Create a Virtual Account for an existing customer. Virtual Account is a Bank account number issued to a Finmo Wallet. The Virtual account can receive funds from any bank using the bank’s own tools.
Virtual accounts can be classified into two types:
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Static VA: As the name suggests, Static VAs are fixed and function like a regular bank accounts. Once issued, they can be reused indefinitely for multiple transactions. There are no restrictions on the amount that can be transferred to a Static VA.
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Dynamic VA: Dynamic VAs are generated for specific transactions, with each account number being unique to a particular purpose and amount. While beneficial for reconciliation, Dynamic VAs can be somewhat inconvenient for consumers, as they must transfer funds to a new account number for each transaction. Additionally, some banks may impose restrictions on the amount or have a waiting period for newly added beneficiaries. Finmo supports both types of VAs depending on the market.
Virtual Accounts in Various Markets
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Australia: Virtual Accounts can be issued in the form of a BSB and Account Number, a static PayID, or an account proxy, e.g.,
[email protected]. -
Singapore: Virtual Accounts are issued solely as Account Numbers.
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EU and UK: Virtual Accounts are issued as IBANs.
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Indonesia: Virtual Accounts are issued as account numbers, where the first six digits identify the issuing bank. Dynamic VAs are especially popular in Indonesia, with 80-90% of eCommerce transactions conducted via Dynamic VAs.
Popular Use-cases
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Remittances: Generate a Virtual Account and issue it to customers who frequently transfer funds. This way, customers do not need to change account numbers for each transfer.
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Fiat or Digital Currency Wallet Top-ups: Issue a VA to wallet users, allowing them to easily load funds and transact on your platform.