Virtual Account Bank & Capability Support
Bank and capability support for virtual accounts
Modern Treasury’s bank integrations are designed to enable the full functionality of Virtual Accounts provided by the bank. We offer two types of architectures to match the bank’s functionality.
If the bank supports balance reporting for each individual Virtual Account, you will use the Internal Accounts API to create nested internal accounts. Otherwise, you will use the Virtual Accounts API.
Internal Accounts API | Virtual Accounts API | |
---|---|---|
Used if... | Your bank reports balances for each individual Virtual Account. | Your bank does NOT report balances for each individual Virtual Account, only a total balance for the linked bank account. |
How each virtual account is linked | Created as a nested account of the internal account. | All are linked directly to the internal account. |
Originate payments | Yes | No |
Receive payments | Yes | Yes |
Can link to a Counterparty | Yes | Yes |
You can always track and report the balance of any Virtual Account by linking it to a Ledger on Modern Treasury.
Supported Banks
See the table below for the banks we currently support for Virtual Accounts and the functionality provided at each.
Bank | Product Name at Bank | Payment Types supported | Balance reporting supported | Modern Treasury API |
---|---|---|---|---|
Goldman Sachs | Virtual Accounts | ACH Fedwire SWIFT wire | Yes | Nested Internal Account |
BankProv | Ledger Account | ACH Fedwire | Yes | Nested Internal Account |
Cross River Bank | Subledgers | ACH Fedwire | Yes | Nested Internal Account |
Evolve | vAccounts | ACH Fedwire | No | Virtual Account |
Increase | Account Numbers | ACH Fedwire | No | Virtual Account |
JP Morgan Chase | Virtual reference number (VRN) | ACH Fedwire SWIFT wire | No | Virtual Account |
Wells Fargo | Perfect Receivables | ACH Fedwire SWIFT wire | No | Virtual Account |
Silicon Valley Bank | ACH Sub-Account | ACH | No | Virtual Account |
Don’t see your bank? We would love to understand your situation more. Email us at [email protected]
Updated 9 months ago