virtual bank account api

{ Do quick payouts directly from your bank account. Further, businesses that expect thousands of payments coming in, can leverage the Virtual Account API, to reduce their operating costs. Bunq is a really good choice if you want to have a joint account without hassle. Related to Virtual Bank Account. NOTE! This endpoint is only available to Ufitpay Vendors and is accessed by making an HTTP POST request to https://api.ufitpay.com/v1/update_bank_accoun_name, Sample success response (json) Lets take the example of NBFCs. "reference": "12345678", ", Here is our FAQs section to help you understand all about our current account offering. This shows if the account is permanent or temporary. Enabling businesses to use Opens virtual accounts will empower small businesses throughout the country to re-think the way they collect payments, as virtual accounts help streamline the entire process and simplify fund management. Endpoint - https://api.korapay.com/merchant/api/v1/virtual-bank-account/transactions. And all the transactions can be tracked digitally via the virtual account reducing manual dependencies. IMPS/RTGS. But in business-to-business (B2B) transactions, your customers might ask for them before you send the first invoice. Virtual Accounts APIs from Zwitch Zwitchallows you to create unique virtual accounts for your customers on-demand and collect payments via NEFT, RTGS, IMPS and UPI. Proudly powered by WEMA, Providus & Parallex Bank. To suspend or delete an account, youll need to reach out to [emailprotected] with the details of the account and the reason for suspension or deletion. It is important to note that Virtual Bank Accounts do not store monetary value like regular bank accounts; they only provide a means for your customers to pay you. To create Virtual Bank Accounts for your customers make a request to the Create Virtual Bank Account API. To do this, you need to make a POST request to the Credit Sandbox VBA endpoint. Personal Login Business Login Open Digital FD Now! Virtual Accounts. Expansive data integration Plaid supports Virtual Bank with data connectivity solutions Set up frictionless payments Virtual cards enable businesses across sectors to track and reconcile payments promptly. Deletes virtual bank accounts from Chargebee. By assigning a virtual account number/ UPI IDs to a customer, businesses can accept payments via various modes and auto-reconcile payments at once. For Personal Loans, APR ranges from 8.05% to 36.00% and origination fee ranges from 2.00% to 6.00% of the loan amount. By adding just a few basic details like the name, mobile number, and email address of the customer, you can set up a virtual account for your clients/ customers and reconcile inward payments seamlessly. "blog subscribed": true With our new Online Banking platform, you'll have a more consistent look and feel across all your devices, simplifying how you manage your accounts. You dont have to hit the APIs with every new customer manually. If there is no virtual bank account present in the gateway for the customer, this API will return successfully without throwing an error. See the request parameters for this endpoint below: You are to pass the request parameters as a query because it is a GET request. Users can make payment of the amount due to this account, and the amount will be matched with the invoice. 2. } Supported values are. While virtual accounts have functions similar to a physical one, it offers a lot more flexibility. Just a reminderonline bank accounts and online . Customers can reuse the same account number as long as your Rapyd account is active. Its time to put all of that behind you! By default it is, This is the maximum number of transactions that can be retrieved at once. (optional) Set this to a valid Government Approved business name for a business account KYC. (required) This is the new account holder's first name. (required) This is the account holder's first name. "status":"success", Virtual account numbers or VANs are system-generated, unique account numbers that help streamline the process. Here are the request parameters for the endpoint: The details of a Virtual Bank Account can be retrieved at any time after creating the account. Update subaccount API will help to modify the sub-account details. Bank Account means one or more accounts opened, maintained and operated by the Portfolio Manager with any of the Scheduled Commercial Banks in accordance with the agreement entered into with the Client. A virtual account is a non-physical/ online bank account created virtually. "account_number": "0123456789", This is the date and time the generated bank account will be disposed. Businesses can also generate UPI QR codes and payment links for any offline transactions and share them with customers. (required) This is the new account holder's last name. A virtual bank account gives customers a n online solution to accessing and sending money, handling your debts, and making international bank transfers even easier. It also helps customers track every payment made against vendors/ companies from a single dashboard. It further makes it easier for customers to make payments using