Unified Account Details & International ACH Support

We’re excited to announce some major updates coming your way on July 8, 2024! Here’s what you need to know:

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1. Unified Account Details for Wire Transfers and ACH:

• We’re simplifying your banking details! Wire transfers will now share the same details as your virtual account starting July 8th.
• Deposit memos are no longer required! ✨
• Beneficiary name will match your user name.
• Same account and routing number for both wire transfers and ACH.

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2. International ACH (IAT) Support:

• Parallax now supports International ACH transfers, enabling you to receive payments from non-US registered accounts directly into your Parallax account.

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3. Backwards Compatibility:

• Don’t worry about your old wire details. All payments sent to the old details will still be processed indefinitely. You have the option to switch to the new virtual account details for a streamlined experience.

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Frequently Asked Questions (FAQs):

Q: What does “virtual account” mean?

A: A virtual account allows you to receive payments with specific banking details linked to your Parallax account, making transactions smoother and more efficient.

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Q: What if I sent a payment to the old wire details?

A: All old wire details will be processed now and until forever still. So if you already have an ongoing payment made to your old wire details, it will be processed as normal and you will still be able to receive it in your account.

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Q: Can I keep sending to my old wire details? What if I don’t want to update my client or my linked accounts?

A: Yes, these payments will get processed as they normally would. You will just now have the option to switch to the new virtual account details to decrease confusion.

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Q: Will my ACH deposit details get updated? Will I have a new account number?

A: No, it will not change. Your wire details will be updated to match your ACH details, so technically it’ll be one deposit detail for both ACH and Wire transfers.

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Q: Can I deposit funds from PayPal?

A: Yes, you absolutely can! You can now start receiving funds from any PayPal account; it doesn’t need to be a US-registered account.

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Q: What are international ACHs?

A: International ACHs mean that these payments were made from accounts with non-US registered details (phone number, address). So if you previously tried receiving funds from platforms like PayPal or an Apple Developer Account registered outside of the US, these were classified as International ACH.

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Stay tuned for more updates and improvements as we continue to enhance your Parallax experience. If you have any questions or need further assistance, don’t hesitate to reach out to our support team.

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