do not use on any other site.

  • Use the "connection check".

  • Be suspicious about unusual links in emails or on webpages and always check that you are on ibanfirst.com before entering your login information.

  • Never provide your username and password to third-party applications, especially those that promise subscribers, money or certification.

  • Verify that your operating system, including your browser, is up-to-date with the latest upgrades and antivirus software.

  • If you think your account may have become compromised, contact your account manager immediately.

The iBanFirst account is a payment account. It works as a business current account. You can send and receive transfers in euro and foreign currencies. You can also purchase on internet with our single-use virtual cards.

However, the iBanFirst account must always be in credit. On each transfer, transaction or payment, iBanFirst will check your balance before debiting your account.

Finally, the iBanFirst account is not a deposit account: funds which are credited to the account by our customers are understood to be there for the purpose of making payments.

Per European and Belgian law, we are obliged to segregate our client’s funds. This means all clients funds are deposited on accounts that are separated from iBanFirst’s proprietary accounts. This is called account segregation and entails that the funds of our clients are held by our banking partner, a top tier European bank, and that iBanFirst and/or its debtors cannot access these funds.

iBanFirst, as a payment institution, is not authorised to advise its clients regarding their transactions. However, we regularly exchange with our clients to discuss the current issues and their potential impacts on the markets. We also keep you up to date with upcoming events, in order to enable you to anticipate bullish/bearish stock movements. It is of course possible to request to be proactively contacted, in case of fluctuation, via market alerts.

We invite you to follow us on LinkedIn, Medium and Twitter to continually keep up to date with the latest economic events and relevant news.

iBanFirst is a payment institution approved by the National Bank of Belgium. This requires us to carefully get to know our customers well before giving them access to our services, to help ensure they are used solely for legitimate purposes. This is part of a wider fight against fraud and money-laundering. We must submit all the documents gathered as well as the processes put in place on our side to our regulator.

Yes, your iBanFirst account can be your main account as it features all the main services a business needs: a payment solution, direct debit and virtual credit cards. Nevertheless, please note that currently in order for us to active your iBanFirst account we will ask you to make a first transfer from the business account you currently have. (We understand this is not ideal, and are working hard to streamline this process.

iBanFirst takes every possible precaution to guarantee a high level of protection for your personal data.

As a matter of course, we take all appropriate measures – both technical and organisational - that are required to achieve this security goal, in accordance with data protection law.

iBanFirst is operating as a payment establishment and not a bank. 
 
We offer payment accounts where you can manage your day to day financial operations (transactions, international transfers, virtual card payments, etc.).

Nonetheless, there are certain differences between your iBanFirst account and a traditional bank business account:
- Any iBanFirst account cannot be overdrawn
- iBanFirst doesn’t accept checks or cash

You can either use iBanFirst as the main account for your business or as a side account for your daily financial transactions and cost efficient international payments.

You will need the following documentation to open an account with iBanFirst:

  • Contract including the shareholding and Ultimate Beneficial Owners (UBOs) / representative’s statements

  • ID proof of UBOs / représentatives

  • Proof of business registration

  • Company’s articles of association

  • Company’s shareholder’s register

Our compliance department may also request additional documents, such as registration certificates of the parent companies.

iBanFirst has signed an agreement with ISABEL 6 in Belgium in order to become the first payment institution providing transparent Foreign Exchange pricing on the platform. Our clients will be able to add their iBanFirst account to their ISABEL 6 environment before the summer of 2017.

iBanFirst is a pioneer in setting up a new system which we call Banking-as-a-Service (BaaS). We strongly believe that most businesses are charged by their bank for services they never use or need. We want to create a platform with which our clients will have the option to use just the financial services they need and only pay for what they use. That’s the BaaS! How can you connect to this platform? By opening a business account and getting your own IBAN!. Everything begins with the IBAN.

Throughout 2017 we will be introducing more services to this BaaS ecosystem. You can check our homepage at any time to see what is coming next and subscribe to our email list to get the latest news as it becomes available.

We’re bringing the very best of business banking services together in one place. We believe this is business banking as it should be.

 

•           We are paving the way with an IBAN account giving you a gateway to a wide range of FinTech services thanks to the Banking-as-a-Service platform

•           iBanFirst offers a new way of doing business banking all online

•           Best of all worlds: we combine best-in-class front end services, thanks to our FinTech partners, with our core infrastructure which is adapted to perfectly meet the needs of our clients

•           We are a dynamic team dedicated to give you a better service and listening to your needs.

 

We provide a better business banking experience. It starts here.

