Alfred Virtual Accounts allow businesses to collect local currency payments using domestic banking rails without needing to establish a local legal entity or banking relationship in each country.

These accounts act as local deposit endpoints that allow your customers or counterparties to send payments through familiar domestic rails (such as SPEI, PIX, or COELSA). Alfred then tracks, reconciles, and settles the received funds through the Penny API.

Virtual Accounts enable:

• Local payment collection across supported markets
• Faster settlement using domestic rails
• Simplified reconciliation and payment tracking
• Cross-border operations without local entity setup

Virtual Account Types

Alfred provides two virtual account models depending on regulatory requirements and operational needs.

Named Virtual Accounts

Named virtual accounts are opened in the business’s name, even if the business is a non-resident entity.

This model provides stronger regulatory clarity and is often preferred by enterprise customers that require accounts directly associated with their organization.

Key Characteristics

• Account is registered in the customer's legal name
• Provides clear audit trails and regulatory transparency
• Improves trust with counterparties
• Suitable for enterprise settlement workflows

Typical Use Cases

• Enterprise invoicing workflows
• Marketplace settlement accounts
• Businesses requiring named ownership for compliance or accounting

Non-Named Virtual Accounts

Non-named virtual accounts are issued in the name of Alfred’s regulated local entity, but each customer receives a unique account identifier.

Although the account is not legally owned by the end customer, deposits are still fully tracked, reconciled, and allocated to the appropriate customer account.

This model allows Alfred to support markets where opening accounts for non-resident entities is difficult or time-consuming.

Key Characteristics

• Account is held by Alfred’s local regulated entity
• Each customer receives a unique account number or identifier
• Enables faster onboarding and broader geographic coverage
• Deposits are programmatically tracked and reconciled

Typical Use Cases

• Rapid onboarding for new partners
• Markets with strict banking requirements
• High-volume payment collection flows

Supported Virtual Account Coverage

Virtual Account Generation

Virtual accounts are automatically generated after a customer has:

1. Been created in the Alfred system
2. Successfully completed KYC verification

Once the customer is approved, a virtual account will be issued for the supported geographies available to that customer.

You can retrieve the generated virtual account details using the Retrieve Virtual Account endpoint.

Retrieve Virtual Account https://alfredpay.readme.io/v1.3/update/reference/get_virtual-account#/

Retrieve Virtual Account

Example Request

curl --location 'https://penny-api-restricted-dev.alfredpay.io/api/v1/third-party-service/penny/virtual-account/{customerId}' \
--header 'Content-Type: application/json' \
--header 'accept: */*' \
--header 'api-key: YOUR_API_KEY' \
--header 'api-secret: YOUR_API_SECRET'

Example Response (Argentina)

{
  "id": 115,
  "CVU": "1234567890123456789012",
  "accountId": 2
}

How Virtual Accounts Are Used

Virtual accounts allow your customers to send local currency deposits using domestic payment rails. Once funds are received, Alfred detects the deposit and associates it with the correct customer.

Typical workflow:

1. Customer completes KYC verification
2. Alfred generates a virtual account
3. Customer shares the virtual account details with a payer
4. Payer sends funds using local rails
5. Alfred detects and reconciles the deposit
6. Funds can then be converted, settled, or paid out using the Penny API

Important Notes

• Virtual accounts are deposit-only accounts and do not hold balances.
• Deposits are processed and tracked through Alfred’s settlement infrastructure.
• Supported rails and capabilities may vary by country and regulatory requirements.
• Additional markets may become available as Alfred expands its local banking integrations.