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Ask for the legal and operational map
Request a plain-language explanation of the account holder, the customer relationship and the provider issuing or arranging the receiving details. Ask what name a payer should enter and what the recipient sees in its own records. Do not infer the complete structure from an IBAN displayed in an app. The EBA has examined differences in virtual IBAN arrangements; your due diligence should focus on the specific arrangement being proposed.
Test the invoice instructions
Prepare a draft invoice using the provider's approved beneficiary wording and ask how incoming funds are allocated. Find out what happens if a payer uses a different name or omits the reference. Keep the answer with the account's operating instructions. This is especially important when a business expects several colleagues to send invoices: everyone should use consistent, confirmed details rather than improvising a beneficiary description from the branding visible on the application screen.
Hypothetical example
A hypothetical design agency receives virtual account details through a platform. Before updating invoices, it asks the provider to confirm the beneficiary name and account structure. The resulting instructions give clients a consistent payment reference and avoid conflicting descriptions from different members of the sales team.
Make it practical.
Use this checklist as you read. Checks are not stored.References & further reading
Background reading — EBA: findings on virtual IBAN arrangements ↗Published by Tap Tap Go. Product availability and eligibility vary by programme and market. About our stories.
