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Empowering international traders with virtual wallets and payment automation solutions

As the financial landscape continues to evolve, the adoption of Open Banking and the emergence of virtual wallets are reshaping how businesses manage their finances. In this article, we'll explore the differences between Open Banking and Virtual Wallets, and why HedgeFlows has chosen to integrate virtual wallets and payment automation solutions into its platform to better serve its international trading customers.


The financial industry is eagerly anticipating PSD3, which promises to address some of the challenges associated with Open Banking. However, with a go-live date set for December 2025, its impact will not be felt in the immediate future. Currently, the UK leads the way in Open Banking adoption, showcasing its potential benefits. Nonetheless, widespread adoption and enhanced functionality are still necessary for the masses to fully capitalise on its advantages.


One recurring question we encounter at Hedgeflows is the distinction between Open Banking and Virtual Wallets. For businesses that require bulk payments, Open Banking may not always be the ideal solution, as its coverage and success rates are not yet universally satisfactory. Although some banks may support bulk payments, it often lacks international payment options, limiting the number of accessible bank accounts.

On the other hand, the emergence of virtual wallets has addressed many of the challenges faced in making bulk payments across different banks, providing a more versatile solution. At present, virtual wallets present themselves as a superior alternative to Open Banking due to their wider reach and convenience.


Hedgeflows is dedicated to assisting Small and Medium-sized Businesses (SMBs) engaged in international trade. These businesses have diverse needs, ranging from efficient currency payments in multiple currencies to complex requirements like pre-booking currency to mitigate exchange rate risks. Virtual wallets and payment automation solutions enable Hedgeflows to cater to these varied needs seamlessly, becoming a must-have feature for its users.


  • Cross-Bank Bulk Payments: With virtual wallets, businesses can effortlessly make bulk payments from any bank account to any bank, irrespective of the financial institution's support for Open Banking.
  • Currency Risk Management: Hedgeflows' intuitive dashboard empowers users to monitor and assess their currency exposure with ease. The platform categorises risk levels as low, medium, or high, allowing users to take proactive measures when necessary.
  • Integration with Accounting Systems: The convenience of syncing payments back to popular accounting systems like Xero, Sage, QBO, SAP, and Netsuite simplifies the reconciliation process for businesses, streamlining their financial operations.
  • Payment Automation Solutions: Hedgeflows' platform also offers payment automation solutions, streamlining the payment process and reducing manual intervention. This automation ensures faster and error-free transactions, enhancing overall efficiency and productivity for international traders.


We thought long and hard about how we would embed the payment functionality into HedgeFlows and we have adopted virtual wallets and payment automation solutions as the preferred payment functionality. We believe this provides customers with the flexibility and efficiency they require for international trading success. Virtual wallets offer efficient FX payments at interbank rates and low-cost SWIFT payments, while payment automation solutions ensure seamless and streamlined transactions. These features make them the optimal solution for SMBs venturing into global markets. As the world of finance continues to evolve, we remain committed to empowering our customers with the best tools and technologies available to succeed in the global marketplace.


Get in touch if you'd like to find out more about HedgeFlows.