Virtual Accounts

Virtual accounts are created and managed by Scallop. All virtual accounts have dedicated account numbers.

Understanding First-Party and Third-Party Payments on Scallop

What does “First-Party” mean?

First-party payments mean you can only move money between accounts owned by you.

This includes:

• Sending money between your own Scallop accounts

• Receiving money from your own external bank accounts

• Internal transfers where you are both the sender and receiver

In first-party mode:

• You cannot receive money from other people or businesses

• You cannot send money to third-party beneficiaries

• The sender name on receipts may show as “Scallop” (platform-managed)

This model is commonly used for compliance-safe onboarding and personal treasury management.

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What does “Third-Party” mean?

Third-party payments allow you to send and receive money to and from other people or businesses.

This includes:

• Receiving salary, invoices, or payments from others

• Sending money to vendors, friends, contractors, or partners

• Full beneficiary management and external payouts

Third-party access enables users of scallop to function like a full global payments account.

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Virtual Account Types Explained

• Virtual Account A dedicated bank account number that can receive, hold, and send funds. Depending on your tier, it may support first-party only or both first- and third-party transactions.

• Virtual IBAN (EUR / GBP) A European or UK bank account with a unique IBAN. Can be used for sending and receiving funds, subject to tier permissions.

• Virtual CLABE (MXN) (Coming Soon) A Mexican bank account number that supports full local transfers, including third-party payments.

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How Payment Access Works by Tier

Tier 1

Designed for personal use and self-managed funds.

• Currencies included:

  • USD, GBP, EUR by default

  • Plus 7 additional currencies selected at setup

• Payment scope:

  • First-party only

• What you can do:

  • Move money between your own accounts

  • Receive funds from your own external accounts

  • Hold and convert funds

• What you cannot do:

  • Receive money from others

  • Send money to third-party beneficiaries

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Tier 2

Designed for global payments and real-world usage.

• Everything in Tier 1, plus:

  • Third-party payments enabled for:

    • USD

    • AED

  • Access to 60 additional local currencies

• What you can do:

  • Receive money from anyone globally (USD and AED)

  • Send money to external beneficiaries

  • Use Scallop for salary, business payments, and remittances

• Other currencies:

  • Continue to work the same as Tier 1 unless explicitly enabled for third-party use

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Why This Structure Exists

This tiered approach allows Scallop to:

• Keep onboarding fast and compliant

• Offer low-cost personal accounts by default

• Unlock full global payment capabilities only when required

You can upgrade tiers anytime from the app to expand your payment access.

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Available Currencies

Currency	Type	Named	3PP1	Business / Individual
🇺🇸 USD	Virtual Account	✅	✅	Both
🇪🇺 EUR	Virtual IBAN			Both
🇪🇺 EUR	Virtual Account	✅	✅	Business
🇦🇪 AED	Virtual Account	✅	✅	Both
🇬🇧 GBP	Virtual IBAN			Both
🇬🇧 GBP	Virtual Account	✅	✅	Business
🇲🇽 MXN (Coming Soon)	Virtual CLABE		✅	Both
🇦🇺 AUD (Coming Soon)	Virtual Account	✅	✅	Both
🇧🇷 BRL (Coming Soon)	Virtual Account		✅	Both

1. Third Party Payments (3PP): account can send and receive funds to/from third parties

2. Virtual Account: Virtual bank accounts that can receive, hold, and send funds from first and third parties.

3. Virtual IBAN: Virtual bank accounts in EUR or GBP that can send and receive funds first party.

4. Virtual CLABE: Virtual bank accounts in MXN that can receive, hold, and send funds from first and third parties.