the mode of payment most suitable for them. "account_name": "John Doe", eg 2023-01-04), This is the virtual account the payment was received into, This is the actual date and time the payment was received (YYYY-MM-DD HH:MM:SS), This is the unique bank credit session ID, This is the unique credit reference from the originating bank, This is the NUBAN bank account number originated the payment, This is the name of the bank that originated the payment, This is the depositor's name or originating bank account name. Assign virtual accounts & quickly reconcile payments, do expense management, accounting reports, payment gateway APIs & a lot more. As per RBIs Payment Aggregator Regulations, businesses can accept payments via debit/ credit, net banking, or UPI. Lets get down to the basics and see how Virtual Bank Account API. Customer's email and virtual bank accounts will always be in sync. Deletes a virtual bank account. "bank_name": "Parallex", To retrieve details of a virtual account, make a request to the Virtual Bank Account Query API. UfitPay virtual bank account service is also available via Virtual Account Number API. Payment method in the payment gateway, and Auto Collection settings in Chargebee are not affected. And all the transactions can be tracked digitally via the virtual account reducing manual dependencies. So theres nothing to worry about, and you can get paid in time. Home Virtual Account API How to collect & track payments like a pro with Virtual Account APIs [Updated]. Move over manual payouts - do unlimited payouts with our APIs. The business current accounts, VISA corporate cards, business loans and other similar banking services/financial services offered on the Open platform are provided by RBI-licensed banks and financial institutions. Customers can make bank transfers to the Virtual Account number in their local currency. "status":"success", Test Merchants/Vendor API Token: VENDuEwtekJEcWiwzC1gDdiDzKcJFk1. You will likely need access to a web developer or programmer (if youre not one) to get the most use out of UfitPay API. Finds solace in words, preferably those with a sarcastic undertone | Social Media Manager at Open, Connect with our experts. What Are Virtual Bank Accounts? These new kids on the block have been the talk of the town and for all the right reasons. Try it now! We dont spam. "bank": "104", suppliers and supplier sites use for payment transactions. With batch allotments, we take it up a notch. All funds in the Open powered business current account are insured as per limits prescribed under the RBIs deposit insurance scheme. console.log(email); 3. This must match the last name on the supplied BVN. "resource": "list_bank_accounts", Simply, we help you reconcile effortlessly. Why Use UfitPay Virtual Banking? "currency": "NGN" { Since virtual accounts give you details of customers, the amount they paid, and at the time - instantly, they can help you with payment reconciliation. This endpoint is only available to Ufitpay Vendors and is accessed by making an HTTP POST request to https://api.ufitpay.com/v1/create_bank_account, Sample success response (json) Customers can make a bank transfer to these virtual account numbers, and as soon as the money hits your bank account, you get to know the payers details for each transaction. (required) This is the virtual account number to be deleted. (optional) This is the payer or originating account number to search for, (optional) This is the originating account name, depositor's name or payment narration to search for, (optional) This is the expected payment amount (in naira) to search for, (optional) This is the payment date to search for (YYYY-MM-DD. This is the account number of the Fixed Virtual Bank Account. "bank_name": "Providus", The banking services/financial services offered on the Open platform are powered by our partner banks/financial institutions and follows all security standards and legal requirements prescribed by the partner bank/financial institution, in accordance with extant RBI regulations. You can lookup any bank account details in Nigeria using our free bank API in few seconds to build applications faster. This API allows vendors to search their UfitPay virtual bank accounts for deposits/payments received. This is the information of your customer to which you assign the virtual bank account. }, This API allows vendors to fetch a list of all virtual bank account under their profile (excluding disposable accounts). Share your contact info & a few business details. Docs ALL DOCS API Overview Libraries API versioning Postman Collection Webhooks Product API reference Transactions Auth Balance Identity Assets Investments Liabilities Payment Initiation Virtual Accounts Endpoints If supplied, this URL will be used instead of the one defined on your merchant API settings. Youd typically get your team to manually track the payments with UTR numbers a tedious process that we quite frankly dread. Visit www.open.money to log in or sign up, and create a virtual account, Complete KYC to start collecting payments from customers, Collect payments via multiple virtual accounts in one place, Reconcile payments on the go and simplify