What is a Named Account? Get paid faster in 25+ currencies

Named Accounts: The easiest way to get paid like a local in 25 currencies

In today's fast-moving global economy, businesses frequently transact across borders. But traditional cross-border payments create challenges—slow settlement, high fees, and confusion when funds land in a generic omnibus account. These complications multiply when dealing with foreign currencies.

Xtrm designed Named Accounts for businesses operating internationally. A Named Account puts bank details in your company name so you can receive foreign currencies directly—no need to open multiple bank accounts overseas. It’s the simplest way to unlock the full power of a multi-currency account while giving your team the control, trust, and speed it needs.

Learn more about the underlying issues with cross-border payments in our blog.

 

What exactly is a Named Account?

A Named Account is a type of virtual receiving account issued in your legal business name. It provides you with bank details in your company name for specific currencies, giving you access to a powerful multi-currency account infrastructure for managing international payments.

Each Named Account corresponds to a single currency.

The real utility lies in sending your Named Account settlement instructions to remitters. Once the correct currency is selected, remitters anywhere in the world can transfer funds directly to your Named Account, and they’ll land in your Xtrm Wallet in the same currency—with your company name appearing on their statement.

Key Benefits:

• Get dedicated bank details to receive foreign currencies in your name
• Enhance trust with customers and partners by displaying your legal business name
• Eliminate confusion around reconciliation and sender identification

 

Named vs standard accounts

Table 1: Comparison between an Xtrm named account vs. a standard collection account

 

The Xtrm Named Account stack

Dedicated Business Accounts

Xtrm provides one of the most flexible account models in the market today. With a simple setup, Xtrm issues Named Accounts with local bank details in your legal business name and matches them to specific foreign currencies.

Important: Each Named Account ties to a single currency. You must use the correct Named Account for the currency being sent.

To receive payments successfully, send the correct bank settlement instructions to your remitters. Once Xtrm receives the funds, they land directly in your Xtrm Wallet—making this the most efficient way to receive international payments with full transparency.

Table 2: Supported currencies for Xtrm Named Account

 

Why the Xtrm Named Account + wallet setup works

Once you’ve issued your Named Accounts and tied them to your Xtrm Wallet, your business gains full control of how you receive, hold, and manage global funds. This setup acts as your single point for managing international transactions, helping you streamline your cross-border finance operations without the need for multiple third-party platforms or bank accounts.

One Platform, Multiple Currency Channels

Whether you’re receiving EUR, USD, or SGD, each foreign currency arrives into the same account environment, properly matched to the corresponding Named Account. There’s no need to juggle multiple systems—just send, convert, or withdraw funds from one dashboard.

This unified experience is what makes Xtrm different from traditional providers that require separate platforms for each currency or region.

Transparent Payment Trails, Always in Your Name

Each transaction into your Named Account reflects your company name—not a third-party payment provider—giving your clients and customers full confidence in who they’re paying. Since each Named Account ties to a specific currency, you can easily track and match every inbound payment. This transparency helps reduce disputes and errors, especially when you're getting paid by vendors, platforms, or partners around the world.

Full Visibility for Every User

Each Xtrm Wallet offers full visibility into all transactions, regardless of which Named Account the funds came through. This lets users review incoming payments, track balances, and view account statements—all within the same interface.

Even if you operate across multiple regions or departments, your finance team can customize access controls by role, ensuring that everyone from treasury to AP has what they need, without compromising security or compliance.

Convert, Withdraw, or Transfer Instantly

From the Wallet interface, your employees can easily withdraw money, transfer balances between currencies, or convert funds for outbound payments—all without switching tools. Because your Named Accounts link to Wallets that operate as a multi-currency account, there’s no need to delay payments or wait for banking hours across time zones.

This makes it ideal for companies paying international contractors, managing global rebates, or settling with overseas vendors.

The Corpay Xtrm integration also lets you enhance your FX strategy by settling and converting payments from the same platform.

 

Wallet-based accounts

Xtrm links your Named Accounts directly to your Wallet, giving you a unified interface to hold, manage, and move funds. The Wallet acts as your multi-currency account control center—routing funds, supporting conversions, and initiating outbound payments globally.

Wallet Benefits:

• Convert balances across currencies directly in the Wallet
• Initiate payouts, transfers, and FX in real time
• Assign user roles for finance, compliance, or vendor teams

If you’re dealing with a global workforce or diverse vendor base, the Wallet-backed structure ensures your operations are smooth, compliant, and efficient.

 

Security and compliance features you can count on

Security is built into every layer of the Xtrm platform—from your account setup to each transaction.

Enterprise-Grade Security Includes:

• Fund Segregation: Your funds are held separately and clearly identified by account holders
• Regulatory Compliance: Built-in tools to help you stay compliant across jurisdictions
• MFA & Role-Based Access: Ensure the right team members have the right permissions
• Audit Logging & Reporting: Export transaction histories and user actions for any account
• Fraud & Anomaly Detection: Intelligent systems monitor and protect your money

If you’ve wondered: “Is a Named Account safe for compliance?” — the answer is yes. It’s safer than traditional pooled accounts, offering clarity, accountability, and traceability for all your multi-currency account operations.

 

Scale cross-border payouts now: Schedule a call

Legacy banking systems don’t have to slow your business down. With Xtrm, your Named Account setup allows you to operate like a local anywhere in the world.

Let’s recap the key benefits:

• Get local collection account details with your company name
• Receive and convert foreign currencies with no need for local bank accounts
• Assign Named Accounts per currency and send correct settlement instructions to remitters
• Use your Wallet to withdraw funds, convert, pay vendors, or fund employee bonuses
• Enable faster cross-border settlement through full platform integration

Whether you're managing partners in the US, freelancers in Europe, or suppliers in Asia, Xtrm gives you control and visibility over every transaction—at scale. Schedule a call to speak with an expert and get your multi-currency account strategy up and running.