What is a Virtual Account?

Virtual Account can be understood synchronously to any Savings Bank Account. It acts as a Finmo Account where you and your customers can transact in real-time, thus transaction happens only through VAs. Each VA has a Unique ID via which it can be addressed and shared. It is built on top of the Wallet Layer and thus has a Wallet ID assigned to it. Organisationstion can assign a Customer Wallet ID to a Virtual Account (Customer Virtual Account). If not, then Finmo automatically assigns the Organization Wallet ID to the VA.

How Virtual Accounts Work

Virtual Accounts can be linked to a customer ID and associated with wallets. For instance, if you want to create a Virtual Account for a specific customer (say, Customer X), you’ll need to create that Customer profile first(Individual/Company), then link it while setting up the Virtual Account. Once this account is created, you can collect funds in the Virtual Account specifically designated for Customer X.

Steps to Create a Virtual Account

1. Log in to your Finmo Dashboard.

2. Select "Virtual Account" from the main menu.

3. Choose "Create Virtual Account."

4. Enter Customer Details for the Individual or Company for whom the account is being created. You’ll have options to select the Country, Currency, and other essential details, as shown in the screenshot below:

Important Points to Note

• Before creating a Virtual Account in a specific Country or Currency, ensure that the country and payment method are enabled. You can reach out to your Sales Account manager or onboard@finmo.net to request the payment method enablement.

• For Your Use Only: This Virtual Account is meant solely for topping up your Master Wallet from your own bank account. It is not designed to accept third-party payments.

• Collecting Payments from Others: If you need to collect payments from third parties, you’ll need to first create a Customer profile for them. Afterwards, you can create a Virtual Account linked to their profile for payment collection.