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Create a Virtual Account

TxB APIs allow Clients to create and modify new virtual accounts, which act as subledgers underneath an existing commerical deposit account. Clients can use this flexible ledger tool to better track and allocate money movement without the latency and manual work usually involved in opening commercial deposit accounts via a graphical interface. Virtual accounts can be assigned to individual customers, suppliers, deals, or anything else Clients might want to track at a granular level.

For additional context on the account and service types we provide, read more here.

Step by Step Guide

Step 1 - Reserve a list of virtual accounts

As an optional first step in virtual account creation, we allow Clients to pre-reserve a set of account numbers.

GET /v1/accounts/reserved returns:

["223122343243", "223122343244", "223122343245", "223122343246", "223122343247", "223122343248"]

Step 2 - Create an accountRequest

POST /v1/accounts/accountRequest/virtual with this payload:

{
  "requestId": "test_request_12",
  "accountCurrency": "USD",
  "accountName": "ACME's spending account",
  "accountNumber": "223122343243",          // the account number from your reserved list
  "parentAccountNumber": "22312234555",     // the physical deposit account your virtual account is linked to
  "accountPurposes": [
    "COMMERCIAL_PAYMENTS"
  ],
  ...
}

Step 3 - Monitor the status of accountRequest

GET /v1/accounts/accountRequest/virtual/{test_request_12} returns:

{
  "accountNumber": "223122343243",
  "status": "COMPLETED"
}

Step 4 - Verify that account object is now created

You can now retrieve the details of the account you created. This account can now originate payments.

GET /v1/accounts/223122343243 returns:

{
  "accountStatus": "ACTIVE",
  "accountCurrency": "USD",
  "accountNumber": "223122343243",
  "accountName": "ACME's spending account",
  "accountPurposes": [
    "COMMERCIAL_PAYMENTS"
  ],
  "isVirtual": true
  ...
}

Banking as a Service

Clients building an 'embedded banking' solution with TxB (read more) will perform an additional step when opening new virtual accounts on behalf of your end users. Prior to opening a virtual account, you must first create a record of eligibility for your end user. This end user record contains the data TxB needs to confirm eligibility and manage Know Your Customer requirements and other obligations. Learn more by getting in touch.