Virtual Account Testing

How to test a Virtual Account

When you first start using Modern Treasury's Virtual Accounts (VA) product, it's important to run tests in production before going live to ensure incoming payments are being successfully attributed.

To test a Virtual Account

1. Initiate a test payment

Once you have successfully created a Virtual Account, send one payment of each payment type you expect to receive (such as ACH, Wire, etc.) to the associated virtual account number. This payment should be initiated outside of Modern Treasury, through any bank portal.

2. Monitor activity in Modern Treasury

If the payment was completed, you should see a few indications in the dashboard that we received the inbound payment notice from your bank.

  1. An Incoming Payment Detail (IPD) - Found in Payments Overview, under the Incoming Payments tab
    1. An IPD represents a payment where your bank is the RDFI and your account is the receiving account, as opposed to a payment you originate via a Payment Order.
    2. For certain banks, these can also be interpreted as a pre-notification of inbound funds. By pre-notification, we mean that an IPD is a notice of a pending payment that has been received but has not been settled. Eventually, these IPDs will reconcile to a Transaction on a bank statement.
  2. A Transaction - Found in the Transactions page under the Reconciliation section
    1. Transactions refer to a Modern Treasury object that represents the bank statement transactions that we obtain from the underlying bank. Depending on the connection, these are generated from BAI2 files or a bank's API.

If you see both an IPD and a Transaction, your Virtual Accounts are properly configured and ready for production use.