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 errors and typos compared to relying solely on payment references.

Volt will provide you with account identification sets, rather than individual Virtual Account numbers. 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 vIBANs.

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.

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.

Notes

• 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.