Your virtual bank account is an automated service built from a Bank of the Commons owned IBAN account. Each member has a unique token (user identifier) as their own virtual bank account to use for their own SEPA transfers. This token can easily be generated in a member’s own MultiCurrency Wallet. Virtual Bank account substitues a personal IBAN account of official banking system. This way, our members are able to interact with the banking system without the need for a personal official bank account!
In a further stage, it will be possible to pay monthly bills (recurring) of cooperatives and non profits, like energy cooperatives, phone cooperatives, alternative media and others. This system allows us to provide banking services to our members outside the control of a central bank without any need for a license!