Learning the friendly way

International Bank Account Numbers (IBANs) were first implemented by the European Central Bank (ECB) to provide a simpler way of transferring money to other countries. Now used around the world, IBANs have become a permanent fixture in the banking world and a vital component of international money transfers.

In this article, we cover what an IBAN number is, what it looks like, the difference between IBAN and swift codes, and lastly, where to find yours.

What is an IBAN number?

Short for International Bank Account Number, IBANs are unique account numbers assigned to an account for the purpose of making international money transfers easier. An IBAN number acts as a screening system that confirms account data before transferring funds between international banks. 

The system was implemented to create an international standard for transnational transactions and reduce errors within the EU but has since been adopted by countries far beyond those borders. Since being implemented international money transfer errors have been reduced to 0.1% of total transfers. 

What does an IBAN number look like?

An IBAN number is an alphanumeric code of up to 34 characters. Not to be mistaken for a bank account number, an IBAN typically includes the account number along with several other identifying codes. These include codes that identify the bank the funds are being sent to and the country. So what does an IBAN number look like?

An International Bank Account Number will always include:

• A two-letter code identifying the country
• Two check digits
• The bank code
• A code of up to 30 characters is known as the Basic Bank Account Number (BBAN) which is decided on by the country and is used as a national standard for domestic payments.

For example, a UK IBAN number will have the following format:

GB28VBCD12345612345678

GB represents the country code

28 represents the check digits

VBCD represents the bank code

123456 represents the sort code

And the next 12345678 represents the account number. 

SWIFT codes vs IBAN numbers

You might be wondering at this stage what the difference is between a SWIFT code and an IBAN number. Let’s explore the difference below.

A SWIFT code (Society for Worldwide Interbank Financial Telecommunication), also known as a Bank Identifier Code (BIC), is a unique identification bank code used to identify the specific financial institution in international wire transfers. SWIFT codes consist of either 8 or 11 characters and include information about the bank and its location.

An IBAN (International Bank Account Number), on the other hand, is a standardized international numbering system used to identify bank accounts for international money transfers. As covered above, it typically consists of a country code, two check digits, and a BBAN. The purpose of the IBAN number is to help ensure that international payments are processed accurately and efficiently.

In summary, a SWIFT code is used to identify a specific bank or financial institution in international wire transfers. An IBAN number is used to identify a specific bank account in cross-border transactions.

Both codes are important for international money transfer and are used in conjunction with each other to ensure that funds are transferred to the correct account at the correct institution.

How to find your IBAN number

To find your IBAN number, you will need to check your bank statements, online banking portal, or contact your bank directly. The exact process for finding your IBAN number may vary depending on the country and financial institution, but here are some general steps you can follow:

Check your bank statement: Your IBAN number should be listed on your bank account statement, which you can access online or receive in the mail.

Check your online banking portal: If you use online banking, you can usually find your IBAN number by logging into your account and navigating to your account details or settings.

Contact your bank: If you cannot find your IBAN number through the above methods, you can contact your bank directly and ask them to provide it for you. Be prepared to provide your account number and other identifying information.

It's important to note that not all countries use an IBAN number, so if you are sending or receiving an international payment, you may need to use a different format for bank account identification.

Additionally, IBAN numbers can vary in length and format depending on the country and financial institution. Before you transfer money or make an international transaction always check what information is required and whether it is accurately inputted.

Tap’s business account and IBANs

When creating a business account on the Tap network, users will automatically gain access to their own IBAN number which can be used to receive international payments. With several currency options, the account caters to a wide range of industries and services.

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The poundtoken is a blockchain-based stablecoin pegged to the British pound sterling (GBP). With the rising interest in stablecoins, the poundtoken presents the perfect solution for UK-based crypto enthusiasts. As one of the first regulated GBP-based stablecoins, the poundtoken has an impressive and transparent means of ensuring that it is appropriately backed. 

What is poundtoken (GBPT)?

