Virtual Accounts can be created in multiple currencies and are used to receive fiat money from users and make payouts. Virtual Accounts have unique bank details associated with them but are linked to a MASTER Fiat Account. Virtual Accounts are used for collections and payouts only and do not have a balance associated with them. Any payments made to/from Virtual Accounts affect the balance of the Master Fiat Account with which they are linked.

The creation of Virtual Accounts is asynchronous as it requires the generation of bank details with the underlying banking provider. Therefore, upon creation, Vritual Accounts have the status CREATED which is then updated to ACTIVE once bank details are assigned. The process usually takes no more than a few seconds.

The best way to be informed of when a Virtual Account becomes Active is to create a Webhook that listens to the event VIRTUAL_ACCOUNT.STATUS_UPDATED

Virtual Account Statuses

Fiat Account Status

Description

CREATED

The Virtual Account has been created on Fiat Republic and is awaiting allocation of bank details from the underlying banking provider. The account cannot be used at this stage.

ACTIVE

The Virtual Account is active and can start receiving and making payments.

BLOCKED

The Virtual Account is blocked temporarily and no payments to/from the account can be created. A Fiat Account could be blocked by Fiat Republic for compliance reasons, but you can also block fiat accounts via the API for your own risk management purposes.
It is highly recommended that you create a Webhook to monitor for this status change to ensure you can update your end users.

CLOSED

The Virtual Account is closed permanently and cannot be used to make or receive payments anymore. This status is terminal.

ACTIVATION_FAILED

We were not able to assign bank details to the Virtual Account due to some error.