Tell me more about Virtual Accounts

I am developer working on a treasury project and we are looking at virtual account solutions specifically IBANS.

What are the use cases? How would I get started?

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Hi Angela,
Welcome to the community. The most common use case for VAs is Collect on an invoice for a local or cross-border payment. e.g. Provide an IBAN to one of your European customers to pay their invoice out of their European account. We also have some clients using them to keep an ewallet topped up so users can easily transfer funds into a wallet account from their bank account. There is a use case doc here on it to help get you started - Bank Accounts

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@vaibhavk @joelyarbrough @helcionobre can talk about more about Virtual account benefits and what Rapyd can do.

@Angela @brendanm You can use Rapyd rails to issue virtual IBANs. Virtual IBANs are mostly used to receive bank payments/deposits/transfers from your customers. To Issue a virtual IBAN, you should check our documentation Issued Bank Account Number Object

Thanks.

Currently are VA only available for IBANs in Europe or are there other markets Rapyd offers Virtual Accounts?

Hi @Dev_Macy1 , at the moment we only have IBANS available in EU for integration. We also have an exciting roadmap for Q2 and Q3 2021 to expand our network and offer Virtual Account in Singapore, Mexico, Indonesia and USA.

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@Dev_Macy1 - the term “IBAN” refers to the international bank account number format, and we only offer “IBAN Format” virtual accounts in Europe and the UK at the moment. These are available via our “ISSUING” product (link below)

We do offer virtual accounts to collect funds in Singapore, Indonesia, Korea, and Japan as well now, which are available via our “COLLECT” product (link below):

Issuing: Bank Accounts
Collect: Bank Transfers

Note, we’ll be adding some of the Collect variants to Issuing in 2Q and 3Q to give you more flexibility in how you use Virtual Accounts, as well as adding many more countries and currencies soon.

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You asked how to get started, so I have a few tips:

  1. Create a wallet.
  2. Issue a bank account number to the wallet.
  3. Use an outside bank to transfer funds directly to that IBAN number. Note that the currency must be the currency of the IBAN. You can issue multiple IBANs to the wallet, each in a different currency that Rapyd supports.

Our teams are constantly widening our offerings, so if you don’t find what you need, contact Client Support.