Direct debit mandates really are the ugly stepchild of @EPC_SEPA payments. No digital authorization standard, no mandate tokens, no standardized creditor registry.pic.twitter.com/4ZWWFCoD6z
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That’s really cool! I guess the only additional value of using a virtual IBAN is that someone hacking into Netflix can’t use your account number
It’s not unique per service. It’s ‘real’ accounts, I have separated some incoming and outgoing flows like that. The benefit of the setup of Bunq is that no money goes out without my approval first, even when a company says they have mandate.
Virtual IBANs (EU...) are still considered as an alternative for portability. BTW Most banks have options to limit the transaction value of a standing direct debit order. We even had that in Belgium before SEPA. Plus unconditional chargeback (for consumers), so risk-free.
But it's another type of "virtual", thinking of it. The EU prefix IBANs would allow instant cross-border portability using a central database of ^pointers. Avoids problem seen with mobile number portability that every operator needs to have a db showing where their numbers went.
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