Virtual Accounts overview

Virtual Accounts feature is available as a Private Beta version. Please contact your Customer Success Manager if you would like to access it.

Yapily Virtual Accounts allow you to hold multi-currency accounts that can be used to collect funds and make instant payouts. It offers a range of features that can be used to power your payment processing including the handling of FX, refunds, reconciliation, and settlement.

Feature Description
Payment Schemes Support for multiple payment rails including Faster Payments, CHAPS and BACS in the UK, SEPA in Europe, SWIFT and international payments
Instant Payouts Issue payouts and refunds in GBP and EUR currencies. Fund virtual accounts through internal transfer or pay in from various payment methods
Flexible disbursements Accept payments into a virtual account and make a single or multiple net or gross payments to merchants
FX Support Transfer and hold payments in EUR and GBP currencies
Unlimited vIBANs Make and receive payments into a vIBAN with its own dedicated identification information
note

Some features may not be available for Beta. Please check with your Customer Success Manager.

Supported Currencies

You may hold an unlimited number of accounts across multiple currencies. In order to make payments into and out of these accounts, they are connected to a range of payment schemes.

The currencies currently offered and the payment scheme(s) supported by each is described below.

Currency Code Currency Hold Virtual Account? Pay In? (Schemes Supported) Pay Out? (Schemes Supported)
EUR Euro Yes
  • SEPA CREDIT
  • SEPA INSTANT
  • SWIFT
  • SEPA CREDIT
  • SEPA INSTANT
  • SWIFT
  • SWIFT EXPRESS
GBP British Pound Sterling Yes
  • Faster Payments
  • CHAPS
  • SWIFT
  • Faster Payments
  • CHAPS
  • SWIFT
  • SWIFT EXPRESS

Coming soon!

Currency Code Currency Hold Virtual Account? Pay In? (Schemes Supported) Pay Out? (Schemes Supported)
HRK Croatian Kuna Yes SWIFT
  • SWIFT
  • SWIFT EXPRESS
HUF Hungarian Forint Yes SWIFT
  • SWIFT
  • SWIFT EXPRESS
RON Romanian Lev Yes SWIFT SWIFT
USD United States Dollar Yes
  • ACH
  • WIRE
  • ACH
  • WIRE
CAD Canadian Dollar Yes SWIFT SWIFT
CZK Czech Koruna Yes SWIFT SWIFT
AED United Arab Emirates Dirham Yes No SWIFT
AUD Australian Dollar Yes No SWIFT
CHF Swiss Franc Yes No SWIFT
DKK Danish Krone Yes No SWIFT
HKD Hong Kong Dollar Yes No SWIFT
ILS Israeli Shekel Yes No SWIFT
JPY Japanese Yen Yes No SWIFT
MXN Mexican Peso Yes No SWIFT
NOK Norwegian Krone Yes No SWIFT
NZD New Zealand Dollar Yes No SWIFT
PLN Polish Zloty Yes No SWIFT
RUB Russian Rouble Yes No SWIFT
SEK Swedish Krona Yes No SWIFT
SGD Singapore Dollar Yes No SWIFT
TRY Turkish Lira Yes No SWIFT
ZAR South African Rand Yes No SWIFT

Please note, the currencies in the table above are not currently supported as there is no way of funding the accounts. Foreign Exchange capability is coming soon and this will enable you to convert funds into these currencies which can then be used for Pay Outs.

Access Types

Access to Yapily Virtual Accounts must be requested through your Customer Success Manager, who will discuss the types of access you require.

Multiple types of access are available:

Direct Access

You wish to hold and operate your own set of accounts:

Virtual Account Direct Access

Partner Access

You wish to issue accounts to your clients and operate them on their behalf.

For example, you may wish to issue accounts to the merchants or consumers that you serve:

Virtual Account Partner Access

Direct and Partner Access

You wish to hold and operate your own set of accounts, as well as those of your clients:

Virtual Account Both Access

Partners onboarding their clients

Currently, if you have Partner access and wish to onboard one of your clients then you need to contact your CSM. The ability to onboard a customer via the API is coming soon.