Ibanly

Ibanly: multicurrency accounts and payment infrastructure for businesses

Ibanly is a payment platform aimed at companies of various sizes and sectors, from e-commerce to travel and hospitality, that need to collect and send money online and offline. Its catalogue of services revolves around a business IBAN account, foreign exchange, liquidity management for FX operations, mass payments and mass international payouts. The company presents itself as an all-in-one solution for processing payments quickly and securely.

According to the information published on its site, Ibanly was created in 2023 with the aim of offering frictionless banking to businesses that it describes as underserved, helping them save time on treasury management, reporting and foreign currency transactions. The team obtained a Money Service Business (MSB) licence and, through partnerships with licensed European electronic money institutions (EMIs), also offers e-money services and electronic wallet issuance for SEPA transfers.

Pay-In: collecting payments through multiple channels

The Pay-In solution is designed so that customers can pay through their preferred channel. It includes SEPA and SWIFT virtual accounts, which allow businesses to receive international payments with reduced transaction processing times. The company also offers multicurrency virtual accounts for accepting payments for goods and services, converting them into the local currency and avoiding excessive conversion fees. Among the sectors it cites as users of this capability are logistics, Edtech, consulting, SaaS, e-commerce and financial institutions.

For online sales, Ibanly offers a checkout that can be integrated through an API, intended for both recurring subscription fees and one-time item sales. The company presents it as a fast and fully optimised option for accepting payments online.

Solutions by industry

The platform sets out specific approaches for several sectors:

• iGaming: management of pay-ins and pay-outs for clients from a single platform.
• Forex: client funds accounts for user deposits and processing of withdrawals, with transaction monitoring protocols adapted to the sector.
• Crypto: multicurrency deposits and bulk payments for mass user payouts.
• Investment funds: segregated accounts that separate client funds from the company's operational working capital.
• PSPs and EMIs: integration of open banking so that customers can receive payments and make payouts in seconds.
• eCommerce: payment via biometrics and open banking, with the argument that this eliminates chargebacks.

Account tiers and geographic scope

Ibanly structures its offer around three account types. The Business account is aimed at companies and sole traders from traditional industries in the EEA, Canada and the UK. Business+ is intended for companies and sole traders operating outside the EEA and/or in high-risk industries. The Premium account is aimed at licensed companies and financial institutions.

Onboarding and fraud control

The company states that the entire process, from onboarding to payment execution, can be completed from a mobile device or computer, without the need to visit branches or conduct a phone interview. It uses artificial intelligence to verify users, monitor transactions and deter fraud, both during onboarding and in ongoing transaction monitoring.

Corporate structure and licences

IBAN TRANSFER LIMITED is registered in Canada under the trade name IBANLY and holds a Money Service Business licence number M23339425 issued by FINTRAC. Its SWIFT BIC is IBTACA82 and its LEI is 98450007DJ8F0A05D472. The company indicated that its BIC had been approved by SWIFT and would be published in the ISO directory on 02.03.2024. A separate entity, IBANLY LTD, is registered in Cyprus with number ΗΕ 458744 4 and an address at AKATH SUNSET GARDENS C, Flat/Office 102, Pervolia, 7560, Larnaca.

Activity figures

The site presents volume figures that the company attributes to its own activity: more than $10 billion transferred per year, more than $6 billion converted per year, 18 years in business and more than 10,000 active clients. These data come from the company's own presentation and are not independently verified in the available material.