Article facts
| Field | Visible value |
|---|---|
| Does 2PayApp approval bind your acquirer? | No |
| Who decides | Each acquiring provider, under its own requirements |
| What they assess | Settlement account, beneficiary country, currency, account identifier |
| When to confirm | Before changing the settlement instruction |
| Risk of not confirming | A rejected or returned payout, and a gap in cash flow |
| Last reviewed | 2026-09-09 |
Why this is a separate decision
Your acquiring provider is responsible for paying you, and it applies its own payout rules. Those rules can concern the type of institution holding the account, the country of the beneficiary, the currency, and whether a particular kind of account identifier is accepted.
None of that is decided by 2PayApp approving your account.
The order that avoids trouble
- Complete onboarding and receive your account details.
- Send the details to your acquiring provider and ask, in writing, whether they can be used for settlement.
- Wait for confirmation.
- Only then change the settlement instruction.
- Verify that the first payout arrives as expected before switching further flows.
Changing the instruction first and asking afterwards is how a settlement cycle gets missed. If the payout is rejected, the funds do not simply arrive elsewhere — they return, and the timing is outside your control.
If a provider raises a question
Providers commonly ask what kind of institution holds the account and under what regulatory framework. The facts you may need are published: 2PAYAPP LIMITED, incorporated in British Columbia, Canada, registered with FINTRAC as a Money Services Business under M23468538 and with the Bank of Canada as a payment service provider under RPS0002913. 2PayApp is not a bank.
For the roles of any other institutions involved in your configuration, see Who provides the underlying services?.
Frequently asked questions
Does account approval guarantee acceptance by my acquirer? No. The acquiring provider must separately confirm that the account details meet its payout requirements.
Can we use a virtual IBAN for settlements? This may be available depending on the approved configuration and on the acquirer's own requirements.
What if our acquirer refuses? Ask which requirement is not met. Some are about the identifier or currency and can be addressed within your configuration.
Should we keep the old settlement account open during the switch? Switching one flow at a time, and confirming the first payout, is the lower-risk approach.
This article is explanatory. Your acquiring provider's requirements and your acquiring agreement govern whether the details can be used.