Can a Virtual Account hold a Balance?

⚙️ Rapyd API
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Would I need to pair it with a ledger or can it hold balance?

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Thanks @Baker.

Virtual Accounts are built on top of Rapyd Wallets, so you can use Retrieve Wallet Balance to see the balance of the wallet.

Here are a couple more resources on Virtual Accounts and Rapyd Wallets.

Rapyd also provides reconciliation reports you can download from the Client Portal and use to match-up to your Wallets and accounts connected to Rapyd.

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@Baker, It really depend on what you want to achieve. To me they won’t be much need of holding the wallets balance in a Ledger.

Since ledger balance is the checking account balance at the beginning of a given day.
Ledger balances are calculated at the end of each business day after all business transactions has been made and the amount is subject to change.

Instead of updating the database about wallet balance each time a transaction is made, the best bet will be to periodically make an API Call to RAPYD Wallets Balance endpoint. This option will provide you with your updated Rapyd EWallets balance in real-time.

You can even add an ajax call at frontend to make the Backend API Call amazing.

Finally @Community_Team above has provided you with all the necessary links and documentations needed.

I can help you further with code sample on Ewallet Balance Retrieval in php. Have a good day brotherly.

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Thank you both for your answers.

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A “virtual account” is not a separate entity - it’s a bank account number that has been issued to a Rapyd Wallet. It is used as an interface for an external bank to transfer money into the Rapyd Wallet. Each virtual account handles a single currency, and you can have as many virtual accounts on the Rapyd Wallet as you want. You can even have multiple virtual wallets that handle the same currency - if you have a logical need for it.

All the accounting is done on the Rapyd Wallet. It has one “account” for each currency. The funds in each currency account are not segregated according to source. For example, you might have a USD virtual account for Americas and a different USD account for EMEA. If they are both issued on the same Rapyd Wallet, the funds will be held in a single wallet USD currency account. If you need to segregate the funds from EMEA, then you need to set up a different Rapyd Wallet for it.

That being said, I think all this refinement is not relevant to the hackathon. You should focus on the experience of the end user - who has absolutely zero interest in which pocket you put his money. In addition, virtual accounts are relevant to bank transfers from outside of Rapyd, and the hackathon projects are all about the embedded hosted page checkout. Use all the Virtual Account information for your successful commercial app - AFTER you win the hackathon!

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Thanks for the continued context. I am not participating in a hackathon. I am reviewing solutions for my company and want to understand how Rapyd handles Virtual Accounts, they are not new to payments, and curious about how deep it goes with your integration.

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I’m happy to answer any questions you might have. If you want, I can help steer you to the documentation that will help you map out your company’s needs to our offerings. or if you would rather talk with a sales engineer, I can find someone in your area.

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