Virtual Accounts

Enhance your payment processing from initiation to settlement.

Introduction

Yapily Virtual Accounts is an additional layer on top of Yapily Payments that empowers you to take control of the entire payment flow from initiation to settlement.

You can accept open banking payments, get the payment settlement status, and instantly issue payouts and refunds to enhance your payment processing.

A Yapily Virtual Account is an e-money account which is linked to a vIBAN. It is used as an identifier to make and receive payments and helps to segregate different types of payment to enable better reconciliation.

You can hold many accounts across supported currencies. Currently, Virtual Accounts are supported for EUR and GBP.

There are 2 access types depending on your requirements:

• Direct access: you want to hold and operate your own set of accounts.
• Partner access: you want to issue accounts to your clients and operate them on their behalf.

It is also possible to have both direct and partner access.

How it works

When an end user makes a payment via Yapily Payments, the payment will settle in your virtual account. You will receive a confirmation of funds when funds have landed.

You can then:

• issue full or partial refunds to the original payer
• settle funds in your business account
• issue payouts to selected accounts

Features

You can benefit from a wide range of features with Yapily Virtual Accounts:

GBP & EUR vIBAN accounts

You can use vIBANs to reach more customers by accepting and making domestic payments in GBP and EUR, while avoiding high international payment collection fees.

Automated PIS refunds

Send instant refunds to your customers. Simply identify a received payment and the funds will be seamlessly returned to the sender.

Payment settlement and notifications

You can stay up-to-date and keep your customers informed with confirmation of funds and payment notifications.

Single API integration

Single API integration for open banking payments initiation and for payouts and refunds. You can accept payments and make single or multiple, net or gross payments to merchants.

Payment scheme support

Support for multiple payment rails including Faster Payments, CHAPS and BACS in the UK, SEPA in Europe and SWIFT.

Flexible account structure

Set up an account structure that works for your needs and divide payment flows by merchant, currency or business line. vIBANs allow you to create dedicated identification information for easy management and tracking.

Applications

Virtual Accounts can improve payment processing in the following areas.

Payment collection: Collect funds like a local in source currency to avoid FX fees. Use Virtual Accounts to receive open banking payments and funds from other payment methods.

Open banking refunds: Quickly and securely refund open banking payments to the original payer using faster payment rails.

Payouts: Execute instant payouts to trusted beneficiaries and automate payout logic to simplify operations.

Fund splitting: Get a layer of control to deduct fees, split bill payments or commission before sending funds to the beneficiary.

Confirmation of settlement: Collect open banking payments into a Virtual Account and receive confirmation of settlement so service or goods can be delivered immediately.

Cash flow management: Assigned vIBANs to help track and manage transactions from various clients. Eliminate the need for manual categorisation and sorting of transactions.

Don't see your use case? Let us know how you would like to use Yapily Virtual Accounts.

Get started

Use our Virtual Accounts sandbox to try out features and test your integration.