Named accounts in your own name
Accounts are opened in the name of your company, not a pooled or omnibus account, so your customers and suppliers see you.
- GBP, EUR, USD and AED
- Account details for each currency
- One overview of every balance
Business accounts
Get paid like a local in four currencies, reconcile with a virtual IBAN per customer, and pay out on local rails where they exist.
Business accounts
CollectHoldPay out
A business account is where your company receives money, holds it and pays it out. uTransact accounts are opened in your company's own name, in GBP, EUR, USD and AED, with local and international payment rails, online banking and an API. uTransact is not a bank. Accounts and payment services are provided through regulated partner financial institutions, and client money is held with those institutions, not by UQG Ltd.
What you get
Everything a company needs to collect, hold and pay in four currencies, from one account.
Unlimited virtual IBANs
Give every customer, marketplace or product line its own IBAN and reconcile automatically when money arrives.
- As many virtual IBANs as you need
- Each one tied to your main account
- Reference-free reconciliation
Local and international rails
Payments take the most suitable route: local schemes where they exist and SWIFT everywhere else.
- Local UAE payments
- SEPA for euro
- UK Faster Payments for sterling
- SWIFT worldwide
Online banking and API
Run the account from your browser or connect it to your own systems. Collections and payouts are both allowed.
- Online banking for your team
- Full API access
- Batch payouts and status tracking
Please note. uTransact is not a bank. Accounts and payment services are provided through regulated partner financial institutions, and client money is held with those institutions, not by UQG Ltd.
How it works
Apply once at uQualify
One application and one document pack, the same for every institution in the uQualify network.
We qualify and match you
When UQG direct is the best fit, you are offered a uTransact account.
Onboard
We open your accounts in your company's name and set up your users and API access.
Go live
Collect, hold and pay in four currencies, with a named contact who knows your business.
Questions
See all fees on our pricing page, or talk to the team.
Who is a uTransact account for?
Companies that have been onboarded through uQualify and for whom UQG direct is the best fit. uTransact does not take applications itself; every client starts with the uQualify application.
How long does onboarding take?
Once uQualify has matched you to uTransact, onboarding usually takes a few working days. The time depends on the completeness of your documents and the checks required for your business.
What documents do I need?
The same pack as the uQualify application: company registration documents, details of directors, shareholders and beneficial owners, proof of address, and a description of your business and expected activity. We may ask for more depending on your business.
How is my money held?
Accounts and payment services are provided through regulated partner financial institutions, and client money is held with those institutions. uTransact is not a bank, and balances are not covered by a deposit-guarantee scheme.
Which currencies can I hold?
GBP, EUR, USD and AED, each with its own account details. Other currencies can be converted on the exchange page before a payment is sent.
Clients join uTransact through one uQualify application. We qualify and match you, and when UQG direct is the best fit, you are offered uTransact.