Managing payments across borders remains one of the biggest operational challenges for expanding businesses. While digital transformation has touched nearly every aspect of commerce, international banking is currently lagging behind with separate systems for crypto and traditional currency transactions, creating unnecessary complexity.
Tap solves this problem by offering each business a multi-currency account with a dedicated IBAN that functions as a bridge between these two financial worlds. For businesses handling both crypto and fiat currencies, this means one unified system rather than juggling multiple accounts and conversion processes. This isn't just convenient - it directly impacts your bottom line by reducing transaction fees, speeding up settlements, and simplifying reconciliation.
If you're handling international payments or considering crypto adoption, this could significantly streamline your financial operations. Here's what you need to know.
What is a business IBAN?
An IBAN (International Bank Account Number) serves as your business's financial passport - a standardised identifier recognised across 78+ countries. Unlike traditional account numbers, a Business IBAN follows a structured format that includes country codes, bank identifiers, and your unique account number.
What sets Tap's approach apart is the integration of this established banking standard with crypto functionality. Instead of operating in parallel financial universes, your transactions (whether in euros, dollars, or Bitcoin) flow through a single identifiable channel.
For finance teams, this means the end of reconciliation nightmares. For your customers and partners, it means one consistent payment destination regardless of their preferred currency.
How Business IBANs Work
The mechanics behind modern business transactions
A Business IBAN functions as the digital coordinates for your company's financial location in the global banking ecosystem. When properly implemented, it creates a frictionless path for money to flow into and out of your business regardless of currency type or originating country.
Sending and receiving payments
When receiving payments, your Business IBAN acts as a universal identifier that works across different payment systems. Clients simply enter your IBAN (and sometimes BIC code) into their banking platform, eliminating the confusion of different account number formats across countries.
For outgoing payments, the process works in reverse. You provide the recipient's IBAN, specify the amount, and Tap's platform handles the routing complexities behind the scenes. This standardisation prevents the common errors that lead to payment delays and rejection fees.
What separates Tap's system from conventional banking is the integration layer that works with both crypto and traditional currencies. When a client pays in Bitcoin, for example, you can choose to receive it as cryptocurrency or have it automatically converted to your preferred fiat currency before it reaches your account.
Banking networks demystified
Business IBANs interact with several key payment networks:
SEPA (Single Euro Payments Area): Covering 36 European countries, SEPA processes euro-denominated transfers typically within one business day at low fixed costs. Your Business IBAN automatically routes euro payments through this network without requiring a separate setup.
SWIFT (Society for Worldwide Interbank Financial Telecommunication): The backbone of international banking, SWIFT connects over 11,000 financial institutions worldwide.
Real-world transaction example
Consider a UK-based e-commerce business receiving payment from a German customer:
- The customer initiates a €5,000 payment to the merchant's business IBAN
- The transaction enters the SEPA network and arrives in the merchant's Tap account within hours
- The merchant can either keep the funds in euros or convert to GBP at their preferred timing
- If choosing to convert, Tap executes the exchange at market rates with minimal spread
- The funds become available for business operations, supplier payments, or withdrawal
This same process that once required multiple accounts, banking relationships, and days of processing now happens automatically through a single business IBAN. For businesses managing dozens or hundreds of such transactions monthly, the efficiency gains and cost savings compound significantly.
The ability to handle these complex financial pathways through one unified system represents the core value proposition of modern business IBANs - simplicity on the surface, sophisticated routing underneath.
Cross-border advantages that impact your bottom line
The practical benefits of a business IBAN become immediately apparent in cross-border transactions:
- Reduced rejection rates: correctly formatted IBANs virtually eliminate payment failures due to incorrect account details
- Faster settlement times: direct routing through the SEPA network for European transactions
- Lower transaction costs: fewer intermediaries means fewer fees eating into your margins
- Simplified compliance: clearer transaction trails for more straightforward reporting
Bridging crypto and traditional finance
The crypto market now represents a $2 trillion opportunity that many businesses struggle to tap into due to technical and operational barriers. A business account with Tap eliminates these obstacles by providing:
- Seamless conversion between crypto and fiat currencies
- Consolidated financial reporting across all currency types
- Regulatory compliance built into the platform
- Reduced exposure to crypto volatility through instant conversion options
For businesses cautiously exploring crypto acceptance, this hybrid approach offers a low-risk entry point without requiring major infrastructure changes.
Implementation without disruption
Setting up a business account through Tap requires minimal operational changes:
- Fill in the contact form to initiate a callback
- Complete the business account set-up and verification process
- Receive your unique account with IBAN
- Update payment details with clients and suppliers
- Integrate with your existing accounting systems
The entire process typically takes less than 48 hours, with Tap's team handling the technical heavy lifting.
Is a Tap business account right for your growth strategy?
It's worth considering a business account if your company:
- Operates in multiple countries or currencies
- Needs to reduce payment processing costs
- Wants to accept crypto payments without complexity
- Are looking to streamline financial operations
As payment landscapes continue evolving, businesses that implement flexible, future-proof solutions gain a significant competitive advantage in customer experience and operational efficiency.
Explore how a business IBAN could fit into your financial infrastructure by visiting Tap's business solutions page, from where a dedicated account manager can discuss potential savings based on your specific transaction patterns.
The business world won't wait for outdated payment systems to catch up. The question isn't whether you need more efficient payment solutions - it's how quickly you can implement them.
This article is for general information purposes only and is not intended to constitute legal, financial or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.
