Manage receivables and customer funds with unlimited, instant bank accounts

Virtual accounts are a bank account credential (like a routing number in the US or an IBAN in Europe) that can be created for a specific purpose, and connected to another primary account or wallet. The virtual account numbers let you send and receive funds just like a normal account. For example, you could have one overall bank account and then create hundreds or thousands of virtual account numbers for receiving customer funds, monitoring vendor payments, and more.

Virtual accounts can help your platform offer more flexible payment options for cross-border transactions. You can use them to receive funds in local currency, and then either use those funds for a traditional wire payment, or as the first part of a real-time-network payment. Either way, customers get more flexibility to pay using familiar bank methods and in their preferred currency.

Virtual accounts let you tailor your bank account structure to your precise needs and more clearly match balances to books. Let's say you run an invoice factoring platform that receives repayments from customers. Rather than tracking amounts and reference numbers on payments to a single account to confirm who'd paid, by creating a virtual account for each customer (or even for each invoice), you'd be able to tell instantly which accounts were funded or not and therefore which invoices were complete.

Creating virtual accounts typically requires a business presence based in the country of the account (e.g., US-based accounts require a US presence). In cases where virtual accounts are not available, we'd still love to hear more about your use case and how we can help. Get in touch!

Yes, in the US, banking services are provided by Evolve Bank & Trust, member FDIC. Accounts are insured up to $250,000, and higher thresholds may be available depending on your use case.