The Virtual Account object
Description
The Virtual Account object enables platforms to attach one or more virtual IBANs to a wallet.
Once created, any funds received on the account are automatically credited to the associated wallet as an External Instruction Bank Wire PayIn. Note therefore that Fees cannot be taken on pay-ins to virtual accounts.
There are two types of Virtual Account, indicated by the VirtualAccountPurpose:
COLLECTION– Owned by Mangopay and usable by platforms and/or users for the purpose of collecting and reconciling incoming funds paid by users. Payouts are generally prohibited from the associated wallet except for refunds. The user can be categorized as a Payer or an Owner.USER_OWNED– Owned by the wallet owner, enabling them to accept and store funds and make payments. KYC verification is required and the user must be categorized as an Owner. Offering User-Owned Accounts requires your platform to sign the VOP contract amendment and activation – contact our teams via the Dashboard to get started.
Note – One account purpose per wallet
A wallet can only have either COLLECTION or USED_OWNED virtual accounts attached, but not both.
It is, however, possible to attach multiple virtual accounts of the same VirtualAccountPurpose to a single wallet.
Best practice - Migrate from Banking Alias endpoints
The Virtual Account endpoints replace the legacy Banking Alias endpoints, and new integrations should use virtual accounts.
Existing platforms are invited to change their integration to benefit from extended country and currency coverage, as well as any future product improvements. Note also that offering User-Owned Virtual Accounts requires your platform to sign the VOP contract amendment.
If a wallet already has a Banking Alias attached, it cannot be used for Virtual Accounts – you need to create a new wallet.
For more information, see the Virtual Account guide.
Attributes
The Country of the Virtual Account object determines the format of the account details returned: