Powens Launches Virtual IBANs and Open Finance Features for Europe and LATAM

Powens, an embedded banking platform operating across Europe and Latin America, announced its Fall 2024 product release featuring Virtual IBANs and enhanced Open Finance capabilities. The Virtual IBAN functionality enables financial institutions and fintechs to automate banking and payment processes more efficiently within their platforms. The release is part of Powens' broader strategy to provide comprehensive embedded banking infrastructure for B2B clients.

The new features target financial institutions seeking to integrate open finance data and payment initiation into their existing products. Powens' platform serves as middleware connecting banks, fintechs, and non-financial companies to banking services through APIs. The expansion into LATAM alongside its established European presence reflects growing cross-regional demand for embedded banking infrastructure.

Specific pricing or financial details of the product release were not disclosed. The update positions Powens to compete with other embedded finance infrastructure providers in the growing BaaS market.