You ask, we answer

The iBanFirst platform is a secure online platform designed for businesses operating internationally, particularly those managing payments or revenue in multiple currencies.

From a single interface, businesses can send and receive payments in multiple currencies, convert currencies, manage FX exposure, and monitor transactions across entities and accounts. The platform centralises cross-border payment operations that are traditionally fragmented across banks and tools.

You can explore how the iBanFirst platform works and discover its key features in our product tour.

With iBanFirst, you can hold and receive funds in 25 currencies and execute payments in 135+ currencies. You can check the list of currencies available here.

At iBanFirst, we offer competitive and transparent foreign exchange rates and fees. Here you can find a complete overview of all our fees applied.

Unlike most corporate banks, iBanFirst does not charge any fees to open an account nor any monthly subscription fees.

iBanFirst earns a spread on every currency conversion, calculated as the difference between the market rate and the client rate. This spread is transparent and shown on the web platform or communicated over the phone.

A multi-currency account allows businesses to hold, send, and receive funds in different currencies without opening separate local bank accounts.

With an iBanFirst multi-currency account, companies can open accounts and hold balances in 25 currencies, each with its own account details and dedicated account number, avoiding the administrative burden of setting up and managing accounts with multiple banks.

iBanFirst doesn't currently offer credit solutions.

No, iBanFirst doesn't currently offer card payments.

Yes, you can connect iBanFirst to your accounting software, bank accounts and internal tools via the iBanFirst API, EBICS, Isabel 6, or SwiftNet, plugging into your existing workflows to streamline payments, FX, reconciliation and more.

The iBanFirst REST API covers all the main tasks that you need to automate your accounts payable processes: You can submit payments, get real-time FX quotes, execute spot transactions, open accounts autonomously, create beneficiaries, retrieve your financial history and upload invoices.

Payments between iBanFirst accounts are instantaneous (and free of charge!).

For euro payments within the SEPA zone, funds are usually available the same day.

For international payments in other currencies, funds typically arrive within 1-3 business days, depending on the complexity of the routes, how many intermediary banks and time zones the funds pass through, and local cutoff times. Find out more about international payment speeds.

With iBanFirst, you don’t have to deal with a chatbot or join a seemingly never-ending support ticket queue to solve a problem. Instead, you have a dedicated account manager to help you make the most of our tools, establish an FX strategy that works for your business and support you with any questions you may have.

As a regulated payment institution authorised by the National Bank of Belgium, iBanFirst follows strict rules to safeguard your money. Our regulatory framework ensures that we maintain rigorous procedures to protect client funds, giving you confidence in the security of our services.

For instance, under the PSD2 directive, funds must be segregated from the payment institution's own funds and held in a separate bank account set aside solely for client money. In the unlikely event that iBanFirst encounters financial difficulties or becomes insolvent, your money will remain fully secure and protected in one of these accounts.

iBanFirst S.A. is a payment institution authorised and regulated by the National Bank of Belgium under company number 0849.872.824.

As a regulated payment institution, iBanFirst must comply with strict regulatory requirements relating to security, safeguarding of client funds, and anti-money laundering controls.

The foreign exchange services offered by iBanFirst are limited to spot FX transactions and deliverable forward payment contracts intended to cover an underlying payment for identifiable goods or services. iBanFirst does not offer FX options or other financial instruments for investment or speculative purposes.

At iBanFirst, we do our utmost to keep our clients’ accounts safe and secure by investing in robust infrastructure and SSL connection encryption and carrying out steady audits and penetration tests. 

Our servers are hosted in industry-grade data centres and protected by hardware and software firewalls. Data transmitted between your web browser and our servers is encrypted using SSL certificates and RSA SHA-256 encryption. Our servers and software regularly undergo independent audits and penetration tests.

No. You control who can initiate payments through customisable user permission rights. You can configure payment limits and multi-level approvals for different user roles, with granular access rights across different entities.

Additionally, iBanFirst requires dual authentication via our mobile app to approve and execute sensitive operations, including payments.

iBanFirst uses Strong Customer Authentication (SCA) methods to keep accounts and funds secure.

Two-factor authentication requires you to authenticate access credentials using both something you know (your iBanFirst username and password) and something you hold in your possession (your phone).

Click here to learn more.

Additionally, there are other measures that you, as a user, can and should do to protect your accounts against fraudulent attempts: 

• Do not share a single user access with people in your company
• Do not store your user ID and password
• Do not share your SCA method with anyone
• Use a unique, strong password
• Use time-based one-time password (TOTP) or Yubikey rather than SMS as your SCA method

iBanFirst will NEVER ask you for your user ID, password, or strong authentication code.

If you believe that your user ID, password, or strong authentication code have been compromised, please contact your account manager as soon as possible.

No sensitive data is accessible by iBanFirst teams. We cannot access the data related to external account balances or transactions. We only have access to the account name, the account currency, the synchronization dates and the connection state.

If you suspect fraud or any unauthorised activity on your iBanFirst account, you should contact your account manager directly.

Any company with international and foreign exchange payment volumes of more than €200,000 per year can open an iBanFirst account. Restrictions may apply depending on the country of origin, the activity of the company or the origin of the funds.

Simply fill out the account opening form to be contacted by our team.

Opening an account with iBanFirst is a 100% paperless process. 

1. Fill out the account opening form to be contacted by a member of our team.
2. Send us the documents identifying your company and its beneficial owners.
3. Our customer support team will set up your account so you can be up and running right away.

You will need to activate your iBanFirst account by making an initial transfer from your main bank account. Your account will be ready to use upon receipt of this activation transfer.

Nothing, opening an account at iBanFirst is completely free.