LONDON, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Midpoint Holdings Ltd. (TSXV: MPT) (“Midpoint” or the “Company”) is pleased to announce it has launched Virtual International Bank Account Numbers (“Virtual IBANs”). Clients can now open business Virtual IBAN accounts as well as personal Virtual IBAN accounts online with Midpoint in 15 minutes.
The Company plans to enable the Virtual IBANs for all its existing clients for free, and at writing, Midpoint currently serves more than 3,000 clients from over 50 countries.
“The main advantage is that businesses as well as individuals can have a number of Virtual IBANs and have the payments that are made to them rerouted to the same master account. This mimics the effect of having multiple bank accounts, without the banking fee expenses and the hassle to maintain them,” said Hertz Zhang, Operations Director.
Virtual IBANs can be generated quickly and in bulk. “Law firms can offer unique escrow ‘named accounts’ (that are distinct Virtual IBANs) for each of their clients. This would reduce costs and streamline the closing mechanics of private placements or other escrow transactions. Landlords can offer each of their tenants a distinct Virtual IBAN for their rent payment wire instructions, education establishments can offer each student a named account for tuition fees, and businesses such as suppliers can offer unique Virtual IBAN accounts to each of their customers,” said David Wong, CEO of Midpoint. “It is similar to having all the benefits of segregated accounts with the same flexibility of a pooled or omnibus account—best of both worlds,” he added.
“With end-to-end transparency and segregation of funds, Virtual IBANs help businesses to comply with AML (Anti-Money Laundering) and KYC (Know Your Customer) rules,” Zhang added.
Virtual IBANs cut through the bureaucracy involved with setting up an account at a traditional banking establishment. As many businesses making foreign payments know, setting up any payment account can be a convoluted and lengthy process. That is not the case with a virtual IBAN from an online platform. For instance, with a Virtual IBAN, there is no requirement for a person to reside in or a business to be registered in the same country as the Virtual IBAN accounts.
The Company is currently working towards offering USD local accounts and Euro virtual accounts.
Headquartered in London, UK, Midpoint is an FCA authorized payments institutions specializing in cross-border payments and foreign exchange. SMEs, overseas professionals, property owners, foreign students, individuals, and anyone involved in international payments use Midpoint for transparent, multi-party, multi-currency services. Midpoint currently handles transactions in 24 currencies with the ability to collect and transfer across over 200 countries. This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate, therefore removing the spread as well as hidden costs and fees.
Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.
For information on Midpoint, please visit: https://www.midpoint.com.
For further information please contact:
Corbin Comishin, CFO
David Wong, Chairman and CEO
Midpoint Holdings Limited,
22-25 Portman Close, Marylebone,
505 Kootenay Street, Nelson,
London W1H 6BS, United Kingdom
British Columbia V1L 1K9, Canada
Tel: 0044 20 7448 3082
Tel: 001 250 352 7667
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