We help businesses at all stages of their lifecycle. The Banking-as-a-Service platform offered by iBanFirst can be used when:

  • you want to create a company, and need an account to deposit your funds and get a certificate;
  • you need a business account offering more competitive rates than a bank that can be quickly opened online in 2 minutes;
  • you are ready to expand with clients or suppliers abroad and need to manage international transactions at an effective cost.

Discover more about services offered by iBanFirst here

We have also developed a very strong core banking infrastructure, which we can make available for:

  • The very best FinTech partners who want to serve our clients using the iBanFirst Banking-as-a-Service platform. This is the highest form of integration.
  • Any Marketplace, crowdfunding or E-commerce platform that needs some modules of our core banking system (such as our solution that creates ‘on the fly’ IBAN accounts to make it easy to collect funds.)
  • Businesses who need to integrate with our services through our API to automate their transactions. This is a very easy, ‘light’ integration which you can set up as soon as you are ready. Go HERE to find all the information you need to establish your own API integration today!

We can also facilitate partner enquires for any business that wishes to resell our products as a white label solution – or promote our service as an affiliate. Discover more about partnerships HERE.

iBanFirst account information (i.e. banking reports that use Isabel terminology) can be imported into your ERP/Accounting software. To be able to do this, you must subscribe to the Banking file download module or be a user of the Isabel Go module. iBanFirst provides account information in the form of banking reports in CODA and MT940 file formats. iBanFirst does not charge a fee for these reports.

Zoomit is not currently available for use with iBanFirst. If you think Zoomit is a great product and would like us to integrate it with iBanFirst as soon as we can, you can add your request by clicking here.

For an inter-account transfer, you will receive the notification on the same day that the transaction is made.

For an international payment, the notification will reach you the following day, irrespective of the currency.

If you wish to add an additional bank, the cost is €11.01 (incl. VAT) per user, per month and in this case the fee will be invoiced through Isabel.

An iBanFirst International Business account is free, subject to sufficient transactions being conducted through it.

Yes. We are linked to the SEPA and SWIFT networks. Therefore, iBanFirst can handle transfers in Euros and in foreign currencies.

Your iBanFirst Account Manager is at your disposal to respond to your questions. He or she can be contacted on the direct line that you have already been provided with, or on the main number: 0032 (0)2 588 23 23

If the problem is related to use of the Isabel 6 interface, you can contact Isabel Customer Support on the following numbers:

NL: 0032 (0)2 404 03 35

FR: 0032 (0)2 404 03 36

EN: 0032 (0)2 404 03 37

You can synchronise your iBanFirst account with the Isabel interface via the Services tab on your iBanFirst platform. You will be asked to activate the Isabel 6 module and then to state the users and accounts to which you would like to grant access to your Isabel interface. This video shows the steps to follow in order to do this.

We are connected to both SEPA and SWIFT networks. Therefore, iBanFirst manages transfers in Euros and in foreign currencies.

All rates offered by iBanFirst are real-time. This means that we do not use a fixed rate. Our quotations are updated every 15 seconds. This means that if for example the market goes up during a short period, you can take full advantage of the upward trend.

On average, 24 hours. It can be quicker, depending on the time of day of the transfer, or the country from/to which it has been executed.

Any business registered to its country-specific National Register can apply to open an iBanFirst account.

There are no usage fees with our iBanFirst card! Creation or expiry of the card is free. The only charges levied are applied in the event of a declined payment (forced or fraudulent use of the card), for which we charge €20.

The iBanFirst card is an automatic authorisation card. When you use an iBanFirst card, the shopkeeper's payment terminal contacts the MasterCard network in order to authorise the transaction. This type of card does not work on most terminals available onboard aeroplanes, trains, ships, and certain passenger terminals, because they do not request data from the MasterCard network.

When you are creating the card, you set the amount you are going to assign to it. You can spend this amount as you wish, in one or more transactions. Note: the prepaid card cannot exceed a value of 20,000 Euros.

The cards are currently only available in the Euro currency. You must therefore have a Euro account with us containing sufficient funds for you to load the cards.

Any remaining funds from the card balance will be paid back into your Euro account.

When we are unable to debit your iBanFirst Euro account (the card has expired, your card limit has been reached, etc.), we simply decline the transaction.

It is possible that we could also decline a transaction in the following circumstances:

  • You have frozen your card.
  • Your card has reached its authorised limit.
  • The merchant with which you carried out your transaction is suspected of fraud.


A transaction can also be declined without our knowledge, if the transaction has been carried out with a merchant that does not accept automatic authorisation cards or cards without the 3D secure system. This is the case with certain e-commerce sites such as LeroyMerlin.

