 ️ Incoming breaking change |
|---|
We will be implementing the UNBLOCKING status for the Virtual Accounts to streamline the process of account blocking.
UNBLOCKING status will be displayed, when a BLOCKED account is in the process of being unblocked.
As this is a breaking change, it will be implemented on the 29th May. Please keep in mind that not implementing this change will render account unblocking impossible.
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.
Virtual Account Object
| Attribute | Description | Format/Enum |
|---|---|---|
| id string | Unique identifier of the Virtual Account. | e.g. vac_5opkx8g1jo50lz4m3e |
| masterFiatAccountId string | Unique identifier of a Fiat Account under which the Virtual Account has been created. | e.g. fac_p96ed8b1k3n7zvma4o |
| status string | Status of the account | CREATED, ACTIVE, ACTIVATION_FAILED, BLOCKED, UNBLOCKING,CLOSED |
| currency string | Currency of the Virtual Account. | Three-letter ISO 4217 code e.g. GBP, EUR , USD |
| owner.type string | Owner of the Virtual Account. | MEMBER, END_USER |
| owner.id string | Unique identifier of the owner of the Virtual Account. | e.g. eus_j82rl497g47g5ykvzn, mbr_emv4j231821oaz56yx |
| businessId string | Unique identifier for the Business that owns the Virtual Account. A Business represents a Member's legal entity with which it has signed up with Fiat Republic. A Member can have several businesses. | e.g. biz_emv4j231821oaz56yx |
| label string | An optional label to easily identify the account on the Dashboard. | |
| bankDetails array of strings | Details of the banking credentials that have been allocated to the Virtual Account. | |
| bankDetails.bankName string | Name of the banking provider under which the Virtual Account has been created. | |
| bankDetails.accountHolderName string | Name of the account holder. This is the name that will appear on the recipient's statement when payments are sent from this account. | |
| bankDetails.country string | Country where the account is held. | Two-letter ISO 3166-1 alpha-2 country code e.g. GB |
| bankDetails.iban string | IBAN associated with the account. Depending on the currency and country, account will typically have at least an IBAN or an accountNumber. | |
| bankDetails.bic string | SWIFT BIC associated with the account. Depends on the account currency and country. Not all accounts will have a BIC. | |
| bankDetails.accountNumber string | Account Number associated with the account. Depending on the currency and country, account will typically have at least an IBAN or an accountNumber. | |
| bankDetails.routingCodes object | One or more routing codes associated with the account. Typically used in conjunction with the account number. | |
| bankDetails.routingCodes.type string | Type of the routing code. | SORT_CODE, ABA, WIRE |
| bankDetails.routingCodes.value string | Value of the routing code. | |
| createdAt integer | Epoch timestamp at which the object was created. | e.g. 1637593856104 |
| updatedAt integer | Epoch timestamp at which the object was last updated. | e.g. 1637593856104 |
| metadata string | Additional data in JSON key:value format. | See Metadata for more information. |
The creation of Virtual Accounts is asynchronous as it requires the generation of bank details with the underlying banking provider. Therefore, upon creation, Virtual 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. |