Virtual Accounts

Virtual Accounts, a.k.a Multi-Currency Account (MCA), Vostro, Nostro

Enabling Virtual Accounts is handled on a request-only basis to provide more control for your financial institution regarding users who have these accounts enabled.

To enable an account, please place a request with the PayRecs support team and provide the following information:

• Company Name (please consider if this is the "parent" company or a subsidiary - we will only enable for the explicit name you request unless you also instruct a specific or all subsidiaries")

• Currencies you would like to enable

Once enabled, the account will be visible under the "Accounts" menu in the PayRecs platform.

• Outbound Payment - Allows you to send a wire from this account to a recipient

• Fund Account - Allows you to purchase and hold foreign currency in that account utilizing your USD accounts hosted by your Financial Institution

• Please see the "Incoming Wires" option below for more information on Incoming