It is a virtual card (there is no physical card), which is only for use on the Internet, for an amount that you define yourself, between €2 and €20,000. This card has an expiry date of between 2 and 30 days that you set yourself.

It is a practical solution if you want to allow one of your employees to make a one-time payment for the purchase of IT equipment, office supplies, furniture or even order a business lunch.

To be able to create a card, you must have the necessary funds in your iBanFirst account. The funds will be ringfenced until they are used by the card, the card is cancelled, or it expires. If there are funds remaining on the card at time of expiry, these are returned to your account.

The expiry date of the card cannot be changed following its creation. You can, however, cancel the card by going to the MY CARDS section and cancelling the selected card.

There is no summary of cards created or summary report, aside from debit card transactions. All transactions made with the cards will be visible on your Euro account statement.

To create a card holder profile, click on "Create a card" and click on the "+" button next to the card holder field. A new window will open with a request for you to enter the required information. Once all fields have been populated and you have confirmed the card holder details, the card will automatically be assigned to the nominated person.

Yes, one person can have as many cards as they require. 

The virtual card does not support the 3D secure system. It is therefore essential that you protect your card details.

No, for security reasons, an Account Manager does not have the authorisation to create a card.

You cannot create more than 20,000 Euros' worth of cards at the same time.

Freezing a prepaid card is the same as cancelling it. You can therefore cancel the card if you think there might be a risk.

Once you have completed your profile with all the necessary information (telephone number, NAF code, date of birth, etc.), you can create as many virtual cards as you wish.

To create a card, you just have to indicate the value (up to a maximum of 20,000 Euros), the expiry date (minimum of 2 days, up to a maximum of one month) and select the card holder. If the holder does not appear on the list, you can add them by clicking on the "+" button next to the card holder field.

Next, click on "Create" and a confirmation screen will pop up. The card details will then be automatically sent to the card holder by e-mail, who will be able to access the information by inputting their telephone number (this must match the one which appears on their iBanFirst profile).

The balance you have loaded onto the card is ringfenced in your Euro account. For example, if you have 10,000 Euros in your account and you create a card for 5,000 Euros, this amount will be "blocked off" until purchases up to the value of this amount have been made using the card, or until its cancellation or expiry.

The card is non-transferable and the authorisation to use it can be revoked at any time by going to the MY CARDS section and cancelling the selected card. In any case, the iBanFirst prepaid card remains the property of our partner Anytime.

The card does not belong to the holder, but to the administrator that created the card. A card holder reference ensures the card is sent to the correct person by e-mail and enables you to identify and relate payments to the right people when checking your account statement.

The virtual iBanFirst card has a validity period of between 2 and 30 days. It's up to you to set the expiry date when creating the card. Once the card has been created, you can no longer change the expiry date.

A merchant refund will not be accepted onto the prepaid card after it's expiry date. However, if an amount is refunded to the card before it's expiry, this amount will be credited directly back onto the card.

No, the prepaid iBanFirst card is a virtual card which can only be used for Internet purchases.

In order to make an online purchase, you must input the 16 digits located on the front of the card, the name of the card holder and the 3-digit security code which is on the back of the card.

If you pay in a currency other than the Euro, the exchange rates of the merchant are applied. This is generally €X.

The iBanFirst prepaid virtual card only authorises payments on Internet sites that accept cards without the 3D secure system.

The Anytime card does not come with any specific insurance or support.

Nevertheless, it bears the usual guarantees that VISA cards have in terms of protection from fraudulent Internet purchases.

All the card holders are on the "Users" page of the platform.

When you create a card, you see a "virtual card" line in the Euro account in the "transactions outstanding" section. The balance remains with the card until it has certainly not been used. When you cancel the card, the €2000 is instantly available, but the available balance does not change as a result.

The remaining amount goes into the Euro account on the card's expiry date. There is no charge for this transfer. 

You will find the transactions carried out in the Euro account, under the guise of "transactions". You can also head to the "My Cards" section and click on the card that was used. The transactions made with the card will then be visible to you on the pop-up window.

The interbank rate, or mid-market rate, is the midpoint between the buy and sell market rates of a given currency. It is also known as the real exchange rate, and constantly fluctuates. It is considered as the reference rate because it’s the “fairest” exchange rate possible.

It’s this rate that banks and financial institutions charge each other when trading currencies. The banks apply a margin on top of this real exchange rate when trading with businesses or individuals.

Click on the ‘accounts’ icon, and select the account you are looking for. You then have the option to download your bank details.

iBanFirst’s iBanCard will allow you to generate an unlimited number of single-use virtual cards for online payments.

