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Moonrise News & InsightsPublished

Launching Local Virtual Accounts: Unlocking Nordic Payment Opportunities for Payment Firms and EMIs

In today's fast-paced financial landscape, businesses demand greater control and efficiency over their payment flows. While virtual accounts have gained traction, the critical need for local virtual accounts has remained largely unmet in the Nordic region. Until now. Today, we're thrilled to announce the launch of our highly anticipated local Virtual Account solution (vBBANs), a solution designed to simplify operations and unlock the true potential of this dynamic region for our partners. Moonrise's vBBANs are designed to address this gap, offering a robust solution that goes beyond simply supporting local currencies, as our vBBANs function as domestic bank account numbers, making it easier for our partners to collect and send funds ,streamline their payment operations, enhance reconciliation, and provide a truly localized experience for their customers in the Nordics.

Unlock the Power of Localized Payments with Moonrise vBBANs:

  • Named Account numbers for Enhanced Trust: Our vBBANs can be issued in the name of your underlying customers. The named account numbers fosters greater trust and transparency in transactions, as payments appear to originate from or be sent to your underlying clients.
  • Seamless Local Payment Collection: With Moonrise vBBANs, businesses can effortlessly collect domestic payments. When funds are sent to a vBBAN, the payment is routed to a payment or safeguarding account, with full sender information and the specific vBBAN used for the transaction instantly available. This drastically simplifies reconciliation processes.
  • Simplified Outgoing Payments: Initiate instant account-to-account payments domestically using a vBBAN as the sending account number, with your customers information as the sender.
  • Complete Control Over Your Ledger: Moonrise provides the accounts and vBBANs, while our partners retain complete control over their customer ledgers and account hierarchies within their own systems. Our vBBANs act as flexible building blocks, allowing you to manage these aspects independently.
  • Scalability and Flexibility: Businesses can create as many vBBANs as needed directly through our API and link them to a single or multiple accounts, facilitating transfers and simplifying reconciliation.

How it Works: A Simple Two-Step Process

Moonrise makes integrating vBBANs into your existing infrastructure straightforward:

  1. Create (Legal or Person) Entity: Provide Lunar with the information on the individual or company who will use the virtual account number via our API.
  2. Issue vBBAN: Once the Entity is created, you can issue a vBBAN for that specific entity, ready for transfers.

"We've listened closely to our clients and the market, and the demand for truly local virtual accounts in the Nordics has been overwhelmingly clear," says Jes Bandsberg Pedersen, Senior Product Manager. "Our new vBBAN product is a game-changer, offering our partners the ability to provide named, localized accounts to their customers, significantly improving payment collection and reconciliation. This launch represents a significant step forward in our commitment to empowering businesses with innovative banking solutions."

What's Next?

The launch of local vBBANs is just the beginning. We are continuously evolving the features of our virtual account solution and encourage feedback and further use cases from our partners. Our goal is to provide the most comprehensive and adaptable virtual account solutions in the market.

Ready to revolutionize your payment operations?

Learn more about Moonrise local Virtual Accounts and explore the API documentation: https://docs.banking-services.lunar.app/spec/virtual-account-numbers

Contact us to get started.

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