Wirex, a leading cryptocurrency, and traditional currency payment platform has added International Bank Account Numbers (IBANs) to Euro accounts for users in Spain and France in a trial before they are rolled out across the rest of Europe. In response to customer demands, the company has also announced it will be doubling deposit amounts, making them some of the highest deposit limits in the industry.
The announced changes follow an FCA eMoney license being granted to Wirex in August and indicate that – in an increasingly competitive space – the company’s remit is expanding as it looks to consolidate its place at the top of the industry.
First adopted by the European Committee for Banking Standards (ECBS), IBANs are now used by some 69 countries globally to facilitate and fulfill international remittances. Adding IBANs to Wirex accounts will allow the service to be used for bills and direct debit payments, helping users transact similarly to how they would with their bank account.
In a speech, Wirex’s co-founder and chief executive officer Pavel Matveev explains thus:
Following collaboration with our financial partners, we have been able to expand our payment offering, We want to improve the Wirex experience for all users whilst continuing to bridge the gap between our service and conventional finance platforms.
The increased amount limits are already being rolled out across the wider European Economic Area. Wirex users can now fund their accounts with up to £15,000, €16,000 and $20,000 respectively.
Co-founder Dmitry Lazarichev added that these recent changes are evidence of Wirex moving to become a “smarter alternative to traditional banking” and that they are continuously taking steps to provide “a more streamlined and well-rounded service.”
By continually listening to its customers and by offering painless, near-instant exchange from cryptocurrencies to fiat money – and vice versa – Wirex has gained the confidence of a vast user base of over one million users. Adding IBANs is a big step toward creating a service that can be depended on for use as an everyday method of payment and signals.