FAQ Frequently Asked Questions

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Bankingblocks

Who is Bankingblocks?

Bankingblocks is a provider of banking and payment services, dedicated to the fintech and payments industry. Bankingblocks was founded by ex-BillPro CEO, Daria Rippingale and Fabien Boursin, who wanted to provide an easy, compliant and purpose-fit solution for payment companies seeking financial products and services.

What is Bankingblocks?

Bankingblocks is a wholesale banking solution for the Fintech and Payments industry. More information About Us>> The Blocks>>

How does Bankingblocks work?

Bankingblocks offers financial products called blocks that can be added to an existing offering or as an end-to-end solution, individually or in modules. Businesses choose the blocks and build their own structures. Bankingblocks offers its blocks white-label or as a service.

Is Bankingblocks a bank?

No. Bankingblocks is not a bank, Bankingblocks owns European Payment Institution, Oonex, which is a principal acquirer with Mastercard and affiliate acquirer with Visa. Additionally, Oonex has been bank sponsored and is a member of SWIFT, as well as a non-direct participant of the European Clearing House with approvals for SCT, SDD and SDD B2B. Bankingblock’s has its own connected BIC and issues true, multi-currency IBANs with all funds held securely in a leading European safeguard bank.

Do I need to be a licensed PI or EMI to work with Bankingblocks?

No. Bankingblocks supports licensed financial institutions and also non-licensed fintechs and payment companies. All Bankingblocks services are available to businesses, regardless of your licensing. Bankingblocks also provides payment institution agency licensing for approved, unlicensed partners, allowing them to offer all services in their brand and contract as a fully white-labelled service.

Can Bankingblocks provide IBANs for our customer base?

Yes. Bankingblocks offers multi-currency IBANs to fintech and payment companies which they in turn can offer to their customers. Through easy APIs and an advanced core banking platform, you can start issuing IBANs.

How to contact Bankingblocks?

Bankingblocks can be contacted via email, phone or through the contact form. Contact>>

What if I don’t know which blocks to pick?

Bankingblocks can help you assess which blocks would fit your business strategy best. Fill out the proposal form>> and we will get back to you ASAP.

Banking

What is a real IBAN account?

Bankingblocks offers real IBAN (International Bank Account Number) which are true end-to-end multicurrency. Unlike many IBAN providers, Bankgblocks offers individual, connected IBAN accounts per customer, not “pooled” ledger service with reference numbers.

How is it different from a disconnect BIC or virtual IBAN?

There are many conflicting definitions which makes it hard for Fintech players to understand the difference, and which service they need. Many providers of “IBAN services” are not actually offering real individual IBAN accounts. They instead are using a disconnected BIC, which looks like a Bank Identifier Code, but is not actually connected to SEPA, SWIFT or any other clearing services. These companies use their disconnected BICs to issue “Virtual IBANs” and “Wallet Accounts”, whereby they issue “unique account numbers” to each of their customers, but not real accounts.
Virtual IBAN is a phantom of the real IBAN. Virtual IBAN are not physical bank accounts but virtual accounts connected to one main physical IBAN.

What is the difference between a "Real" IBAN and a "Virtual IBAN”?

The majority of companies who offer IBANs are offering “Virtual IBANs” not “connected IBANs”. Virtual IBANs are the same as using a “wallet”, where you or your customer’s funds are stored in one large account, owned by the provider, who moves money for you, based on reference codes you send to indicate which customer you are. These providers have a disconnected BIC (Bank Identifier Code) which is not registered or recognised by the European Central Bank or SWIFT. The funds held in a Virtual IBANs are actually not in individual accounts of yours or your customers; they are pooled into the account of the IBAN provider who simply identifies which funds are yours through issuing reference codes. The provision of IBANs on disconnected BIC is far less secure for you and your customers, as they rely on significant trust and heavy duty technical reconciliation to ensure no mismanagement or loss of funds. You can tell if a provider offers a disconnected BIC, as it will end in the number 1.

What is BIC?

BIC stands for Bank Identifier Code. BIC identifies the name, country and the branch of the bank and allows banks and financial institutions to issue the letter of credit. BIC allows banks to automatically send funds to other banks. BICs can be either 8 or 11 characters long and are managed by the Society for the Worldwide Interbank Financial Telecommunication (SWIFT).

How Bankingblocks BIC works?

Bankingblocks offers real IBANs, on a connected BIC. Bankingblock’s BIC (Bank Identifier Code) has been approved and is recognised internationally. Each IBAN Bankingblocks issues is unique and registered directly to the customer or business it is given to. These are real, multi-currency current accounts, with segmented identification of funds, registered in the name of the applying customer.

Do we provide IBANs for eWallet businesses?

Bankingblocks works with many eWallet businesses who are trying to reduce risk and provide segmented and real IBAN accounts to their customers. By working with Bankingblocks, eWallet providers can transition their businesses from virtual or grouped accounts to real, direct IBAN offerings, increasing the quality of their own product and the services provided to their customers.

Does Bankingblocks provide dedicated IBANs?

Bankingblocks offers dedicated IBANs that are assigned directly to your business, or a person, under your own name with your own beneficiary field. These IBAN function is the same as with any current account you might receive from a traditional bank.

What is SEPA?

