iBanFirst is a payment institution (as per the European directive PSD2) licensed by the National Bank of Belgium since 2013 under registration number 0849.872.824.
iBanFirst is authorized to operate in 30 countries of the European Economic Area, as per the free provision of services European directive.
As a licensed payment institution, iBanFirst is authorized to:
Receive and execute payments
Execute currency conversions linked to payments
Setup foreign currency risk hedges linked to payments
Grant loans linked to payments
Connect to bank accounts (AISP)
Initiate payments from bank accounts (PISP)
PSD2 strictly regulates how payment institutions, such as iBanFirst, operate and manage client funds and payments.
Funds, for instance, must be segregated from the payment institution's own funds and held at a custodian bank. Cash reserve must be held to guarantee the payment institution's solvency. Both measures guarantee that, in the unlikely event of a payment institution's insolvency, client funds would remain safe and secure and would be returned to the clients.