Virtual Bank Account

Modified on Fri, 24 Mar 2023 at 11:40 AM

Fincra’s virtual accounts enable merchants to receive payments and issue virtual accounts to customers in available currencies. These customers can then receive payments via bank transfers. 

Fincra virtual accounts are tied to the respective balances on the Fincra platform such that; inflows that come into the virtual accounts are settled into our Merchants Fincra balances. 

This allows our customers to centralize their finances in different currencies all in one platform.


Virtual Account currencies Available


  • British Pound (GBP)
  • Nigerian Naira (NGN)
  • Multicurrency Accounts (Euro (EUR) & United States Dollar(USD). 


Types of Virtual Accounts


Temporary Virtual Accounts: Temporary accounts are useful for receiving one-off payments via bank transfer. When a customer is at the check-out point, a temporary virtual account with an expiry time can be generated and provided to the customer to complete the checkout process.


Permanent Virtual Accounts: Permanent accounts are useful when creating an application where each user has a bank account number that can be used for funding their wallets on your platform.


Individual & Corporate Virtual Accounts: Permanent Virtual accounts in Fincra are further classified into Individual and Corporate based on the KYC requirements needed to open and access these accounts



Learn more about Virtual Account

 

Create a free account on Fincra to get access

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