You’ll have seen several posts on the Community regarding late payouts. As a first step towards improving this we have clarified what can be used as a payout address.
From today, iMusician will only accept IBAN numbers. For the majority of our customers, this is absolutely fine and will not impact their current payouts.
Note: this will only apply to if you make changes to / or add a new payout accounts
IBAN numbers have been in use in Europe and other countries for many years. There is an easy way to either calculate or check where to find for your IBAN here.
IBAN numbers entered into the payout field will be subject to validation on the Payout Page (e.g. only accepted if they match the IBAN format)
We recommend to all customers who cannot get an IBAN number to open a Wise Account, where they can easily get an IBAN number.
- Wise accounts are free… there are very few fees for transferring money and the exchange rates are very good for the majority of currencies
- This should also reduce Bank Charges for customers outside of our current currencies.
This change is designed to help us speed up / automate payouts to our customers. One major factor here was mis-typed or incorrect Bank Account details, we’re hoping that this will help.
If you have any further questions, please drop them in this thread.