iBanFirst is a payment institution authorized by the National Bank of Belgium since 2013, in accordance with the European PSD2 directive, and registered under number 0849.872.824.
iBanFirst is authorized to conduct its activities in 30 countries within the European Economic Area, in accordance with the legislation on the free provision of services in the European Union.
As a licensed payment institution, iBanFirst is authorized to:
Manage client accounts
Receive and execute payments
Perform currency conversions related to payments
Set up foreign exchange risk hedging contracts related to payments
Provide financing related to payments
Connect to external bank accounts (AISP)
Initiate payments from external bank accounts (PISP)
The European PSD2 directive strictly regulates how payment institutions, such as iBanFirst, conduct their activities and manage client funds and payments. Funds must be separated from the payment institution's own funds and held in a custodian bank. A liquidity reserve must be established to ensure the solvency of the payment institution.
In the unlikely event of the payment institution's insolvency, these two measures ensure the safety and restitution of client funds.