Io.FLOW uses local payment rails to enable your underlying customers to send funds in desired currencies. Local payment rails, such as SEPA for EUR or FASTER Payments for GBP, facilitate the cheapest and fastest payment processing.

Virtual Receiving Accounts (which contain the SSI your underlying customers send funds to) can have the following statuses:

Virtual Receiving Account StatusExplanation
OPENThe account is active and can receive deposits.
CLOSEDThe account is inactive and cannot currently accept deposits.
PENDINGThe account is being created but cannot accept deposits.

Below is a diagram for a pay-in's flow of funds from the perspective of an underlying customer. Io.FLOW helps route the funds from the underlying customer's local bank account's funds to your respective currency's Virtual Omnibus Account.