Powered directly by Citi’s Payer ID product, the new service allows businesses to transfer money across a market leading 26 currencies. The Virtual Bank Account service can be accessed via EQ Global’s web-based PayFac platform, helping medium to large sized businesses and institutions navigate their complex international payment networks.
Businesses will be given an International Bank Account Number (IBAN), which allows them to instantly pay and receive money to their Virtual Bank Account. Additional benefits will include automated payment reconciliation that will increase the speed at which EQ Global can process payments in delivery to the ultimate beneficiary.
EQ Global plans to add other features to the service soon, including enabling third-party funding into Virtual Bank Accounts. As a result of this, businesses’ own customers will be able to pay directly into their Virtual Bank Account, providing them with a more complete receivables and payables solution for their payment needs.
Furthermore, additional international Virtual Bank Accounts are to be launched in 2018 with local IBANs to further increase the speed and efficiently of EQ Global’s payments offering.
Neil Kinnon, Product Director at EQ Global said: “EQ Global’s Virtual Bank Account is an exciting development which has been jointly driven by our strong banking relationship with Citi and the desire to continuously improve our service offering for our valued clients. Clients will see an immediate benefit from this development, gaining access to their own unique GB IBANs for our 26 funding currencies. This means our customers can now transact across multiple currencies anywhere in the world."
The launch of the new Virtual Bank Account service follows the announcement of a new brand identity and new company name - EQ Global. The new brand assets now include changes to the company’s name, logo and website, and better reflect the company’s mission – simplifying mass global payments for businesses of any size.
Nick Pedersen, Managing Director of EQ Global said: “EQ Global is processing a record number of payments and we are thrilled to further develop our product offering for all our clients. Many businesses struggle with collecting funds in an efficient and seamless way and we develop these products, in a mission to provide end to end payables and receivables solutions and are able to utilise our strong banking relationship with Citi to deliver this before the competition.
“We believe the launch of our new Virtual Bank Account service, reinforced by our new brand, will further support our aim of targeting new market sectors, as we endure to marry simple and clear products with delivering payments simply, quickly and efficiently.”
Ireti Ogbu, EMEA head of payments and receivables, Treasury and Trade Solutions, Citi said: “Our market leading Payer ID functionality is a core component of Citi’s global receivables platform, and we are pleased to be able to support the launch of EQ Global’s Virtual Bank Account with this product. This latest offering demonstrates our on-going commitment to our valued partnership with Equiniti.”