Bankingblocks offers SEPA (Single Euro Payments Area) connection. SEPA transactions allow for fast international payments in euros within Europe. Currently, the geographical scope of SEPA covers 34 countries and territories.

What is SEPA Direct Debit?

Bankingblocks offers normal Direct Debit and also has a B2B SEPA mandate which allows for business-to-business high-value Direct Debits. SEPA Direct Debit is a fast and cost-efficient bank-to-bank payment option in Europe that allows individuals or businesses to facilitate ongoing and recurring debit payments.

What is SEPA zone/network?

SEPA covers 34 countries and territories – 28 member states of the EU, and the four member states of the European Free Trade Association, Andorra, Monaco, and San Marino.

What’s SEPA transfer time?

SEPA connection allows for cost-efficient bank-to-bank payments. With SEPA payment you can expect a settlement in maximum 2 days.

How does SEPA bank transfer work?

SEPA bank transfers work similarly as domestic transfers.
Banks and Financial Institutions that have a direct connection to the SEPA schemes can send and receive funds across the borders on behalf of their clients. SEPA has a daily time limit for the recipients account to be credited.

How to send SEPA transfer?

SEPA allows you to send and receive funds across the borders in euros within SEPA zone. To send SEPA transfer, just like with the domestic payments you need recipient’s account details and IBAN number.

What are SWIFT payments?

Bankingblocks is a SWIFT member and offers SWIFT (Society for Worldwide Interbank Financial Telecommunication) connection. SWIFT is a financial messaging system used to transfer funds internationally between institutions. Currently SWIFT covers more than 200 countries and territories all over the world.

What is the multi-currency IBAN/account?

Bankingblocks offer real multi-currency IBANs allowing to hold, send and receive funds in up to 28 worlds most popular currencies. More information Multi-currency IBANs>>

What currencies does Bankingblocks support?

Bankingblocks supports 28 currencies: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, KWD, MAD, MXN, NOK, NZD, PLN, RON, RUB, SEK, SGD, THB, TND, USD, ZAR.

How the Bankingblocks foreign exchange works?

Bankinblocks offer FX (Foreign Exchange) services within one account so you can easily exchange your currencies in one place.

What is an Escrow/Segregation Account?

Bankingblocks offer escrow or segregation accounts for companies which need to freeze a portion of the funds to facilitate various business needs, from acquisitions and purchasing to security deposits and more. Escrow/Segregation Accounts>>

What is a bank wire?

Bank wire is an electronic money transfer from one bank account to another.

What are non-banks?

The non-banks are institutions that offer financial services but are not a traditionally licensed bank. These institutions normally offer payment or current account solutions, but not traditional banking services like mortgages and deposits.

Do we provide marketplace banking?

Bankingblocks offer wholesale banking and payment products to payments and fintech companies which deliver their services to their end customers including marketplaces.

Payments

Is Bankingblocks an acquirer? What card types are supported?

Yes, we are a Mastercard and Visa Acquirer and we also offer Carte Bancairre, AMEX and JCB payment services. Additionally, Bankingblocks supports a range of alternative payment methods, including GiroPay, iDEAL, Bancontact and more.

Does Bankingblocks provide marketplace payment processing?

Bankingblocks offer wholesale banking and payment products including payment processing to payments and fintech companies which deliver their services to their end customers including marketplaces.

Does Bankingblocks provide new payment methods?

Bankingblocks offer a variety of alternative payment methods including new and most popular payment methods like iDeal, GiroPay, Bancontact. More Information eCommerce Acquiring >> POS Acquiring>>

Does Bankingblocks provides cross-border payments?

Bankingblocks offers both domestic and cross-border payments. eCommerce Acquiring >> POS Acquiring>>

Technology

What is a core banking platform?

Bankingblocks uses the fundamental core-banking platform that allows centralising management of the financial processes in an efficient and streamlined way. It performs the core banking operations from transactions to storing big data and calculations.The core-banking platform allows companies to easily connect their front-end technology and conduct a variety of tasks reducing the need for manual work. More information Core Banking Platform>>

Do we provide ebanking?

Bankingblocks provide simple ebanking services with real IBANs connected to a banking system accessible online as well as the mobile banking app.

However, if you have your own front-end banking or mobile banking platform, you can easily integrate to our core banking platform to offer the products instantly.

More information Core Banking Platform>> Mobile Banking>>

Does Bankingblocks have foreign exchange trading software?

Bankingblocks is integrated to a number of FX platforms and can easily integrate to your FX platform of choice on request.

Compliance

Does Bankingblocks provide KYC and KYB services?

Bankingblocks offer KYC and KYB services as well as AML, Risk services and more. These can be offered as a white-label service (we do it on behalf of your business), or via secondary screening programs.

Where is Bankingblocks regulated and what region’s laws does it comply with?

Bankingblocks offers its financial services through its sister company OONEX SA which is a regulated Payment Institution, with a connected BIC, SWIFT and SEPA membership and a principal acquirer of Mastercard and Visa processor.

What compliance services and technologies does Bankingblocks use?

Bankingblocks can integrate to any modern compliance, risk management or transactional screening services. Today, Bankingblocks is already integrated with Onfido, DowJones, Comply Advantage, Cybersource, Webshield and other compliance and risk management services.

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