What is a Comma Wallet?

Created by Rishi Julka, Modified on Fri, 09 Jun 2023 at 01:05 PM by David Muscat

What is a Comma Wallet and why would I need it?

A Comma Wallet is a Virtual Account (also known as a through-and-through account) that allows you to overcome the bulk payment limitations of your chosen bank.

Comma facilitates onward transactions linked to a payment run. You only need to approve a single transaction into a specially allocated processing account and we do the rest on our side, so all your payees can get paid at once!

The only payment limitations in place are the single transaction limits of your chosen bank account.



How does a Comma Wallet work?

The Comma Wallet works in 4 simple steps and is fully automated as part of the Comma payment flow.

  1. A single payment is made from the user's bank account to the Comma Wallet. The value of this payment is the sum of all payees in the payment run (maximum up to £1,000,000 and per your Bank limit).

  2. Once the single payment reaches the Comma Wallet, it is immediately sent to the individual payee accounts from the original payment run.

  3. Comma Wallet balance returns to zero and payees receive their payments as per the payment run instruction.


How can I open a Comma Wallet?

You will be prompted if your connected Bank Account has limited Open Banking capabilities to open a Comma Wallet.


Alternatively, if you'd like to use the Comma Wallet with any of your connected bank accounts, you can do this by:

  1. Creating a payment run

  2. Go Connect your bank account (if you haven't already connected one)

  3. Continue to the next screen/the payment screen

  4. Press the drop-down arrow next to your connected bank

  5. Enable the Comma Wallet


We will then ask you to enter some information on the Director and Persons of Significant Control for your business. We need this information to open the account and adhere to FCA regulations. Once these checks are completed your Comma Wallet will be created and you will be able to use it.



How can I fund my Comma Wallet?

Funding your Comma Wallet is done automatically as part of the payment flow of Comma. You only have to connect your chosen bank account and approve the transaction amount of the entire payment run you are making. E.g. If you have 10 payees for £1,000 each, you will be directed to make 1 payment of £10,000 and the Comma Wallet will automate the rest.



Is a Comma Wallet safe?

The Comma Wallet is specific to you and operates on a zero balance policy to ensure we don't hold your money any longer than required. Any monies that cannot be paid to intended payees will be immediately returned to the source account. All payments are fully traceable if there is a dispute. Funds can only be loaded by an authorised individual on the source account, meaning there are no split permissions. We have partnered with Railsr (previously Railsbank) to offer this service and these safeguarding accounts. 

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