As mentioned above, the poundtoken is a stablecoin pegged to the British pound sterling (GBP), meaning that the poundtoken price will always be equivalent to that of ￡1. The coin is issued by Blackfridge SC Limited, a fintech platform licensed and regulated by the Isle of Man Financial Services Authority. GBPT is the first regulated stablecoin in the British Isles.

Stablecoins are required to hold reserves for each coin in circulation, and poundtoken is no exception. Blackfridge, based in the Isle of Man, holds 100% fiat reserves in segregated accounts in a European bank, and undergoes monthly proof of reserve attestations and annual financial audits by KPMG. 

With 2.45 million tokens as the maximum supply, poundtoken is an excellent option when looking for a GBP-backed stablecoin as it allows for direct GBP access to digital asset exchanges and DeFi (decentralised finance) protocols, while also ensuring frictionless real-time settlements.

Who created poundtoken?

Poundtoken was created by Alan Sun, Michael Crosbie and Nicholas Maybin as a solution to price volatility in the cryptocurrency space. Launched on July 11, 2022, the British Isles regulated GBPT was designed to merge the benefits of blockchain technology and smart contracts with the strengths of a regulated financial product. 

Through its fully vetted audit system, the stablecoin ensures that investors are always in the know regarding its backing and can rest assured knowing that the stablecoin is backed appropriately. This comes as a breath of fresh air when compared to other failed stablecoin projects that have recently collapsed and tainted the crypto image for investors and law enforcement agencies alike.

How does poundtoken work?

For every GBPT released into circulation, ￡1 is held in safeguarded segregated accounts held in a European bank. These funds undergo monthly proof of reserve attestations as well as annual financial audits, both conducted by KPMG.

Poundtoken.io is built on the Ethereum network, while GBPT utilizes the ERC-20 token standard. The stablecoin then uses smart contracts to facilitate the purchase, storage, transaction and transparent collateralisation of the stablecoin.

How does poundtoken comply with strict British financial regulations?

As the first British-regulated stablecoin, poundtoken has attracted much attention from investors in the digital asset markets for its strict auditing process, entirely transparent to the public. Since complying with the rigorous British financial regulation requirements, holders can rest assured knowing that they can redeem their stablecoin for GBP at any given time.

Isle of Man Financial Services Authority

The issuing company, Blackfridge is fully regulated and licensed by the IOMFSA. Through this licensing, Blackfridge is required to hold GBP equal to the value of the tokens issued at all times.

How Can I Buy GBPT?

Users looking to accumulate GBPT can do so conveniently from their Tap account. Simply register an account, and you'll be able to onboard several crypto and fiat currencies. From there you can buy, trade or sell at excellent rates as well as store the currencies in a secure location. 

Tap allows users to deposit several currencies, for example, Bitcoin or USD, and trade them for alternative cryptocurrencies. Through the secure platform and integrated technology, users are able to seamlessly conduct crypto trading at the best market prices available.

We are delighted to announce the listing and support of Quant (QNT) on Tap!

QNT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold QNT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting QNT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

The Quant Network was designed to connect blockchains and networks on a global scale, prioritising interoperability and trust functions between them using the Overledger operating system, the first OS built for blockchains. The Quant protocol was designed to remove barriers commonly encountered on blockchains in communication, interoperability and scaling.

QNT is an ERC-20 token from the Quant blockchain that provides digital access to a particular application or service and is used to access the Overledger network and validate transactions on the network.

All product users, developers, and gateway operators are required to purchase annual licences, used to maintain platform efficiency. These licence fees are converted to QNT and locked up in the Quant treasury. If a user does not renew their licence, they forfeit their fees, discouraging them from dumping tokens on the market if the price increases.

Get to know more about Quant  (QNT) in our dedicated article here.

We are delighted to announce the listing and support of Dai (DAI) on Tap!

DAI is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold DAI for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting DAI will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Launched in 2017, DAI is an algorithmic stablecoin issued by MakerDAO.  This stablecoin cryptocurrency is aiming to maintain a soft peg with the United States dollar. This goal is achieved through the use of smart contracts which incentivize participants to perform essential maintenance and governance functions.