You can credit up to 20 000 euros, providing you have enough funds on your EURO account. The single-use virtual cards are valid for 48 hours. The amount that you will credit on the card will be blocked until the use, expiration or cancellation of the card. Of course, these three actions won’t generate any additional fees.

Important: subscriptions aren’t allowed to be charged to the iBanCard. If a payment is rejected, you will be charged a 20€ fee.

With iBanFirst’s iBanCard, you can manage expenses without handling payments: you can generate a card under a manager’s name, with the exact amount requested, or generate a card for each department request (such as Office, IT, etc).

This can sometimes happen when intermediary fees that are unaccounted for are applied to the transfer by either the receiving or the sending bank. At iBanFirst we always utilise the most economical payment routes. We make every possible effort to ensure the fees are accounted for and covered, however on some occasions fees are applied which are completely outside of our control. When this does occur, iBanFirst does not benefit in any way from the fee that is applied.

Click on the ‘beneficiary’ icon, on the top right you will see an option to ‘add beneficiary’, click on this and fill in his/her bank details to add the beneficiary to your account.

This message is the standard type international payment notification used by the SWIFT network. It contains all the required information to make a transfer in a standardised message which allows any of the parties involved to trace payments when required.

Intermediary fees are deductions made by banks and other intermediaries involved in a payment transfer in addition to any fees charged by iBanFirst to process a payment on your behalf. You can choose whether to pay the intermediary fees entirely or to share them with the beneficiary of the payment.

The SEPA Direct Debit Core (SSD Core) is a scheme that facilitates the harmonisation of direct debit electronic euro payments all over Europe. It is mandatory for all the banks in the SEPA zone. This is the most common direct debit scheme, and may be used for all types of customers.

 

Conversely, the SEPA SDD B2B scheme is intended for businesses only. This direct debit scheme is characterised by shorter execution periods, and doesn’t grant the payer an unconditional refund right. Its set-up requires the debtor business to inform its bank that the collection is authorised with a copy of the mandate information.

The Bank Identifier Code is a standard format managed by the SWIFT network, and is used to identify the international bank code. The BIC is usually 11 characters long: 4 letters identifying the bank code, 2 letters defining the country code, 2 characters (numbers or letters) identifying the location code and 3 characters (numbers or letters) determining the branch where the payment was made.

You can generate custom-made bank statements through the Documents tab, in the ‘bank statement’ section. By clicking on the ‘create a bank statement’ button, you will be able to select a start and end date corresponding to the period you wish to analyse or extract. The file can be generated under three different formats: CSV with semicolon; CSV with comma, and OFX. This format can be directly integrated to some accounting ERP systems, thus facilitating quick entries.

An International Bank Account Number (IBAN) is a standardised combination of characters generated to uniquely identify every bank account, regardless of the country it’s been opened in. The aim of this method is to facilitate cross-border payment transactions, by harmonising the identification of bank accounts.

In order to cancel a transfer, you need to go to the details of the transaction (via the ‘magnifying-glass’ button) and click on ‘cancel’. The transfer can be cancelled without any costs if and only if it hasn’t been already approved by iBanFirst’s middle office. After this step, cancellation fees will inevitably apply.

The currency cut off time is the latest time iBanFirst can receive funds and/or a payment instruction so that outward payments can be executed to the required value on date shown.

Payment instructions that miss the cut-off time on the same day will still be processed on the same day whenever possible but they may be sent on a future date.

KYC “Know your customer” enables banks to identify and verify the identity of their customers. It is a regulatory and legal requirement, as part of the fight against money laundering.

If you’ve booked the wrong currency pair, please contact your account manager immediately. You can find the details of your account manager on the ‘Contact’ tab within iBanFirst Platform.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a bank-owned network, providing standardised global interactivity to financial institutions (more than 7000 institutions are using the network in 192 countries). It established itself as a standard among the various settlement systems.

The SWIFT network is a transmission tool for payment orders that provides an array of highly-secured services, including inter-account transfers, transactions on currencies or securities, and debt recovery.

The Single Euro Payments Area (SEPA) is a harmonised single payment market in euro, that enables users to make cashless payments in all European countries in a fast and reliable way.

The SEPA payment method includes the 3 main payment services in Europe: credit transfers, direct debit and payment cards. It is used in all EU member states, as well as Monaco, Switzerland, Liechtenstein, Norway, Iceland and San Marino.

If the bank account of a beneficiary that you are making payment to holds a currency (or currencies) that are different to the one which was used to send the payment, it may have been converted to one of these on receipt by their bank. To prevent this from happening, you need to ensure the account details given to you by your beneficiary holds the same currency as that which you are sending the payment to them in.

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