A business payment account with a dedicated IBAN gives your company an account for receiving and sending euro payments, paying suppliers and managing day-to-day payment activity.
Opening one doesn’t necessarily mean going to a traditional bank. Electronic money institutions can provide payment accounts, including accounts with dedicated IBANs, under a different operating model from traditional banks.
This guide explains what you’ll need to apply, how the onboarding process works, the practical differences between a bank and an electronic money institution (EMI), and what to consider if your business is based outside Belgium or has previously been declined elsewhere.
This article is for you if:
- You want to open a business payment account with a dedicated IBAN in Belgium and need to understand the requirements.
- You’re comparing a traditional bank with an electronic money institution and want to understand the practical differences.
- You operate multiple companies, entities or projects.
- Your company is newly established or has a more complex ownership structure.
- Your company is registered outside Belgium.
- You’ve previously been declined by another provider and want to understand your options.
Does my company need to be based in Belgium?
Paynovate may work with companies registered outside Belgium, subject to applicable eligibility, compliance and risk requirements.
Companies registered outside Belgium will generally need to provide equivalent corporate documentation from their local jurisdiction.
Additional verification or certified translations may be required depending on the company and jurisdiction.
What you need before you apply
The exact documents depend on where your company is registered. For Belgian entities, have the following ready. For companies registered elsewhere, we’ll ask for the equivalent documents available in your jurisdiction.
- Company registration evidence: your KBO/BCE number and a recent extract from the Crossroads Bank for Enterprises for Belgian entities, or equivalent company registration evidence from your jurisdiction.
- Articles of association: the latest coordinated articles or equivalent constitutional documents.
- Ownership information: a recent UBO register extract and shareholder register.
- Director information: the register of directors and evidence of the appointment of directors and representatives.
- Company structure: a company organisational chart and, where applicable, a group organisational chart.
- Financial and business information: your latest financial statements, plus your business model and expected flows. A financial plan may also be required where applicable.
- Licences and authorisations: any professional licences, permits or regulatory authorisations required for your business.
- Proof of address: for example, a recent utility bill or another official document issued in the company’s exact legal name.
Companies registered outside Belgium will generally need to provide equivalent corporate documentation from their local jurisdiction. Additional verification or certified translations may be required depending on the company and jurisdiction.
If your company has a more complex structure, companies with more complex ownership or group structures may require additional information or verification during onboarding. Providing complete and accurate information from the outset helps keep the review process moving.
Bank account or EMI account: what’s the difference?
Electronic money institutions can provide payment accounts, including accounts with dedicated IBANs, under a different operating model from traditional banks.
To provide payment accounts, a provider must be authorised to provide that type of service.
How funds are held
- Bank: Funds are held as deposits under the applicable banking framework.
- Electronic Money Institution (EMI): Customer funds are safeguarded in accordance with applicable regulatory requirements and segregated from Paynovate’s own funds.
Deposit protection
- Bank: Eligible deposits may be protected by the applicable deposit guarantee scheme, subject to its terms and conditions.
- Electronic Money Institution (EMI): Paynovate payment accounts are not bank or deposit accounts and do not benefit from the protection of the Guarantee Fund.
Overdrafts / lending
- Bank: May be available depending on the bank and customer.
- Electronic Money Institution (EMI): Paynovate does not offer overdrafts, credit lines or business loans as part of its business payment account offering.
Multi-entity / holding structures
- Bank: Group structure and entities are assessed as part of onboarding.
- Electronic Money Institution (EMI): Group structure and entities are assessed as part of onboarding.
Typical onboarding speed
- Bank: Varies depending on the business profile and required checks.
- Electronic Money Institution (EMI): Varies depending on the business profile and required checks.
Best fit if you need
- Bank: Lending, overdrafts or other traditional banking services.
- Electronic Money Institution (EMI): Payment accounts and related payment services without a lending requirement.
Neither option is inherently better. The right choice depends on the services your business needs. If lending or an overdraft is essential, a bank may be the better fit. If your priority is a payment account and payment services, an EMI can provide an alternative.
How long does it take to open a business payment account?
There is no single onboarding timeline that applies to every company.
Go-live timelines depend on submission and acceptance of a full application file, and on whether any further KYC investigation or technical specificities are required.
Timelines can also vary depending on the company structure, jurisdiction and information required during the review.
Companies with more complex ownership or group structures may require additional information or verification during onboarding.
Providing complete and accurate information from the outset helps keep the review process moving.
When your business doesn’t fit the standard profile
Not every business has a simple ownership structure or a long trading history.
