What is a virtual account?

A virtual account is a digital, non-physical bank account that businesses use to manage payments electronically. It operates similarly to traditional bank accounts but provides greater flexibility and efficiency in handling transactions.

How does a virtual account work?

Each customer is assigned a unique Virtual Account Number (VAN), which serves as their account identifier. VANs are secure, automatically generated, and can expire or be used once for added security. Virtual accounts automate payment reconciliation, track incoming payments against invoices, and streamline the management of multiple financial streams.

What are the advantages of using a virtual account for businesses?

Businesses with complex financial networks benefit significantly from virtual accounts. They enable the consolidation of payments and transactions, reduce manual processes, and lower operating costs. Virtual accounts offer real-time tracking, automated reconciliation, and increased accuracy in financial management, freeing up staff to focus on strategic tasks.

Who can benefit from using virtual accounts?

Any enterprise dealing with multiple payment streams and complex financial operations can benefit from virtual accounts. These accounts provide a centralized platform to manage various financial activities efficiently, ensuring accuracy and control while saving time and resources.