CryptoNinjas: Bitwage Releases Unique Cryptocurrency IBANs for EU Users

MONDAY, APRIL 17, 2017

Bitcoin-based payroll company Bitwage announced today the launch of unique IBAN numbers for all users receiving wages in the EU. These are IBAN accounts that provide users with a secure and convenient way to receive international payments. Now EU users have the first real option for a direct deposit into any wallet of their choice. Additionally, businesses can accept fiat payments directly from partners without opening a traditional bank account by using these dedicated IBANs.

Bitwage says they are able to offer this through a new banking partnership deal made over the past few months. This partnership leverages modern banking infrastructure to support secure and compliant cross-border cryptocurrency payments. Bitwage works with licensed financial institutions to ensure regulatory compliance and security.

Two major upgrades:

Real-Time Transaction Viewing: All users receiving wages from EU companies will be able to see exactly when funds have been received by Bitwage. Each user is assigned a unique account number (IBAN), which serves as their international bank account number for cross-border transactions. Users no longer need to wait for when Bitwage processes payrolls to know whether funds have been received.

No Deposit Claims Required: Previously, when Bitwage received wages with obscure information on the description of the deposit, the funds would go through a claims process that required the user to upload information that would prove the funds belonged to them. With its new unique dedicated IBANs, users receiving wages from EU companies no longer need to create deposit claims, as payment descriptions are no longer required for these transactions. The new system streamlines the process of transferring funds and reduces manual intervention. By utilizing virtual IBANs, Bitwage enables the creation of sub accounts within the banking infrastructure, which simplifies payment processing and reduces the need for manual reconciliation. These dedicated IBANs facilitate both incoming payments (such as wages) and outgoing payments (such as transferring funds to other accounts or wallets).

All Bitwage Premium users will automatically be provided with these unique numbers. Moreover, all users with monthly transaction volumes over 1,999 euros may request unique EU IBANs as well. These accounts are provided in partnership with regulated financial institutions and are designed to meet compliance requirements for international transactions.

The news today follows the launch of two other recent upgrades to the Bitwage system including:

1. Bitwage Premium: Enables users to receive their wages the same day along with a host of other features.
2. Bitwage Authenticator: New, secure TOTP functionality directly through the Bitwage iOS & Android apps that provides more security than typical SMS 2-Factor passcodes and more convenience than google authenticator.

Read the full article on Bitwage’s unique IBAN launch for EU users

Introduction to Bitwage and Its Services

Bitwage stands at the forefront of financial innovation, offering a platform that seamlessly blends the best of crypto transactions with the reliability of traditional banking. Designed for both individuals and businesses, Bitwage simplifies the complexities of managing digital assets and fiat currencies by providing a user-friendly platform that supports multiple accounts and wallets, offering simplified financial management by allowing users to oversee both fiat balances and crypto wallets in a unified dashboard. Users can receive payments in both fiat and crypto, manage their funds across different accounts, and convert between currencies with ease. Users can manage fiat alongside their crypto wallet, making it easy to handle all their financial needs in one place. Bitwage’s commitment to regulatory compliance and anti-money laundering standards ensures that every transaction is secure and transparent, giving users peace of mind as they navigate the fast-evolving world of crypto and international payments. Whether you’re looking to streamline payroll, manage multiple accounts, or simply make everyday payments, Bitwage offers a comprehensive solution that bridges the gap between traditional banking and the future of finance.

Introduction to Crypto IBAN Accounts

Crypto IBAN accounts represent a groundbreaking evolution in financial services, merging the trusted framework of traditional banking with the dynamic capabilities of crypto transactions. An International Bank Account Number (IBAN) is a globally recognized standard for identifying bank accounts, streamlining cross border payments and international bank account management. By integrating support for both fiat and digital currencies, crypto IBAN accounts allow users to conduct transactions, manage accounts, and access funds across different financial systems with ease. This hybrid approach empowers individuals and businesses to send and receive payments worldwide, manage both fiat and crypto assets from a single account number, and participate in cross border transactions without the limitations of traditional banking. As digital currencies become increasingly mainstream, crypto IBAN accounts offer a seamless bridge between conventional finance and the crypto world, making global payments and account management more accessible than ever.

The Launch: Unique IBANs for EU Users

In a major step forward for financial flexibility, Bitwage has introduced unique International Bank Account Numbers (IBANs) for its users across the European Union. This new feature empowers EU users to enjoy the full benefits of a traditional bank account—such as faster payments, simplified international bank account management, and reduced currency conversion fees—while also maintaining direct access to their crypto assets. Personal IBANs enable users to manage financial transactions globally while providing personalization and flexibility. These unique IBANs extend the global reach of users and businesses, enabling them to handle international payments efficiently across multiple markets. By integrating these unique IBANs, Bitwage is bridging the divide between traditional banking systems and the dynamic crypto world, allowing users to manage both fiat and digital currencies from a single account. Bitwage bridges the gap between traditional finance and the emerging digital asset ecosystem, providing seamless integration for users. This innovation not only streamlines payments and transactions but also enhances user control and transparency, making it easier than ever to handle international bank account needs and crypto assets side by side.

Benefits of Using Crypto IBANs

Utilizing crypto IBANs unlocks a host of advantages for anyone looking to streamline their financial operations. These accounts provide a secure, transparent environment for managing both fiat and crypto transactions, ensuring that every payment and transfer is protected by advanced security measures like two-step verification and one-time passwords. With no transaction limits, crypto IBANs are ideal for handling large-scale crypto transactions and high-volume payments. Users benefit from access to a wide range of fiat currencies, minimizing currency conversion fees and making international bank account transfers more cost-effective. Crypto-friendly IBANs also enable seamless conversions between fiat and crypto, allowing users to bypass many of the banking restrictions and high fees associated with traditional fiat payments. Whether for personal or business use, crypto IBANs offer the flexibility to manage funds, accounts, and transactions efficiently, supporting both fiat and crypto needs in a single, integrated solution.

