Use Cases

Virtual accounts offer a flexible and efficient way to manage and reconcile local bank transfers. Below are some common use cases where virtual accounts are particularly valuable:

• Marketplaces and E-commerce Platforms: For collecting payments from sellers or from buyers who use bank transfers, ensuring each payment is correctly assigned to the corresponding order or seller.

• Fintech Companies and Digital Wallets: Enable users to top up their wallet or digital account balances via bank transfers, with instant and accurate allocation of funds.

• Lending and Credit Platforms: Facilitate the automated collection of loan repayments, as each debtor can have a unique virtual account for their installments.

• Remittance Services: Simplify the receipt of funds for beneficiaries by offering a local, unique account number for each transaction or recipient.

• Businesses with High Volumes of Bank Transfers: Any business receiving a large volume of payments via bank transfer (such as services, subscriptions, B2B suppliers) can drastically automate their accounting and reconciliation processes.

• Crowdfunding/Investment Platforms: Allow investors or donors to transfer funds to specific projects, ensuring the correct allocation of contributions.

• Cross-border Collection for International Merchants: International businesses can collect payments in local currencies through virtual accounts, simplifying the customer experience and reducing FX complexity on the payer’s side.