Introduction

Veem’s Virtual Bank Account (VBA) solution allows partners to issue local accounts in the US, UK, EU, and Canada—helping their customers collect and send payments globally with ease. Whether your platform supports freelancers, sellers, suppliers, Veem enables you to embed powerful banking-like infrastructure without requiring your customers to open foreign bank accounts or establish a local entity.

 
 
About This Guide
This guide explains how platforms and financial service providers can use Veem’s Virtual Bank Account (VBA) Solution to simplify global collections, enhance local payout capabilities, and unlock new revenue opportunities.

 
 

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Overview

What is a Virtual Bank Account?
Veem’s VBA gives platforms the power to offer localized banking functionality, without requiring a physical presence in the US, Canada, UK, or EU. Enable your customers to send and receive payments like a local business with dedicated account numbers, real-time payment visibility, and compliant infrastructure already in place.

Veem’s VBA Solution is ideal for platforms, marketplaces, and fintech providers that want to:

  • Issue local receiving accounts: Let users receive local payments in one of four major currencies: USD, CAD, GBP, or EUR.
  • Customize accounts: Assign the beneficiary’s name to each account to ensure smooth, trusted payouts, where name matching is required for successful transfers.
  • Streamline global payouts: Send funds to users in key markets using direct local rails.
  • Simplify cross-border infrastructure: Avoid the regulatory and operational burden of setting up local entities.
  • Drive global expansion: Help users access new markets while ensuring local compliance.

With Veem, your platform can extend local account functionality to global customers—seamlessly, securely, and at scale.

 
 
Key Use Cases
Designed to simplify cross-border collections and disbursements, Veem’s VBA solution supports a wide range of business models including:

  • Marketplaces: Let your sellers receive payments as if they had a local bank account, even if they’re based in another country.
  • Freelance platforms: Pay contractors and freelancers in the US, UK, EU, and Canada as if they are local, ensuring faster payouts and greater reliability.
  • Global businesses: Enable your business clients to expand internationally while avoiding the hassle and cost of setting up local entities.
  • Cross-border payouts: Simplify payouts to employees or suppliers globally using local payment rails, reducing delays and fees.

Please note: The use cases listed above are examples. Veem’s VBA solution is adaptable to meet the needs of many other industries and business models.

 
 
Supported Countries & Currencies
Veem’s VBA solutions can be issued in key global markets, allowing you to serve a wide range of customers:

 

 

These localized accounts provide your customers with dedicated account details in their region’s currency, backed by reliable infrastructure and regulatory compliance.

NOTE: Currencies supported may vary depending on entity configuration and use case.

 
 

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How It Works

Configure payment flows, set FX margins, and onboard users quickly—all backed by Veem’s global infrastructure.

Here’s what you can do with Veem’s VBA Solution:

  • Monetize FX with control: Set your own FX rates, embed them into your platform, and earn revenue on cross-border transactions.
  • Design the payment experience: Enable customers to collect payments from external parties or receive disbursements from you. With VBAs, you control how money moves in and out.
  • Accelerate onboarding: Veem handles KYC/KYB, documentation collection, and compliance to get you and your users live faster.
  • Retain full payment flexibility: VBAs support unstructured transfers and named accounts, ensuring seamless external deposits alongside existing payment methods.

 
 
Onboarding
Veem manages the entire onboarding process for both your business and your end users. We collect and verify KYC/KYB documentation, ensure regulatory compliance across markets, and offer clear implementation paths—so you can start transacting quickly without bottlenecks or manual lift.

 
 
Compatible Funding Methods for VBA
Virtual Bank Accounts can receive external bank transfers directly, or be funded through Veem when using additional supported payment methods. For expanded flexibility, pair your VBA with Veem’s Collection Solution.

 

 

NOTE: Card-based payments must be routed through Veem before being deposited into a VBA. Direct card-to-VBA deposits are not supported.

 
 

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Embedding Virtual Bank Accounts

Rather than building and maintaining individual bank relationships or dealing with multiple payment providers, you get:

 
 
One API, Streamlined Implementation
Veem’s Virtual Bank Account functionality is delivered through a single, modular API that simplifies integration and shortens time to launch. Rather than building and maintaining individual bank relationships or dealing with multiple payment providers, you get:

  • Unified onboarding and compliance: KYC/KYB handled natively within the API—no separate onboarding tools or vendors required.
  • Pre-built payout & collection logic: Handle incoming and outgoing flows using our preconfigured workflows, or build your own using modular endpoints.
  • Webhook-based event updates: Get real-time status changes for account creation, payment events, balance updates, and more.
  • Environment flexibility: Access sandbox and production environments with full documentation and implementation support.
  • Guided go-live support: Veem’s team provides solution design and technical guidance throughout the integration process—from testing to deployment.

This integration is ideal for platforms looking to minimize resource spend while offering their customers advanced banking features under a unified experience.

 
 

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Compliance and Security Standards

Veem’s Virtual Bank Account Solution is built on a foundation of global regulatory compliance and security, helping partners embed payments with confidence and trust.

We maintain an extensive network of licenses, regulatory registrations, and security protocols to ensure that all transactions are safe, compliant, and transparent.

 
 
Licensing and Regulatory Framework

  • Licensed Money Services Business (MSB) in the United States, regulated by FinCEN (Financial Crimes Enforcement Network).
  • Licensed MSB in Canada, regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
  • Registered with AMF (Autorité des marchés financiers) for financial services in Québec.
  • In partnership with licensed providers in Australia and registered with AUSTRAC (Australian Transaction Reports and Analysis Centre).
  • Licensed and operating under compliant frameworks across the EU and UK to support cross-border payments.

 
 
AML/KYC Compliance

  • Comprehensive, global Know Your Customer (KYC) and Know Your Business (KYB) capability enabling onboarding in most regions.
  • Compliance with Anti-Money Laundering (AML) regulations across supported regions.
  • Ongoing customer and transaction monitoring to detect, report, and prevent suspicious activities.

 
 
Security and Reporting Standards

  • End-to-end encryption and secure data handling practices
  • Real-time transaction monitoring systems to identify fraud and maintain regulatory reporting requirements
  • Compliance with key industry standards, including PCI DSS for payment data security and SOC 2 for data handling and operational controls.
  • Adherence to major global data protection laws, including GDPR (EU), PIPEDA (Canada), and applicable U.S. state privacy laws such as CCPA (California)

 
 

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