settlements. This is the specific date from which you would like the query to start. If you have a V1 bank account ID, you can use this endpoint to retrieve bank account information. To do this, go to Vendors Settings from your UfitPay Vendors Dashboard then click the API Settings tab view your API credentials. }, This API allows vendors to delete a virtual bank account under their profile. document.getElementById('thankyoumsg').hidden = false; "data":[{ } Supported banks We currently support Access Bank and Wema Bank. Depending on your usage, we would either advise to use Wise or N26. To do this, youll need to initiate a GET request to the Virtual Bank Account Query API endpoint. With a Virtual Bank Account, your customers can easily pay you by simply making a transfer to the account assigned to them. Let us tell you why. Some amounts, rates, and term lengths may be unavailable in certain states. All notifications related to this virtual bank account will be sent to the email address you specify. The Virtual Bank Account can be used to accept payments from customers at any time. You'll always have direct access to our engineering support team via chat. ] During the validity period, we will send details of the every payment received into the generated accounts in real-time via (Form Encoded) HTTP POST to your callback URL (If provided during setup). After payment has been made into a VBA, we send a webhook notification to your webhook notification URL. Just complete the following easy steps to get your all-in-one virtual account. Schools and colleges have always needed help collecting fees, but OPENs Virtual Bank Account API makes the process easier. Account . By default, this is set to, This is the currency for the account. { "status":"success", "resource": "delete_bank_account", See our Money Market Rates Mobile Banking On-the-go banking for your mobile lifestyle. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Only, This is the amount you want to credit to the account. To associate your existing users on the Connect Flow to the Customer Profile Flow, pass the user_api_token and the existing merchant_ref that was added in the Get Virtual Bank Account Information API (V3 docs). This is the assigned account name for the generated bank account. "paymentreference": "5725692722", As soon as a payment is received, a notification with the payee details will appear in your webhook URL. (required) This is the account holder's last name. When an account is suspended or deleted, no payment can be made to such an account. "resource": "create_bank_account", Users can make payment of the amount due to this account, and the amount will be matched with the invoice. (optional) This is a search phrase to use in filtering returned results. Most companies have a tough time tracking incoming payments against the order numbers while using a physical account. A virtual bank account can be paid with ACH credit or wire transfer. Now manual reconciliation of these many transactions is a task you would love to do away with! { These accounts can be used to accept payments immediately after they are created. Other providers mostly screenscrape, an extremely brittle and slow technique that means they have poor uptime, are slow and return stale data. Create Virtual Accounts for customers Creates a virtual bank account for a customer. "account_name": "John Doe", Virtual accounts come with a lot of benefits for both businesses and customers. "status":"success", After setting up the virtual account with Open, the customer can link the existing bank account to it. Proudly powered by ENRICH MFB, GTBank, Fidelity, WEMA, Providus & Parallex Bank . The expected date format is, This is the specific end date for the search query. Read all about how you can collect and track payments like a pro using Open. "Open is a technology platform - it is not a bank and does not hold or claim to hold a banking license. Get the only virtual account built for your business - experience a smooth, fast & hassle-free banking experience with the click of a button. Note: These APIs will not support in Sandbox Environment, This documentation is only for your reference purpose. Lets look at how transaction-heavy organizations such as educational institutions, fintechs, large corporations, and successful businesses can improve their payment systems. f Bank Account information can be viewed from UI as follows: Access the Suppliers: Banking Details page to record the supplier bank accounts that your. Ujjivan Small Finance Bank, leading SFB in India, offers banking services like home loan, business, personal & vehicle loans, Online Savings accounts & deposit etc . Step 2: Call the "Create Virtual Account Number" API using the customer's name and BVN to generate a unique . In order to create bank account, a Bank and Branch are required. Yes! Simply click on an account on the list of Virtual Bank Accounts to view its details. To retrieve details of a virtual account, make a request to the Virtual Bank Account Query API. }) After you receive a webhook notification from us, verify the payment by making a request to our Transaction Query API. The. Teller connects to every bank using