Satispay offers payment services through an Electronic Money Institution (EMI) based in Luxembourg. This EMI is authorized and regulated by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial supervisory authority.
For this reason, your IBAN is Luxembourgish, but you can use it in Italy and throughout the entire SEPA area! From a practical perspective, a Luxembourgish IBAN works just like an Italian IBAN: you can receive bank transfers, credits, and use it without any limitations.
Currently, the IBAN has a receive-only function: it is not possible to send money (make outgoing transfers) nor use the IBAN to pay bills or other services and set up direct debits.
The Satispay IBAN can be activated by all adult users with an active account.