AscendantFX has announced the launch of AFX Virtual Accounts, foreign currency accounts that are designed to allow organisations to receive foreign currency payments to an account held in their name without a local area presence, at the same real-time rates AFX provides with all its other services.
Virtual Accounts are currently offered in USD, EUR, and GBP, and are opened in the organisation’s name with a unique account number. Companies can receive foreign currency payments into their Virtual Account with consistent foreign currency conversion pricing for receivables.
By streamlining the number of physical accounts that companies operate across the globe, Virtual Accounts transforms the cash management process for corporates and third-party payment providers. Virtual Accounts are flexible, scalable, and allow reconciliation and management of multiple foreign currency accounts through reporting. AscendantFX says that Virtual Accounts are suitable for small and medium-sized enterprises, as well as large multinational corporations.
Now available on APay, the company’s web-based platform, and AFXLink, an API integration for enterprise software, Virtual Accounts provides access to money and enables efficient payment reconciliation for corporates.