What is a virtual account?
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 Zai's existing payin options:
- Real time payments via the NPP
- BPAY payments
- Direct debits from bank accounts
- Card based payments.