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Explain the business model without shorthand
Tell the provider whether payments are for your own services, collected for another business or held pending a later event. Identify the contracting parties and intended recipients. Do not describe every flow as ordinary business receipts if the arrangement is more complex. Ask for written confirmation of permitted use and seek appropriate professional advice on your obligations. A clean interface cannot resolve uncertainty about the commercial relationship underneath the transaction.
Build instructions around the approved use
Once the arrangement is confirmed, document who may invoice, receive, authorise movements and answer customer questions. Keep reporting and access requirements with the account setup. If your business model changes, revisit the approval rather than assuming a previous acceptance covers the new flow. The important discipline is matching the account to the actual activity, including responsibilities when a client requests a refund or when a payment arrives from an unexpected third party.
Hypothetical example
A hypothetical booking platform initially receives payment for its own consulting service. It later considers collecting venue fees for others. Before enabling the new flow, the founder explains the change to the financial provider and advisers, recognising that the existing setup may not cover the proposed activity.
Make it practical.
Use this checklist as you read. Checks are not stored.References & further reading
Background reading — EBA: findings on virtual IBAN arrangements ↗Published by Tap Tap Go. Product availability and eligibility vary by programme and market. About our stories.
