World Account Overview
This article is intended to explain the respective concept of a World Account and a Receiving Account.
World Account
WorldFirst is a global payment service provider that operates on an account-based service or system, and World accounts are the foundational infrastructure that the collection, payout, and foreign exchange functions rely on.
World Account is an all-in-one, multi-currency business account designed by WorldFirst for international cross-border businesses, allowing companies to receive payments from over 130 platforms (like Amazon and PayPal) in 20+ currencies. It facilitates fast, cost-effective global payments, currency exchange, and management of international funds in one place.
Once you have successfully completed the onboarding to WorldFirst, a tradeable World Account will be created. You can then use WorldFirst APIs to manage your account status, update your account information, inquire your account balance and get fund receiving notifications.
Receiving Account
A Receiving Account is a set of bank account details in your name that allows you to collect bank transfers in single or multiple currencies.
Once your tradeable World Account is created, you will be able to open both single-currency and multi-currency Receiving Accounts in over 20+ supported currencies and start collecting payments from customers worldwide.
Get started on Create a Receiving Account in your choice of currency and start receiving money from your customers with your World Account.
You can also create Receiving Accounts in additional currencies, or additional receiving accounts in the same currency. For more details, visit World Account FAQs.
In a nutshell, a World Account is the primary all-in-one multi-currency business account created upon onboarding that enables overall fund management, global payments, and access to WorldFirst APIs, whereas Receiving Accounts are specific sets of bank account details opened under a World Account to collect payments in single or multiple currencies from customers worldwide.