Account capabilities

What accounts can I open at PagoNxt?

With PagoNxt, you can open a three type of e-money accounts, all of them in a wide variety of currencies:

Corporate accounts to pay and collect funds under your own name
Vostro accounts to cover your correspondent banking needs and process payments of others
Virtual accounts to easily reconcile transactions

What are PagoNxt FX services?

Beyond the standard payment-embedded FX, in PagoNxt we offer our Financial Institutions the possibility to perform FX trades up to spot separate from payments. Our FX trade service can help you manage your treasury and FX needs, with 60+ currency pairs available, to be increased in the upcoming months.

Which currencies do you support for FX trade?

As of Q3 2023, we provide FX trades from EUR, GBP and USD to AUD, AED, BRL, CAD, CHF, CZK, EUR, DKK, GBP, HKD, HUF, JPY, MAD, MXN, NOK, NZD, PLN, RON, SEK, SGD, USD, TRY. However, we are currently working on increasing it. If you are interested in additional currencies, please contact our team.

Why are virtual accounts useful?

Virtual accounts are mainly used as a solution to reconcile collections and payments.

For example, imagine you own a business in Spain with 3 offices, each of them in different cities. You can open 1 emoney account for each city. Then, within your account for a specific city you can open multiple virtual accounts, one for each of your frequent customers or providers. Now, if you ask your customers to pay you to the individual virtual account, each of them with a unique IBAN, you will automatically have your collections classified by customer. The same logic could be applied to payments to providers.

What is a virtual account?

You can think of virtual accounts as "folders" under your corporate or vostro accounts (real accounts). From any real account you will be able to open multiple virtual accounts that follow a hierachichal structure:

Each virtual account is always related to a real account (1-to-1 relationship)
A real account can have multiple virtual accounts associated (in a 1-to-n relationship)

Each of them have their own IBAN and can send and receive payments, which will be reflected in the real account balance.

Can I do local collections outside the SEPA Zone?

You will be able to receive payments via SWIFT from any country, which is the method to receive funds internationally accepted by most financial institutions worldwide.

Additionally, as part of our Collections solution, we will incrementally offer a way for our customers to collect funds locally in selected countries in Latin America by providing a local collection account. This feature will be available in the coming months.

What payments capabilities do you offer?

Our PagoNxt accounts can process both first-party and third- or fourth-party payments, the latter mainly focused on Financial Institutions.

First-party payments (all clients) allow you to send and receive payments under your own name. In Europe, payments are mainly processed via SEPA. For non-EUR currencies, SWIFT is leveraged to transfer funds internationally. On top of this, we are incrementally offering payments to key regions using our internal payment rails
Third- and fourth-party payments (for Financial Institutions) allow you to send and receive payments on behalf of your clients (or even your clients' clients) via SWIFT or API. Please check our Financial Institutions value proposition on the website to find out more about it

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