Due to the coin’s soft peg to the US dollar, the DAI stablecoin not only provides a stable long-term store of value but also a strong medium of exchange.

Get to learn more about DAI in our dedicated article here.

Whether you're new to investments or you've been active in the markets for years, it's never too late (or early) to get your head around the different types of investment opportunities available. As we know, one size never fits all, so in this piece we're going to run you through the options out there and help you to determine which category will best suit your needs. 

The 3 tiers of investments

First and foremost, when diving into the world of investing one must first determine their risk tolerance. How much risk you are willing to engage in will help you establish which investment avenue to go down. The three options are:

1. Low-risk 

These types of investors are not looking to take risks with their capital. The primary goal is to preserve the initial investment despite the opportunity to gain returns. This is a great start for new investors as the risk is minimal while they learn the ropes. 

A great investment option here is a money market fund. The funds are typically managed by professional, licensed fund managers, and involve bank deposits, commercial papers and treasury bills. While the risk is low, the potential for returns is moderate and the investment is liquid, meaning that the investor typically have access to the funds at any time. 

2. Medium-risk 

Providing an option for the more confident investor, medium-risk investments incorporate moderate risks but have measures in place to stop any high losses. This strategy is often made up of low-risk and high-risk investments, ensuring a balance between the two components. 

Medium-risk options include a mix of mutual funds and dollar funds, which will invest in medium-risk stocks, bonds and treasury bills. The risk of losing capital is therefore lower than with high-risk investments while your potential for returns are higher than low-risk investment options. 

3. High-risk 

This category is for the investors with an appetite for risk. They're comfortable with losing their invested capital in the pursuit of higher gains. A huge note here is that Ponzi schemes are never good investments. Rather stick to professionally managed investment funds that are catered to those with a high-risk threshold. 

These might include equity mutual funds that invest in stocks of vetted companies with large public listings. These are best catered to long-term timelines, as volatility might hinder the returns in a shorter space of time. High-risk investments have the potential to bring about higher returns, however this is never a guarantee. 
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How to distinguish what type of investor you are

While a professional financial advisor can do this for you, we've created a three step, simple way to determine whether you fit into the conservative investor (low-risk), moderate investor (medium-risk) or aggressive investor (high-risk) category. Consider these three factors below:

• what is your age?

If you're younger, there are more years ahead of you to recover from a bad investment. As a result, each passing birthday slightly lowers your risk tolerance.

• what is your marital status?

As a general rule of thumb being married incurs more expenses and allows for less risk taking when compared to a single person with no-one else to be responsible for. With fewer financial responsibilities comes a high opportunity for risk-taking. 

• what is your net-worth?

Last but not least, your net-worth will also impact your appetite for risk. The more money you have, the more you can risk to make that money grow (and the bigger the cushion if an investment does go south). 
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In conclusion‍

It's important to remember that one investor type is not better than another, rather, it is what's best suited to your needs and requirements. The longer you leave these investments the higher the returns, so be sure to have a solid savings account built up prior to investing to ensure that should something go wrong you have alternative sources of funds to support that. Liquidating your investment early might lead to losses and most certainly lost opportunity. 

We are delighted to announce the listing and support of Maker (MKR) on Tap!

MKR is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold MKR for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting MKR will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

MKR, the governance token fueling the network, comes from the same platform that created DAI, the algorithmic stablecoin soft-pegged to the US dollar. MKR serves both the decentralized autonomous organization, MakerDAO, and the software platform, Maker Protocol, both built on the Ethereum blockchain. These two platforms generate DAI and allow users to issue and manage the DAI stablecoin.

MKR is an ERC-20 token and acts as a governance and utility token to the Maker Protocol with no fixed supply. The token gains value as the use of the Maker Protocol increases as the supply is reduced when the Protocol is working effectively and increased when governed poorly. MKR tokens are created or destroyed through surplus auctions and debt auctions.

Get to know more about Maker (MKR) in our dedicated article here.