Virtual Accounts Overview

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

These accounts allow your clients to receive and hold FX currencies, granting them the flexibility to purchase or sell at any time at the rate they desire.

These accounts can be enabled by any PayRecs Administrator at your Financial Institution that have the permission "Manage Customer"

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

Enabling a Virtual Account

Enabling Virtual Accounts was previously handled on a request-only basis to PayRecs support, but is now available in the Financial Institution's PayRecs dashboard as long as the user has the permission "Manage Customer"

To enable an account, login to the PayRecs dashboard and select the company under the Companies menu.

The Accounts menu under that company will have a Visible & Hidden tab. Accounts under Hidden will not display for the client, all accounts will be hidden by default.

To display these accounts to your client, select the "Show to Users" option under the 3 vertical dots menu

The account will then appear under the Visible tab and will now be available to the client.

List of Supported MCA Currencies

Currency