Virtual accounts overview
Enable your accounts to be funded by traditional banking channels
A Virtual Account is a proxy account that can be created against an account issued by MatchMove Platform. This virtual account allows the MatchMove-issued virtual account to be plugged into the banking infrastructure to enable the collection of funds via banking channels. You can share your virtual account number with a counterparty, and the counterparty can initiate payments using their virtual accounts from their bank accounts.
Types of virtual accounts
Depending on the type of user onboarded on the system. There are two different types of virtual accounts that the system supports.
Do note that for businesses belonging to the Money service industry, due to regulatory restrictions by the partner, we are unable to issue a USD virtual account.
Individual virtual account
Virtual accounts are assigned to individuals onboarded in the system. Once issued, individual users can use this virtual account like a normal bank account to transfer funds from their own accounts or request funds by sharing virtual account details and asking them to transfer funds via their bank accounts.
Business virtual account
Virtual accounts are assigned to businesses onboarded onto the platform. Once issued business can use this account to receive payments from counterparties by sharing the account details. These accounts function like traditional bank accounts, and the counterparty can initiate a payment like they would for any traditional bank account.
Virtual account creation modes
Depending on the currency of the linked account. The virtual account creation flow can have variations in terms of its lifecycle. The platform supports two processes for virtual account creation
Synchronous creation
For synchronous virtual account creation, the response to virtual account creation is communicated instantly. Once created, the virtual account is immediately available to be utilised for collecting funds
Applicable account currency
SGD
Asynchronous creation
For asynchronous virtual account creation, the virtual account creation takes time to get activated. Only after post-activation can the virtual account be utilised for collecting funds
Applicable account currency
USD
Virtual account statuses
Depending on your program configuration, the virtual account setup will be either a synchronous mode or an asynchronous mode. High-level statuses involved in virtual account creation are listed below:
| The virtual account creation request is initialized |
| The virtual account creation request is in progress |
| The virtual account creation request is rejected |
| The virtual account creation request is pending activation |
| The virtual account creation request has failed. The virtual account creation can be retried. |
| The virtual account creation request is successful |
Virtual Account States
A webhook will be sent whenever the virtual account status is changed to pending, rejected, pending_activation, failed, or active.
If, for some reason, a virtual account creation request transitions to failed status, it is recommended to restart the virtual account creation process.
A virtual account will only be usable and available for transactions once the status is set to active.
Figure: Virtual account creation state diagram
Virtual Account-related API and Webhooks
Virtual Account
Virtual Account
Virtual Account Issuance | Create Virtual Account |
| Provide a KYC-approved user who owns an account with a virtual account |
Virtual Account Issuance | Get Linked Virtual Account |
| Retrieve the linked virtual account details of a user |
Webhooks Category (non-API) | Virtual Accounts Advisory, particularly the webhook events: |
| Webhook category to subscribe to receive notifications on Virtual Account status updates |
Webhook Event (non-API) | INDIVIDUAL_ACCOUNT.VIRTUAL_ACCOUNT.STATUS | Webhook notification on status updates of virtual accounts issued to individual users | |
Webhook Event (non-API) | BUSINESS_ACCOUNT.VIRTUAL_ACCOUNT.STATUS | Webhook notification on status updates of virtual accounts issued to business users |
Related Links
On this page
- Virtual accounts overview