Virtual accounts

Subject to your Relationship Agreement with the Bank.

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Operating virtual accounts are available to all eligible clients, businesses, corporates and Financial Instyitutions.

Safeguarding and Client money virtual accounts are available to regulated UK & non-UK domiciled companies for the purpose of full compliance with your legal and regulatory segregation requirements (including CASS, CMP and SRA)

Eligible clients:

• Safeguarding: Payment Institutions, Small Payment Institutions and some Open Banking Providers such as Payment Initiation Service Providers and Electronic Money Institutions
• Client money: Investment Managers, Stockbrokers, Insurance Brokerages, Financial Advisers, Professional Services

More detailed eligibility criteria are available on bankoflondon.com/legals/eligibility

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To open your account:

• You must already have a Bank of London issued physical account (Operating, Safeguarding or Client Money)
• Virtual account enablement but be agreed with the Bank as part of the Relationship Agreement & Terms
• Virtual accounts can be created and managed (including payment instructions) via the Bank's Client API

To manage your account:

• The account can be managed using our Client API
• You can instruct withdrawals, view balances and transactions via our Client API
• Virtual accounts can be closed via our Client API

• You can instruct withdrawals, view balances and transactions via our Client API

• Withdrawals can be made 24 / 7 / 365

Fees subject to your Relationship Agreement with the Bank.

• Configurable per client, can have all the features available on Bank of London's physical accounts
• Must be created under a Bank of London physical account (Operating, Safeguarding or Client Money account)
• Externally addressable (unique sort code and account number)
• Currency: GBP
• Money movement: in / out across domestic networks:
  • Internal Transfer
  • Faster Payments; Immediate, Future Dated & Recurring.
  • Bacs: Direct Credit
  • Bacs: Direct Debit 
  • CHAPS
• Confirmation of Payee (CoP)
• Client dashboard and monthly PDF bank statements.
• Distribution Channel: Banking Portal and Client API
• Can be Interest-bearing (BoE Bank Rate Tracker)
• Multi-level hierarchies and enhanced reconciliation

N/A

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'Bank of London’, ‘The Bank of London’ and ‘TBOL’ are registered trading names of The Bank of London Group Limited. Our registered office is at 4^th Floor, 77 Cornhill, London, EC3V 3QQ, United Kingdom. Our company number is: 12844788.

Bank of London is a bank authorised by the Bank of England’s Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. Our Firm Reference Number or FRN is: 930379.

Eligible deposits with Bank of London are protected up to a total of £85,000 (or £170,000 for joint accounts) by the Financial Services Compensation Scheme (FSCS), the United Kingdom’s deposit guarantee scheme. Due to FSCS’s own eligibility criteria some clients may not be covered.

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Virtual accounts v2.2-06022025

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