Overview

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

  • BPAY payments

  • 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.

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