A virtual account allows you to simplify payins to users and items. Specifically, you can:
Automatically match, reconcile and track incoming payments. Rejections and invalid IDs are returned instantly.
Let your customers send payments to a unique BSB+Account Number so you have visibility of all payments.
Enable realtime payments in your platform.
Easily track where your money has come from.
Have a higher payment success rate with fewer rejections.
How it works
You have the ability to allocate a virtual account for each user (buyer/seller) on your platform, with its own dedicated BSB and account number. This will be linked to the user's digital wallet.
Inbound payments will be matched to the correct user’s wallet. A notification will be sent to your platform via the API, no manual reconciliation is needed.
Where available (dependent on the bank) payments sent to a BSB+Account will move along the NPP.
When the NPP is used, you'll have access to additional data about the payment.
No additional details are needed (eg: CRN) for the funds to be processed.
Additional payin method
Virtual accounts allow a new payin method, Direct Credit. This is in addition to Assembly's existing payin options:
Real time payments via the NPP
Direct debits from bank accounts
Card based payments.
Please note, this functionality should be enabled for your platform in order to use it. Refer to the Virtual Accounts Guide for more details.