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Virtual Accounts by Volt

This feature allows you to assign a Virtual Account number – initially this will be a Virtual IBAN (vIBAN) – to each of your customers, for the purpose of easily reconciling credits. Virtual Accounts provide an experience that is much less prone to human errors and typos compared to relying solely on payment references.

Volt will provide you with multiple account identifiers, rather than an individual Virtual Account number. Those sets all point to the same account but have a set of localized account identifiers that could help you counteract IBAN discrimination. We will usually provide a German (DE), Danish (DK), Luxembourgian (LU), and British (GB) vIBAN number for a set of account identifiers of a one Virtual Account.

They will all have the same suffixes, making them easier to recognise.

Examples (not real IBANs):

"DE40202208000050999999"
"DK6089000050999999"
"GB64SAPY60838250999999"
"LU70408000005999999"

Volt reserves the right to provide you with an individual vIBAN located in a different country for a Virtual Account number set depending on the technical solution used on our side.

Prerequisites

In order to use Virtual Accounts you must first have setup a primary Volt Account. It is in this account that the money arriving to each Virtual Account number will be available to you. During the onboarding process you will need to provide an estimated number of Virtual Accounts required for your operations – your initial requirement, plus additional ones you will need periodically (for example, weekly) going forward. This is because Volt needs to pre-register those accounts before making them available and we need to make sure that we have an adequate buffer. 

  • The Virtual Account will be registered in your company name, not the name of your customer.
  • Virtual Accounts are for reconciliation only at the moment, it’s not possible to store funds in, or process payouts from, a Virtual Account.
  • Funds received into the Volt Accounts, provided to you by Volt under its EMI license in the UK and PI license in Poland, are subject to Safeguarding rules. For more information, see here.

Reconciling credits

Once a Virtual Account is credited, you will receive a Credit Notification. You may find all related information about setting up of the notification on our documentation here, including the notification details here.

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