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Virtual Accounts

What is a virtual account?


A virtual account allows you to simplify payins to users and items. Specifically, you can:

  • Automatically match, reconcile and track incoming payments. Rejections and invalid IDs are returned instantly.
  • Let your customers send payments to a unique BSB+Account Number so you have visibility of all payments.
  • Enable realtime payments in your platform.
  • Easily track where your money has come from.
  • Have a higher payment success rate with fewer rejections. 

How it works

You have the ability to allocate a virtual account for each user (buyer/seller) on your platform, with its own dedicated BSB and account number. This will be linked to the user's digital wallet. 

  • Inbound payments will be matched to the correct user’s wallet. A notification will be sent to your platform via the API, no manual reconciliation is needed.
  • Where available (dependent on the bank) payments sent to a BSB+Account will move along the NPP.
  • When the NPP is used, you'll have access to additional data about the payment.
  • No additional details are needed (eg: CRN) for the funds to be processed. 

Additional payin method

Virtual accounts allow a new payin method, Direct Credit. This is in addition to Zai's existing payin options:

  • Real time payments via the NPP
  • BPAY payments
  • Direct debits from bank accounts
  • Card based payments. 
Please note, this functionality should be enabled for your platform in order to use it. Refer to the Virtual Accounts Guide for more details.