Third-party IBANs in the Brighty App allow you to send and receive funds more flexibly, including transferring to external accounts. Follow the guidelines below to understand the application process, required information, potential outcomes, and related approval considerations.
Overview of Third-Party IBANs
Third-party-enabled IBANs facilitate transactions with accounts that do not solely belong to you. However, their approval is subject to Brighty’s internal policies and compliance checks. Approval is not guaranteed, and denied requests mean transfers must remain restricted to accounts in your name.
Step-by-Step Guide to IBAN Activation
1. Send Your Request
Start by submitting a request to Brighty's support team for a third-party-enabled IBAN. If you have a Brighty Business account, complete additional onboarding steps with Brighty’s partner by filling out provided templates and submitting signed forms. This initial step ensures collaboration between Brighty and its partners.
2. Provide Required Compliance Documentation
Be prepared with the following documents and information as part of your compliance review:
Personal Identification: A valid passport or national ID, and a residence permit if applicable.
Proof of Address: Documents like utility bills or bank statements in English showing your registered address.
Intended Use and Financial Details: Explanation of why you need the IBAN, your expected transaction volumes, the countries where transactions will occur, and details on your counterparties (e.g., who will send or receive funds).
Source-of-Wealth Details: Examples include payslips, employment contracts, bank or exchange statements showing incoming funds, business income documents, invoices or contracts, or documentation of investments or asset sales.
Account Subscription Level: You may be required to upgrade your subscription to PLUS or PRO tiers in Brighty before proceeding.
3. Undergo Compliance Review
All documentation and details are reviewed by Brighty’s compliance team. Depending on regulatory requirements and Brighty’s internal policies, your request will either be approved or denied. Denials may occur even if the IBAN feature was initially presented as an option. In such cases, transactions must remain limited to accounts in your own name.
What to Expect if Denied
If your request for a third-party IBAN is declined, note the following:
You will not be able to transfer with external IBANs.
Only transfers to and from accounts registered in your name will be permitted.
Compliance reviews adhere to strict rules, and outcomes are final.