AscendantFX, a leading technology-based payments provider, is pleased to announce the launch of AFX Virtual Accounts, cost-effective foreign currency accounts that allow organizations to receive foreign currency payments to an account held in their name without a local area presence and at the same competitive, real-time rates AFX provides with all it’s other services.
Virtual Accounts are currently offered in USD, EUR, and GBP, and are opened in the organization’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, eliminating price padding and high conversion rates from merchant processors, online marketplaces, and customers.
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 easy reconciliation and management of multiple foreign currency accounts through detailed reporting. Small and medium-sized enterprises, as well as large multinational corporations with a significant number of banking relationships and bank accounts in global banks, will benefit from Virtual Accounts.
Jason Mugford, President and Chief Executive Officer at AscendantFX stated, “Virtual Accounts are a highly promising market proposition for corporations seeking innovative ways to receive foreign currency payments. This is especially helpful to third-party payment providers feeling the strain of high-margin foreign currency conversions from credit card processors. We continue to address the pain points of businesses by offering Virtual Accounts, a customer-centric solution which ensures receiving foreign payments is immediate, affordable, and effortless every time.”
Now available on APay, AFX’s web-based platform, and AFXLink, an API integration for enterprise software, Virtual Accounts provides access to money quickly and easily, enabling more efficient payment reconciliation for corporates.