All applications are subject to applicable KYC, KYB and AML/CFT requirements.
At the same time, different institutions can have different risk appetites, sector policies and onboarding requirements.
Multiple entities or a holding structure
If you operate several companies, or a holding company with operating subsidiaries, onboarding will typically require information on the wider group structure and the entities involved.
Paynovate can provide dedicated IBANs per entity or project under one relationship, subject to applicable onboarding requirements.
Companies registered outside Belgium
Paynovate may work with companies registered outside Belgium, subject to applicable eligibility, compliance and risk requirements.
Companies registered outside Belgium will generally need to provide equivalent corporate documentation from their local jurisdiction.
Additional verification or certified translations may be required depending on the company and jurisdiction.
All applications remain subject to Paynovate’s eligibility, compliance and risk requirements.
Another provider has already refused your application
A previous refusal does not automatically mean another provider will reach the same decision.
Different institutions can have different risk appetites, sector policies and onboarding requirements.
A company’s structure, jurisdiction, business model or limited trading history can influence an institution’s decision.
Regardless of provider, all applications are subject to applicable KYC, KYB and AML/CFT requirements.
What you can do with a Paynovate payment account
Paynovate provides payment accounts with dedicated IBANs, subject to applicable onboarding, compliance and risk requirements.
Depending on your setup, a Paynovate payment account can support:
- SEPA Credit Transfer: send and receive standard euro payments across the SEPA zone.
- SEPA Instant: make eligible euro payments that settle in seconds, around the clock.
- SEPA Direct Debit: collect recurring euro payments from your customers.
- Open Banking: connect your account to compatible accounting or treasury tools.
- Cards: issue cards from the same balance, bringing spending and settlement together.
Paynovate provides regulated payment services behind the scenes, so you can focus on building your business.
What’s not included?
Multi-currency balances are not currently supported.
Paynovate does not offer overdrafts, credit lines or business loans as part of its business payment account offering.
If multi-currency accounts or lending are core requirements for your business, you may therefore need another solution alongside your Paynovate payment account.
How to open your business payment account: step by step
1. Speak with our team
Start with a quick introductory conversation with one of our Account Executives. We’ll discuss your business, requirements and structure and determine the appropriate setup.
2. Send your documents
We’ll confirm the corporate and supporting documentation required for your company and jurisdiction.
3. Complete the KYC and KYB review
All applications are subject to applicable KYC, KYB and AML/CFT requirements.
We verify the entity, beneficial owners, business activity and other required information. If something needs clarification, we’ll ask for additional information.
4. Complete onboarding
Once your application has been reviewed and accepted, your payment account can proceed to go-live.
Go-live timelines depend on submission and acceptance of a full application file, and on whether any further KYC investigation or technical specificities are required.
Talk to us about opening a business payment account →
Frequently asked questions
Do I need a Belgian company to open a business payment account?
Paynovate may work with companies registered outside Belgium, subject to applicable eligibility, compliance and risk requirements.
Companies registered outside Belgium will generally need to provide equivalent corporate documentation from their local jurisdiction.
Can a non-resident director apply?
Directors and beneficial owners do not necessarily need to reside in Belgium. Eligibility remains subject to applicable compliance requirements, jurisdictional considerations and Paynovate’s risk appetite.
What documents do I need?
The exact requirements depend on your jurisdiction and company structure. They typically include company registration evidence, constitutional documents, ownership and director information, company structure, financial and business information, relevant licences or authorisations and proof of company address.
Additional verification or certified translations may be required depending on the company and jurisdiction.
How long does onboarding take?
Go-live timelines depend on submission and acceptance of a full application file, and on whether any further KYC investigation or technical specificities are required. Providing complete and accurate information from the outset helps keep the review process moving.
Can I apply if another provider declined my business?
A previous refusal does not automatically mean another provider will reach the same decision.
Different institutions can have different risk appetites, sector policies and onboarding requirements.
All applications are subject to applicable KYC, KYB and AML/CFT requirements.
Is Paynovate a bank?
No. Paynovate is an E-money institution authorised and supervised by the National Bank of Belgium.
Paynovate payment accounts are not bank or deposit accounts and do not benefit from the protection of the Guarantee Fund.
Customer funds are safeguarded in accordance with applicable regulatory requirements and segregated from Paynovate’s own funds.
Can I hold currencies other than euros?
Currently, Paynovate payment accounts are EUR-only. You can receive cross-border payments in other currencies, which are automatically converted to EUR. Outgoing payments can also be sent in supported currencies, with funds converted from EUR. Support for holding additional currencies is planned for 2027.
