Introducing our latest virtual accounts: USD and CAD

We’re excited to announce the launch of USD and CAD Virtual Accounts, giving platforms the ability to issue local accounts to their users in the two most traded currencies in North America. Just like our existing suite of currency accounts, these new local accounts for USD and CAD make it simple to collect, hold, and send funds without opening a bank account in each country.

What this means for your platform

These new currencies add to our growing portfolio of local currencies across Europe and beyond.

You can now:

• Issue named accounts to end-users, vendors, or payees with local account numbers.
• By allowing funds to be paid and held locally in USD and CAD, you bypass banking intermediaries.
• Reconcile incoming funds faster with wallet-level visibility across all your users and flows.
• Scale in North America without a local banking setup. Just plug in via API.

Use cases: Built for global operators

Here are five ways global platforms can make the most of USD and CAD virtual accounts.

Marketplaces: Local payments for North American buyers

For global marketplaces, collecting funds from buyers in North America is often an expensive and slow process. With USD and CAD virtual IBANs, you can now accept payments and settlements locally from buyers, no matter where your platform is based. 

Use case: 

• Provide buyers with local USD or CAD account details to acquire settlements
• Accept payments and settlements directly into virtual accounts
• Eliminate international transfer costs and delays
• Improve cash flow with faster, localized settlement and reconciliation

Example: a global crafts marketplace issues CAD virtual IBANs to Canadian buyers. Buyers pay into local accounts, ensuring smoother settlement, reduced friction, and higher conversion.

Fintechs and Neobanks: Top-up accounts with local payment rails

Fintechs expanding into North America can offer a seamless top-up experience by giving users their own USD or CAD virtual account. This allows users to receive funds via local rails such as ACH and FedWire in the US,  or EFT in Canada.

Use case:

• Assign a local account to each user's wallet
• Accept inbound transfers in local currency
• Enable local wallet funding, card top-ups, or lending flows

Example: A global fintech platform enables US customers to top up their digital wallets via USD transfers to their personal virtual account.

Payment Facilitators: Sub-accounts for merchants

For platforms managing multiple merchants or clients, virtual accounts simplify payment operations. You can assign a local virtual USD or CAD account to each merchant and route funds with full traceability.

Use case:

• Set up virtual sub-accounts for each merchant
• Reconcile incoming payments per merchant
• Enable embedded payouts, fee splitting, and real-time balances

Example: A fitness SaaS platform assigns CAD virtual accounts to each studio, streamlining membership payments and instructor payouts.

Embedded finance providers: Power local banking features

If you offer embedded finance, local virtual accounts let your users receive, hold, and manage money in a personalized experience without needing a banking license or a US/CA entity.

Use case:

• Offer localized banking features to platform users
• Embed account creation, balances, and transactions
• Localize North American experiences while keeping control

Example: A freelance platform embeds USD and CAD account functionality directly into its UI, letting clients pay workers locally.

Global treasury teams: Consolidate and reconcile

Enterprises and platforms managing large volumes of inbound payments can use USD and CAD virtual accounts to simplify treasury operations and avoid opening local bank accounts.

Use case:

• Accept local payments from customers or partners
• Reconcile transactions at the wallet or user level
• Automate treasury flows with API-level control

Example: A global SaaS platform consolidates all North American customer payments into virtual USD and CAD accounts, automating cash management via APIs.

How to get started

1. Create a wallet for your user

2. Attach a local USD or CAD virtual account

3. Receive payments directly into that wallet

4. Hold, send, or convert funds globally

Our virtual account infrastructure now supports a wide range of currencies, including:

🇺🇸 USD

🇨🇦 CAD

🇬🇧 GBP

🇪🇺 EUR

🇫🇷 FR IBANs

🇪🇸 ES IBANs

...and more

Ready to issue local USD and CAD accounts to your users? Reach out to your Customer Success Manager or contact sales to activate the feature and start scaling across North America.