We have discussed, in detail in previous articles, the topic of virtual accounts and how they work, their benefits, their growing importance and virtual account APIs.
In this article, we shall be discussing Fincra’s virtual accounts and their key functionalities.
We have defined virtual accounts in the past as non-physical bank accounts that function like regular bank accounts in the sense that they are used as tools to collect payments and make payouts, and virtual account holders are issued unique account numbers.
Fincra uses named virtual accounts to optimize daily processes for our customers, such as tracking transactions for real-time account reconciliation and more.
Fincra’s virtual accounts are available in EUR, GBP and NGN, and the accounts for these currencies are tied to respective wallets on our platform, this means that for each currency inflow into the virtual account, there is a settlement in a respective Fincra merchant wallet.
For instance, if an inflow comes into Mr A’s GBP virtual account, it gets settled in his Fincra GBP wallet. This allows our customers to keep track of the inflow and outflow of their funds.
Things you should know about Fincra’s virtual accounts.