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An IBAN is a fiat deposit rail that allows a verified Entity to receive traditional bank transfers into Otim. When someone sends fiat to the IBAN, the funds are automatically converted and routed into an Account linked to that Entity. IBANs are the on-ramp from traditional banking into the Otim platform. They bridge the gap between fiat and on-chain finance by giving each verified Entity a dedicated bank account number that external parties can send money to. Otim supports every G7 currency and many more.

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How it works

  1. A verified Entity is issued an IBAN.
  2. The IBAN is linked to one of the Entity’s Accounts.
  3. When fiat arrives at the IBAN, Otim automatically routes the funds into that Account.
From there, the funds are available for any operation you would normally perform with an Account: transfers, orchestrations, instructions, or simply holding and earning yield.

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Requirements

Only verified Entities can receive IBANs. This means the Entity must have completed KYC (for individuals) or KYB (for businesses) before an IBAN can be issued. This requirement exists because fiat deposit rails are subject to regulatory compliance, and a verified identity is necessary to operate them.

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When to use IBANs

IBANs are useful whenever you need to accept fiat payments from external parties who use traditional banking. Common scenarios include:
  • Accepting customer payments via bank transfer
  • Receiving payroll or vendor payments into an Otim Account
  • On-ramping fiat into Otim for cross-chain settlement via Orchestrators