A Virtual Account is an alias account number that is linked to a standard bank account. They can receive incoming payments in place of a bank account, and divide up the balance of the linked bank account. Some Virtual Accounts can report its own balance too, you can learn more about the two types of Virtual Accounts here.
Creating Virtual Accounts is an easier way to have many account numbers since it replaces the need to create many individual bank accounts.
Common use cases are:
- Attributing incoming payments
- Holding funds on behalf of users
- Operating an in-house bank
Your bank must support Virtual Accounts to use them on Modern Treasury. Though some banks call this product by a different name. See here for a list of supported banks here.
Updated 25 days ago