Mangopay has expanded its Virtual Accounts offering from seven currencies to 24, giving the platforms and marketplaces it serves a single way to collect business-to-business payments in more markets.
Andy Wiggan, chief product officer at the wallet infrastructure provider, says the harder problem for platforms scaling abroad is not moving money across borders. It is keeping a clear view of that money once it arrives.
As a platform enters a new market, Wiggan says, collecting funds in another currency tends to pull finance, product and sales teams into a fresh round of set-up work: local banking relationships, new accounts and new reconciliation processes.
“Having to establish local banking relationships, accounts and reconciliation processes is not just arduous but can also mean operations teams are suddenly having to run multiple backend setups, rather than one centralised payment operation,” he said.
Mangopay’s argument is that a wider set of currencies on one Virtual Account set-up removes much of that duplication. “Platforms can enter new markets faster, without adding new banking arrangements or disrupting their existing payment operations,” Wiggan said.
A wallet behind every account
Virtual accounts are a common feature across payment providers, and Wiggan does not claim otherwise. “Virtual Accounts themselves aren’t unique; the difference is actually in how they’re designed,” he said.
In Mangopay’s model, each Virtual Account is linked to a dedicated wallet holding a single currency, so every payment made in a given local currency maps directly to one account. “Funds can be identified and reconciled as soon as they arrive, without finance teams having to manually match payments to users or transactions,” he said.
The wallet then governs what happens next. Funds can be held, split between different parties, used to collect platform fees or released according to specific rules. “For enterprise platforms managing thousands of users and high transaction volumes, this creates a much more automated flow from collection through to fund management and payout,” Wiggan said.
From speed to visibility
Wiggan sees a shift in what platforms now expect from their payment providers. “A few years ago, the industry was mainly focused on making payments faster. Speed is now an expectation rather than a differentiator,” he said.
Platforms that operate in more markets and manage more complex fund flows also want visibility and control over those flows. “Finance and operations teams need to understand where funds are, reconcile collections, and apply the same operational model for all the currencies and markets they support,” he said.
Asked where businesses struggle most with cross-border collections, he pointed to fragmentation. “As businesses expand internationally, they often end up managing multiple banking partners, local accounts and reconciliation processes that weren’t designed to work together,” he said. “Finance teams spend more time tracking exceptions, matching payments and understanding where funds sit across different systems.”
“The issue isn’t moving money across borders but maintaining a clear, consistent view of funds as payment operations become more interconnected,” he added.
Managing money, not simply moving it
Wiggan places the currency expansion inside a wider product strategy built around platform control. “We believe the next generation of payment infrastructure will be defined by how well it helps businesses manage money, not simply move it,” he said. “Our strategy is to give enterprise platforms more visibility over their funds, more control over how money moves, and more ownership of their financial stack.”
He describes Virtual Accounts and wallets as solving different problems. “Virtual Accounts facilitate fund collection, while wallets give platforms the flexibility to decide what happens to those funds next,” he said. “Money can be held, split, converted, or routed according to the platform’s business model.”
The expanded coverage applies to business-to-business collections. Supported currencies include pound sterling, the Swedish krona, the Japanese yen, the US dollar and the Polish złoty, with the full list of 24 published in Mangopay’s developer documentation.
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