The Virtual Account Object

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`, `AUD`
ibanCountry string	Depending on your agreement you can choose IBAN country, from the available list. Required field for EUR, SEK, DKK Virtual Accounts creation	`DE`, `DK`, `GB`, `LU`
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. Applicable for IBAN-countries
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`,`BSB`
bankDetails.routingCodes.value string	Value of the routing code.	e.g. `856104`
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 couple of minutes.

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.