A designated bank account means that a customer or company gets an account under their own name. the bank account number or IBAN is unique or designated to the customer and not shared with other customers.
Many e-wallets will use one bank account and ask their customers or the customers clients to send funds to this account with a specific description/reference. this often leads to a lot of confusion and errors.
the dedicated bank account means insures that the company has the account under its own name so that when they invoice customers, the customer knows who they are paying. it also means that funds send to this account always belong to the account holder (the designated bank account holder).
At B2B Pay we provide bank account numbers directly in the name of the customer. we provide both EURO IBAN accounts and US ACH accounts.