real APIs. (required) This is the virtual account number to search payments on. The reference in the notification payload will be used to get the details of the payment. This must match the first name on the supplied BVN. { This is the generated 10-digit NUBAN account number. virtual account number. With this, they can have a complete view of their collections, thus simplifying bookkeeping. Simple, Safe, and Compliant Bank Account Linking for Your Payment API Payment app users need to link their bank account to send and receive funds. They will then upload the completed loan application onto this digital platform. "resource": "update_bank_accoun_name", "account_name": "John Doe", You can now easily. }, This API allows vendors to generate a temporally virtual account number for a customer. This endpoint is provided only if you currently use the V1 Bank Accounts API. One of which is to complete KYC to help businesses verify customer profiles. See an example of a sample response below: Your unique reference to identify a virtual bank account. Below is a typical implementation of UfitPay virtual account number API for a wallet-based system; This API allows vendors to issue a full-featured virtual NUBAN account number to a customer. Retrieves the virtual bank account identified by the unique identifier. They can be used to send and receive money on behalf of the settlement account, where the funds are ultimately held. A Virtual Bank Account (Virtual Account) is a special type of bank account that is dedicated to a single customer. To create a Virtual Bank Account, youll need to make a request to the Create Virtual Bank Account API endpoint. In a light version it does not have a balance; it can be seen as only a funnel through which funds can move into and out of the underlying . Irrespective of the length & breadth of your operations, your business needs a virtual account today! "Email": email, On the details page, you would see an account summary showing the account name, account number, details of the customer to which the virtual account has been assigned, as well as other important information on the account. There you can access data on users, identity verification statuses, bank account linking, and return codes. Grow, manage, or evolve your financial app with real-time analytics, transactions, users, and much more 24/7. Get a virtual account & virtual UPI ID, start managing banking, payments, reconciliation, accounting & expense management -- all in ONE place. Lets take the example of NBFCs. }, This API allows vendors to update KYC information on a virtual bank account under their profile. Personal . GetBankAccountByBV1ID. Virtual Accounts are associated with a country and function as local bank accounts in that country. Search for the transaction using the transaction reference. Virtual Bank Accounts (or Virtual Accounts) are a special type of bank account that you can use to receive payments from your customers. You can now easily track payments via Opens Virtual Account to stay on top of your collections. In order to interact with our virtual banking APIs, you need to enable API access on your merchant/vendors dashboard. "data":{ Create a virtual account post; Update a virtual account put; Get a virtual account get; Get all virtual accounts get; Get all payments on a virtual account get; API Parameters Description; Virtual Account payment Webhook to merchant This is the bank code of the bank providing the virtual bank account. You can read more about how to handle webhook notifications here. E-distributors work with over 1000 retailers and receive multiple payments each month. This is because managing multiple virtual accounts and reconciling payments is far easier than tracking them manually via a physical account. . So compared to the physical account that uses up extended bandwidth for manual tracking, virtual accounts take significantly less time to track cash flow. Virtual Account numbers look like regular bank account numbers. A virtual bank account can be paid with ACH credit or wire transfer. From Bank Transfers to UPI, you've got it all: collect payments the smart way using Virtual Bank Accounts API. Once you have created an account on Open, go over to API docs to integrate with Opens Virtual Bank Account API. "bvn": "1234567889906" See our CD Rates eMoney Market Special Earn a special rate when you open an eMoney Market. "expire": "2021-08-09 11:20:43", Click on the transaction to view further details. The banking services/financial services offered on the Open platform are powered by our partner banks/financial institutions and follows all security standards and legal requirements prescribed by the partner bank/financial institution, in accordance with extant RBI regulations.. "account_number": "0123456789", Set up webhooks This is the bank the generated account is domicile in. (required) This is the virtual account number to be updated. Customers can make a bank transfer to these. (The time zone is +1 WAT). Buy Airtime, Data, Pay Electricity bill, Cable-TV Subscription, Internet Bills, Water Bills, Church Offerings, School Fees, Send & Receive money, Collect payment from your customers and a whole lot