Creating a Crypto IBAN Account

Opening a crypto IBAN account is designed to be straightforward and user-friendly. To get started, users simply choose a licensed financial institution that offers crypto IBAN services, such as WireWallet, and complete a quick onboarding process. This typically involves submitting identification documents and verifying personal or business details to meet regulatory standards. Once the account is active, users can manage their fiat and crypto balances, receive payments directly into their crypto IBAN account, and enjoy the convenience of everyday banking tasks like paying bills and transferring funds. The ability to handle both fiat and crypto within the same account streamlines financial management, making it easier to track crypto balances, receive payments, and conduct transactions in compliance with international regulations. For individuals and businesses seeking a modern, flexible approach to managing their finances, a crypto IBAN account offers a powerful, all-in-one solution.

Dedicated IBANs for Businesses

For businesses operating in a global, digital-first economy, dedicated IBANs provide a tailored solution for managing multiple accounts and currencies. These specialized accounts are designed to simplify cross border payments, international transfers, and crypto transactions, all while supporting efficient fund management. With dedicated IBANs, businesses can receive fiat deposits, convert them to crypto, and send outgoing payments in various fiat currencies—all from a single platform. This setup is ideal for companies that need to manage complex financial flows, handle multiple accounts, and support customers or partners in different countries. By streamlining payment processes and reducing manual intervention, dedicated IBANs help businesses cut costs, improve customer experience, and maintain full control over their financial operations. Whether managing cross border payments or integrating crypto into daily transactions, dedicated IBANs offer the flexibility and efficiency modern businesses demand.

Bank Accounts and Traditional Banking: The Old vs. The New

For decades, traditional bank accounts have been the backbone of personal and business finance, but they often come with significant drawbacks—banking restrictions, high fees, and slow, manual processing of payments. Bitwage is redefining this landscape by offering a modern alternative that combines the strengths of traditional banking with the efficiency of crypto transactions. Through the use of virtual IBANs and advanced fund management tools, Bitwage enables users to receive payments, manage funds, and conduct transactions without the usual hassles of traditional banking systems. Users can also easily convert between fiat currency and cryptos through an integrated conversion process, streamlining the exchange and reducing fees and transaction times. The use of virtual IBANs simplifies reconciliation processes for businesses managing payments across different currencies. This approach eliminates many of the pain points associated with traditional banks, such as manual processing and costly international transfers, while providing a cost-effective, streamlined solution for managing accounts and funds. With Bitwage, users can enjoy the flexibility of crypto alongside the familiarity of traditional banking, all within a single, integrated platform.

Security and Regulation Compliance

Security and regulatory compliance are at the core of every reputable crypto IBAN provider. Licensed financial institutions, such as WireWallet, adhere to stringent anti money laundering (AML) and know-your-customer (KYC) protocols to safeguard the integrity of all transactions. Crypto IBAN accounts are built with advanced security features, including encryption and two-factor authentication, ensuring that users’ funds and data remain protected at all times. Providers must also comply with financial regulations set by authorities in the European Economic Area and other jurisdictions, guaranteeing that every transaction meets the highest standards of transparency and trust. By choosing a regulated crypto IBAN provider, individuals and businesses can confidently manage their accounts, knowing that their transactions are secure, compliant, and supported by robust financial institutions.

Everyday Banking with Bitwage

Managing your finances with Bitwage is designed to be as straightforward as possible, whether you’re an individual or a business. The platform allows users to handle both fiat and crypto balances effortlessly, making everyday banking tasks like using crypto IBANs to pay bills, sending funds to different countries, and converting between fiat and digital currencies simple and efficient. Users can spend crypto directly from their accounts or use an off ramp to convert digital assets into fiat for outgoing payments. Utilizing Personal IBANs reduces currency conversion fees and transaction times, further enhancing the efficiency of financial management. Bitwage’s focus on customer experience ensures that users can navigate international payments and crypto transactions without needing specialized technical knowledge. The platform’s intuitive design supports seamless management of funds and transactions, enabling users to make informed decisions and manage their financial lives across multiple currencies and countries. With Bitwage, everyday banking becomes accessible, flexible, and tailored to the needs of a global, digital economy.

Crypto Exchanges and Trading Integration

Bitwage goes beyond basic payments by offering seamless integration with leading crypto exchanges, making it easy for users to trade and manage digital assets directly from their accounts. With IBANs linked to crypto cards, users can manage both fiat and crypto assets conveniently from one platform. This feature is especially valuable for crypto businesses and individuals who want to diversify their holdings or respond quickly to market opportunities. By providing a secure and compliant environment for crypto transactions, Bitwage supports the growth of the crypto ecosystem and ensures that users can participate in international payments and trading with confidence. The platform’s robust infrastructure and adherence to regulatory standards make it a trusted partner for managing digital currencies, facilitating cross-border transactions, and supporting the evolving needs of the crypto finance landscape. Whether you’re looking to accept crypto payments, manage multiple currencies, or integrate with your favorite crypto exchanges, Bitwage delivers a comprehensive solution for today’s digital economy. Bitwage also supports cryptocurrency payments for merchants, enabling businesses to accept digital currencies as a secure and seamless payment option.