Global payments and banking infrastructure provider Clear Junction has broadened the availability of its named virtual IBAN (vIBAN) services to licensed virtual asset service providers (VASPs).
Earlier, these features were accessible only to banks and electronic money institutions (EMIs). A named vIBAN is a unique identifier for each individual customer, enabling seamless sending and receiving of payments without setting up new payment accounts. This arrangement facilitates full fund tracking, simplified financial reconciliation, enhanced anti-money laundering (AML) and know-your-customer (KYC) processes, and increased institutional trust.
Clear Junction’s Strategy to Bridge the Fiat-Digital Asset Divide
By extending its services to European and UK-licensed crypto asset providers, Clear Junction aims to bolster the fiat infrastructure at the disposal of regulated cryptocurrency companies. This move is part of Clear Junction’s comprehensive strategy to bridge the gap between traditional banking systems and digital assets through compliance-focused solutions.
As regulatory standards become more stringent, crypto companies are facing increased demands for adherence to anti-money laundering (AML) procedures, transaction auditing, and other compliance measures. However, they often struggle with institutional barriers and legacy banking infrastructure that limit access to fiat services. Clear Junction’s vIBANs address these challenges by offering direct access to fiat settlement capabilities and customer-specific account references, which can be particularly useful for peer-to-peer transfers, fiat-crypto swaps, and automated treasury operations.
This new service complements Clear Junction’s existing portfolio of digital asset offerings. These include immediate fiat deposits and withdrawals, EUR and GBP payment systems via SEPA and FPS, off-ramp solutions for fiat-to-crypto transactions, and on-chain transfers through its stablecoin payment service, which supports USDT and USDC across Ethereum, Solana, and Tron networks.