more. Assign unique virtual accounts or UPI IDs to customers and accept payments via all modes - experience the convenience of automated bank reconciliation. All you have to do is create a virtual account. { Once created, this account number can be used to receive payment from any bank in Nigeria while it is still valid. Endpoint - https://api.korapay.com/merchant/api/v1/virtual-bank-account. They can also track receivables against unique virtual account numbers of customers without any unnecessary back and forth. From a client's point of view, Virtual IBANs look and function exactly like real IBANs. "account_number": "7590000000", This means you can focus on what you do best: empowering your users to lead better financial lives. The expected date format is, This specifies the page number to retrieve. Financial institutions, large and medium sized enterprises can expand their reach and speed of transactions, thereby boosting their efficiency (faster and less expensive) and also reconcile all transactions easily, once they integrate with Opens Virtual Account API. It is very important to inform your customers about this as payments made into such accounts outside the validity period may be difficult to recover or reconciled. Currently, all generated Virtual Bank Accounts are Wema bank accounts and only Wema bank code 035 should be passed in the bank_code field. All funds in the Open powered business current account are insured as per limits prescribed under the RBIs deposit insurance scheme. And managing multiple virtual accounts and reconciling payments is far easier than tracking them manually via a physical one. Under the model, fintech companies will conduct all preliminary credit checks through a third-party application platform interface (API) and account aggregators. Set up webhooks You can get the details of payment to a Virtual Bank Account by making a GET request to the Charge Query API endpoint using the reference returned in the webhook notification request payload. "reference": "123456", Free yourselves from the burden of manual reconciliation and integrate Virtual Account API on OPEN today. Send payments anytime, anywhere via UPI/NEFT/. "records":"1", We will always send details of the every payment received into any of your virtual accounts in real-time via (Form Encoded) HTTP POST to your callback URL (If provided during setup). . Making payments with Virtual Bank Accounts is flexible and absolutely stress-free for customers since they can choose to pay from their preferred banking channels. Email address is mandatory for virtual bank account creation. are what you need to collect payments smartly. A virtual bank account can be paid with ACH credit or wire transfer. You can get a fully integrated virtual account that simplifies banking, accounting, payments, expense management in one place within a few clicks. }. Virtual accounts are unique account numbers assigned within traditional, physical bank accounts, which are also known as settlement accounts. It is important to verify this data using the verify_payment end-point before giving value. (optional) This is the Bank Verification Number (BVN) to be associated with the virtual bank account. The unique virtual account number helps track the payment source and the payee (customer) right away. Who can apply for a Virtual IBAN? Check balances, move money, and manage savings on your schedule. "bank_name": "WEMA", to each student and all payments made using their virtual IDs reconcile automatically. And further, empower companies to be more inclusive by relying on a single dashboard to run payments for business. The Virtual IBAN's provided by Monneo are connected to safeguarded bank accounts held at well established, European and International banking institutions. Manage instant payouts on-the-go, 24x7. Email ID specified for virtual bank account creation will be considered over customers email ID. powers different businesses in collecting payments the smart way. "reference": "567890", e.g https://api.korapay.com/merchant/api/v1/virtual-bank-account/transactions?account_number=1003346789. And given that they require high maintenance and operating cost, virtual ones are a low-maintenance and cost-effective option. (required) This is the Bank Verification Number (BVN) to be associated with the virtual bank account. Lets get down to the basics and see how Virtual Bank Account API powers different businesses in collecting payments the smart way. } "resource": "search_vendor_bank_statement", Virtual Banking APIa Introduction UfitPay Virtual Banking API is designed for developers to easily automated banking and virtual account number features on any application using any software programing technology or development platform Access to this API is available to all registered UfitPay merchants with virtual banking service access granted. Once the payment is processed and hits the company account, the business gets notified of the transaction right away. This virtual bank account category is most suitable for businesses or organizations seeking to automate their bank payment collection or decentralize their payment . "status":"success", These APIs return bank