Your virtual bank account is an automated service, built from a Bank of the Commons owned IBAN account. It allows all its members to interact both with the banking system and with the multicurrency wallet.
Each member has a unique token (user identifier) for their own virtual bank account to use on their transfers.
This system allows Bank of the Commons to provide banking services to their members without the need for a license and outside the control of a central bank.
During the beta stage, this virtual account uses the same software as FairPay. The main difference is that the members of Bank of the Commons have access to the official currencies as well as FairCoin.
In your virtual bank account, you can:
- Make and receive banks transfers.
- Exchange currency.
- Use cash-in and cash-out services available on fairtoearth.com.
In an upcoming update, it will be possible to pay monthly bills of cooperatives and non profits, like energy cooperatives, phone cooperatives, alternative media and others.