A PYMNTS.com interview: As eCommerce and B2B payments expand across borders, time zones and currencies, virtual international bank account numbers (IBANS) can pave the way…

The digital banking era is upending traditional payment solutions and transforming the global financial industry in the process. And this is on both the corporate and consumer level with changes in payments solutions reaching into every facet of the international economy.

When it comes to digital banking and compliance, robust KYC practices not only prevent fraud and financial losses but also strengthen a firm’s ability to conduct business with confidence. This is typically because of the four key elements of strong KYC practices that make sure firms know who they’re doing business with and what to expect from that relationship.

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation. Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models.

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization.