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Yes it will accept a higher capacity magazine. It may stick out the bottom depending on the gun and the brand of the magazine, but yes this gun will accept higher capacity magazines.
Check out mec-gar mags. The 20 round for the p226 is almost flush, so they may make one for the 320 also.
I personally have put the 15rd in my subcompact grip, and I have read where if the same caliber they are interchangeable. Of course you cannot put a smaller one in a big grip, ie: 12rd or 15rd in a full size that takes a 21rd.. I purchased the P320 Compact which came with 2 15rd mags, then bought a subcompact grip module on ebay and a 12rd mag from buds (where I got the gun). It works great. I carry it daily with the subcompact grip and 12rd mag, just throw the 15rd mags in at the range.