3S Money's Dutch IBANs are live!
Local Dutch IBANs are now available for our clients – 3S Money's business customers can accept and send out payments using local NL account number. They will benefit from a full range of foreign currencies including USD, CNY, RUB and SGD. Our CTO, Eugene Dugaev, hints some details on this update:
25
May
25
“The Netherlands is one of European countries with their own heritage for bank account structure. The process of getting local IBAN is not that trivial: the bban (basic bank account number) should correspond to the long-standing local standard that include specific logic rules that must be followed – called “Elfproef” or passing the 11-test. Only then the correct bban can be wrapped into the well-known IBAN structure. Although, this bban standard is going to be obsolete this summer, our NL IBANs still comply with it. The reason is simple – the legacy of local payment applications will still rely on this validation logic for a while and we are making sure our IBANs’ acceptance is not hindered by this.”
P.S. If you didn't understand a word from the above – don't worry. It is our job to sort payments out behind the scenes.
Other Beats
In case you missed it: our global IBANs for AED enable businesses to send and receive high-value payments in Dirhams efficiently.
This is obviously of huge benefit to companies that trade frequently with the UAE, allowing them to pay out and receive money in AED and avoid exorbitant transaction fees and exchange rates. Furthermore, it is also an effective solution for expat entrepreneurs based in the UAE who may otherwise struggle dealing with local banks.
22
February
A funny story that happened a few days ago during Ivan's business trip to Dubai, involving respectable businessmen from the banking sector and one CEO, who has an effective solution for cross-border B2B
15
February
New year, new challenges, new markets – our CEO Ivan Zhiznevskiy shares his impressions from his Dubai business trip:
"Dubai exceeded all expectations. People and businesses are open to innovation and keen to try FinTech solutions. The UAE first space mission just reached Mars but in the meantime local old-school banks struggle to support quick foreign currency international payments that are vital for a cross-border economy. Dubai as an international trading hub deserves a better business banking solution. Now. 3S Money will change this. Stay tuned."
10
February