Concept

  • Updated
Concepts Breakdown
Underlying customer This is the entity you are servicing
Pay-In Deposit transfer
Payout Withdrawal request
Real account (RA) This is the account where all funds wind up. All RA’s funds are held at a sponsor bank.
Money Service Business (MSB) A term used by financial regulators to describe financial businesses that transmit, receive, or convert money.
Virtual Omnibus Account (VOA) VOAs have their own bank details, but are attached to a RA at a partnered chartered bank.
Virtual Receiving Account (VRA) The VOA’s balance is affected by the Virtual Receiving Account’s (VRA) activities.
Standard Settlement Instruction (SSI) Refers to an entity’s bank, account number and account name. The SSI is used to send payments to and from the respective account.
Sponsor Bank The underlying financial institution an MSB uses to store, convert, and transfer funds

 

 

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