Glossary

Collecting

Named account

A named account is a virtual account issued in the customer's own name, so the payer sees that customer, not the platform, as the account holder.

In practice

The name on an account matters more than it used to. Many banks now check the account name against the name the payer typed and warn the payer when the two do not match. A payment to an account held in an unfamiliar platform's name is more likely to be questioned or abandoned.

With a named account, the customer can share the details as their own. An employer, a client or a marketplace sees the customer's name and pays as they would pay any bank account.

On Stables, the docs mark which pay-in currencies issue named accounts. Deposits into the account are converted to USDt and sent to the wallet set for that customer.

Virtual Accounts on Stables

Related terms

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