PUBLIC question for "PAXUM" .. !!!!!!!!!!!!!!!!

The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors?

Yea ... good question.

wtf is goin on?

paxum is the best ... never got any problems with them

...

paxum requires notarially verified shareholder documents, this is how to kill a good service

How is a good service being killed by notarially verified shareholder documents? What are you guys talking about?

I also had concerns about this. How exactly did they open a bank account in my name at an EU bank in my name without my approval or my signature?

It stinks. And has been for so long. Admit it.

Each EUR IBAN account is a VIRTUAL SUB ACCOUNT of Paxum. No bank account has been opened in your name.

I'm sorry but you are incorrect. Paxum asks for Shareholder documents from client companies for full KYC purposes. We follow strong KYC guidelines and that is to the BENEFIT of every single Paxum client.

As mentioned above, it is a virtual bank account as a sub account to Paxum, so please don't worry that we're opening bank accounts in your name.

Ruth ... very weird because it seems that EVERY paxum client has a 100% different "Account Number/IBAN" with the "German Wirecard Bank AG" ...
If it was a subaccount .. then PAXUM itself would have "one" account there and use "paxum name" in payment subject or something ...

That we "all" have a 100% different "Account Number/IBAN" with that bank makes it all very strange.

When I call that bank and ask if I have a bankaccount with them on my name ... then the answer is "NO" ... correct ??

So paxum did not use "MY ID CARD" to open an IBAN account with that bank ??

Ruth ... Do not make any mistake because I will verify your answer directly with the bank.
If needed I can go there "in person" if I want.

what????

It's possible that they just have like 2000 iban accounts open in paxums name and the account numbers are assigned internally on paxum's end.

I'd be surprised if the IBANs were serial... wouldn't it be a security issue? Isn't it safer to have random sub-accounts?

Ruth, thanks for clarifying... makes much more sense now If you do figure out how to make bank accounts without someone's knowledge, I have a business plan for you lol

Well, That doesn't make any sence.

So what do we have?

Bank Name: Wirecard Bank AG
Beneficiary Name: MY NAME
Account Number/IBAN: DEXXXXXXXXXXXXXXXXXXXX
Bank SWIFT/BIC/BIN/ID: WIREDEMMXXX
Bank Address: Einsteinring 35 85609 Aschheim, Aschheim, Other, 85609, Germany

1. Now all bank account numbers for all of us are 100% unique (not only the last 4 numbers or so).

2. "Beneficiary Name" is MY name

What is the "beneficiary name" on a bank?
ANSWER: The Beneficiary name provided must be the exact name in which the bank account is registered.

The Beneficiary name provided must be the exact name in which the bank account is registered.

Is it a PAXUM bankaccount or mine? Thats the question. And did they use "my ID" to open it or not.
Because I think when the "Beneficiary Name" is my name then I assume the bank account is opened on my name as well.

I just need a substantiated answer to all those question. Nothing more and nothing less.

Thanks ...

i will be your first customer! 50 accounts please

What RuthB said does ring true.

2017?s most read: Virtual accounts: the brave new world of cash management

From the article above:

Introducing virtual accounts

In essence, virtual accounts are a series of dummy sub-accounts linked to a physical current account, which can be used by treasurers to manage working capital processes. From a user?s perspective, these dummy accounts offer the same capabilities as a bank account, but without the associated administrative workload and costs so therefore drastically reduce the need for real physical accounts.

While the concept comes across as new, virtual accounts have been prevalent in Asian markets for over a decade and in the Nordics via a similar liquidity management offering. The re-emergence of virtual accounts in European markets is largely due to the sophistication the product offers today and the variety of business propositions it can support.

Virtual account propositions

From a European context, two different product propositions are predominant ? virtual IBANs and virtual account solutions.

Virtual IBANs are a series of dummy International Bank Account Numbers (IBANs) that reroute payments to a real physical account. This creates an opportunity for corporates to issue dummy accounts on a large scale; for example assigning each virtual IBAN to a client, or each to an invoice. When a client makes a corresponding payment, these are automatically routed to the physical account. The virtual IBANs are also captured in the account information, thus allowing corporates to identify the originators, match them with invoices and thereby enabling straight through reconciliation.

While virtual IBANs streamline the account receivables (AR) process, virtual account solutions on the other hand have a wider scope. These solutions allow treasurers to create dummy account hierarchies for a real physical account and distribute these structures as per the business need (across subsidiaries, entities, regions).

Treasury users also get the flexibility to self-administer accounts using virtual account management tools. With these hierarchies in place, virtual accounts can be used for liquidity management (replacing traditional cash pooling arrangements) and for creating payment on behalf of (POBO) or collections on behalf of (COBO) constructs.

Bitcoin and the like need to take these BS companies down