The Paynetics platform supports several account types. Each type defines specific behaviour and is designed to support particular use cases.
Payment Accounts
Payment accounts are the standard and most commonly used account type.
They provide full current-account functionality and can be used by both consumers and businesses. Payment accounts support:
inbound and outbound transfers,
card issuance and card linking,
internal transfers,
one or more balances, depending on configuration.
Payment accounts are typically the primary accounts used in consumer and business products.
Virtual Accounts
Virtual accounts are accounts that are always linked to a payment account.
They are used to separate transaction flows while keeping funds centrally managed. Virtual accounts do not hold funds independently; instead, they reference the balance of the linked payment account.
Key characteristics:
a payment account can have any number of virtual accounts,
virtual accounts replicate the currency structure of the linked payment account,
all balances on a newly created virtual account start at zero,
debits initiated via a virtual account are settled against the linked payment account balance.
All transactions executed via a virtual account are recorded against that virtual account, enabling clearer reconciliation and reporting.
Common use cases
separating transactions by department or business line,
creating a virtual account per client or sub-entity,
improving reconciliation without increasing accounting complexity.
Important note
The account holder of a virtual account must be the same as the account holder of the linked payment account. Virtual accounts cannot be owned by a different legal entity or by a consumer if the payment account belongs to a business.
Funding Accounts
Funding accounts are used exclusively to fund other accounts and cards.
They are designed for controlled funding flows and have restricted functionality.
Key characteristics:
only internal transfers and inbound transfers from the owning business are permitted,
outbound external transfers are not supported,
cards cannot be linked to funding accounts,
funding accounts can only be assigned to businesses.
Funding accounts are typically loaded via inbound wire transfers.
Common use case
A business maintains a reserve balance in a funding account and distributes funds in real time to employee cards or accounts, for example in incentive or expense programmes.