account information as an object of the BankAccount type. In addition, Open gives a complete overview of business spends/ transactions and makes it easy to reconcile payments through its user-friendly platform. "destination_account": "9876543210", You can also generate new API keys by clicking the Generate New keys button. Create Virtual Accounts for customers To create Virtual Bank Accounts for your customers make a request to the Create Virtual Bank Account API. UfitPay Virtual Banking API is designed for developers to easily automated banking and virtual account number features on any application using any software programing technology or development platform. } With bank transfers such as NEFT/RTGS/IMPS to UPI, you can accept payments via several modes. So there you go OPENs Virtual Account APIs are what you need to collect payments smartly. Subscribe to our monthly newsletter. Try the api TALK TO AN EXPERT Simplify Linking Bank Accounts This is the actual transaction amount paid. Opens virtual account reduces the to and fro between businesses and customers while streamlining payments. If supplied, this can also be used to query for deposit using the verify_payment endpoint. "credit_sessionid": "1234567889906", "data":[{ Thats where OPENs Virtual Account API steps in. clevertap.onUserLogin.push({ The customer can then transfer funds from the virtual account with an added layer of authentication and protection against any fraud for remote payments. }, ] Heres where Open Virtual Accounts shine. Since payments to virtual accounts are initiated outside your application, you can only be notified when the payment is complete. Virtual Accounts APIs from Zwitch Zwitch allows you to create unique virtual accounts for your customers on-demand and collect payments via NEFT, RTGS, IMPS and UPI. "bvn": "1234567889906" The vendor's profiled BVN is used If not supploed. This must match the first name on the supplied BVN. This is the bank institution code for the generated account. Virtual bank account numbers allow your customers to pay invoices by transferring or wiring money to you. API-Token: Your merchant API token, The following API Credentials can be used for development and test purpose only. Businesses can schedule recurring payments against the virtual account number assigned to customers. via Opens Virtual Account to stay on top of your collections. With the rise of credit consumption in consumer-durable industries, there is an urgent need for a solution to help map the many loan repayments received via bank transfers. , function sendClevertap(e) { Free yourselves from the burden of manual reconciliation and integrate, 7 types of business loans every entrepreneur should know about, Payment Gateways for Startups : What You Need to Know, Major Finance Management Challenges Faced by SMEs. and as soon as the money hits your bank account, you get to know the payers details for each transaction. "amount": "2600", Enhanced security. "depositor_name": "JOHN DOE", These accounts can be used to accept payments immediately after they are created. UfitPay offer an all-in-one simple and convenient payment, collection and disbursement solutions with awesome discounts. Individual banks can access these loan requests and fund them based on their internal credit risk parameters, sharing a commission or fee with the . Each customer receives a unique Virtual Account Number from this series. Assign a unique Virtual Account number to each student and all payments made using their virtual IDs reconcile automatically. This means that you won't have to generate a new bank account for the customer every time they need to pay you. Transactions done using these credentials are not treated as live, Test Merchants/Vendor API Key: VENDWCB5TO5RfJFCNkwSX8z0F8ZwD91 Virtual accounts created with this endpoint has a maximum validity of 1 hour. (optional) Set this to a valid Government Approved business name to create a business bank account. You would also see a list of all the transactions made through the virtual account in the Transaction History section. The Open business account comes with a VISA business card that combines banking, payments, accounting, expense management & taxes, in one place. Say you own Finztant Limited, a full-fledged NBFC, and you turn to the pros Open, to help collect all your payments. To do this, you need to make a GET request to the VBA Transactions Query API endpoint. UfitPay virtual bank account service is also available via Virtual Account Number API. Virtual bank account numbers are assigned to each of your retailers and/or suppliers, and every time funds are transferred to your account, get notified instantly. If you're using the older version (V1), click here. Because this account is dedicated to a single customer, every payment made to that account will be associated with the customer. The process where virtual accounts are managed in IHC is depicted below: In this process, we rely on a simple set of building blocks: In-house cash accounts to manage intercompany positions between Treasury and OpCo's, GL accounts to represent external cash and the IC positions.

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