Virtual accounts

PagoNxt Virtual Accounts offering can be utilized in various ways. In essence, Virtual Accounts are simply externally addressable representations of a bank account and do not hold any funds.

The three key use cases are:

• Reconciliation enhacement
• Faciliting payments on behalf of your customers (POBO)
• Faciliting collections on behalf of your customers (COBO)

PagoNxt Virtual Accounts can provide an efficient way to streamline your treasury operations. For example, you can assign a unique Virtual Account number to specific customers, departments or entities without the need for multiple bank accounts

Alternatively, you can make use of our POBO & COBO solution and use Virtual Accounts for payments and collections in your customers' name. To learn more about how you can leverage our Virtual Account offering, contact your Relationship Manager within PagoNxt.

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Virtual Accounts of the type POBO can be used both for sending and receiving payments, i.e. it also includes the COBO capabilities.

Virtual account features

Each virtual account links to one physical bank account where the funds are settled. This is what we refer as the 'real' account. Additionally,

• All virtual accounts will be under your name, not your clients' names
• All virtual accounts must be of the same currency of the real account. PagoNxt does not currently support multi-currency accounts

Virtual accounts can hold extra information, that can help in the reconciliation purposes, in specific:

• An external Id, such as a customer id, an invoice number or any unique identifier.
• An external description, such as a customer name.

Virtual account numbers

Virtual Account IBANs (VIBANs) are available currently in the same local format as the entity you're onboarded to. PagoNxt is currently working on providing local formats for their local IBAN/BBAN in other countries.