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EUR Virtual Account

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Fincra Multicurrency (MCY) Virtual Account product allows merchants to offer their individual users the ability to create a virtual EUR account in their own names. With Fincra MCY Account, users can receive funds in foreign currencies, providing a seamless and efficient way to manage international transactions.

This account is designed for personal use and supports SEPA and SEPA Instant transactions, with a monthly limit of 10,000 EUR. The Fincra MCY account is accessible exclusively via API integration.

The section below, describes the requirements for creating a virtual account in EURO (EUR). We would like to start by explaining how permanent EUR virtual accounts can be created on Fincra. For EUR, we currently only offer individual accounts.

API Reference: create virtual account endpoint

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Important

  • Funds received by a virtual account created, settles in the respective currency balance of the merchant.
  • Monthly limit per virtual account is 10,000 EUR
  • The generated accounts are personal accounts, EUR virtual account is issued in the individual’s name, and not suitable for business use.
  • The account supports SEPA, ensuring swift and efficient payments across Europe.
  • To ensure compliance, it's important to note the prohibited activities and countries restricted from having access to this product.
  • Check possible verification errors that may occur during account request here.
  • Consult the guide here, for more information on how to treat requests for information on an expected deposit/inflow.
  • You can check out our FAQ section for more information.

API Guide

1 - Collect Customer Details

To create a virtual account, you'll need to pass information such as currency, accountType, meansOfID KYCInformation, etc.

Please find below the request parameters for the endpoint.

FieldMandatorytypeDescription
currencyYesstringThe virtual account currency.e.g EUR
accountTypeYesstringThe virtual account type. For EUR, we currently only offer individual accounts.
meansOfIdYesstring/arrayThe customer's means of identification which should be a valid government ID e.g passport, driver license. Please see the Accepted Documents
utilityBillYesstringElectricity bills, water bills or any detailed invoice showing the usage of a service. Bank Statement is also accepted. This can be a File Upload or a URL link to the document.

Note, utility bill must be a valid document within the last 3 months. Name and address on utility has to match details sent in payload.
bankStatementYesstringAccount statement from the user's bank. This can be a File Upload or URL link to the document.

Note, bankStatement must be a valid document within the last 3 months.
Name and address on statement has to match details sent in payload.
KYCInformationYesObjectKYC Information object
KYCInformation.firstNameYesstringThe customer's first name. This is required to create an individual account
KYCInformation.lastNameYesstringThe customer's last name. This is required to create an individual account
KYCInformation.birthDateYesstringThe birthdate of the customer(YYYY-MM-DD). Please ensure that the DOB presented here matches with the date of birth visible on the means of ID.
KYCInformation.nationalityYesstringThe birthplace of the customer
KYCInformation.emailYesstringThe customer's email.
KYCInformation.addressYesObjectThe address of the customer
KYCInformation.address.countryOfResidenceYesstringThe address of the country
KYCInformation.address.stateYesstringThe address of the state
KYCInformation.address.zipYesstringThe zip code must be valid. Refer to the ZIP Code Format Guide .
KYCInformation.address.streetYesstringThe street name
KYCInformation.address.cityYesstringThe city name
KYCInformation.address.numberYesstringThe house number
KYCInformation.sourceOfIncomeYesstringCustomer's source of income
KYCInformation.accountDesignationYesstringSpecific use of the account e.g for personal use, corporate use, school fee payments etc.
KYCInformation.incomeBandYesstringCustomer's income band. IncomeBand can be described as earning range or salary range of the customer.
KYCInformation.phoneYesstringThe customer's phone number
KYCInformation.employmentStatusYesstringCustomer's employment status
KYCInformation.documentYesobjectThe document
KYCInformation.document.typeYesstringThe type of ID document e.g passport, driverLicense, nationalId.
KYCInformation.
document.number		YesstringThe number on the document
KYCInformation.
document.issuedCountryCode		YesstringThe country that issued the document.Should be in ISO 3166-1 alpha-2 – two-letter country codes format(NG)
KYCInformation.
document.issuedBy		YesstringThe government agency in charge of issuing the document.
KYCInformation.
document.issuedDate		YesstringThe date the document was issued("YYYY-mm-dd")
KYCInformation.
document.expirationDate		YesstringThe expiration date on the document ("YYYY-mm-dd"). Optional only when document type is nationalId.
KYCInformation.occupationYesstringThe occupation of the customer.
merchantReferenceNostringA unique ID/reference of the virtual account on your system.

Accepted identity documents for EUR virtual account.

DocumentAPI ValueDescription
International PassportpassportThe International passport of the customer (This is the only ID type where a string url is accepted as the "meansOfId", payload. For the rest, an array is expected.)
Driver LicensedriverLicenseThe driver's license of the customer. (When uploading this in the meansOfId field, ensure to send two string urls in an array, one for front and one for back).
National ID card onlynationalIdNational ID Card (Not NIN or v-NIN). (When uploading this in the meansOfId field, ensure to send two string urls in an array, one for front and one for back)
Identity CardidCardThis would accept an identity card, including Resident Permit. This identity card has to be a valid government issued ID, with the name, issue date and date of birth clearly visible. (When uploading this in the meansOfId field, ensure to send two string urls in an array, one for front and one for back)

2 - Request a virtual account

Make an API request to the create virtual account endpoint.

Endpoint:

{{base_url}}/profile/virtual-accounts/requests

curl --location 'https://api.fincra.com/profile/virtual-accounts/requests' \
--header 'api-key: <Your API secret key>' \
--header 'Accept: application/json' \
--header 'Content-Type: application/json' \

Payload:

{
    "currency": "EUR",
    "accountType": "individual",
    "utilityBill": "https://yourtestbucket.s3.amazonaws.com/va_documents/utility-bill.pdf",
    "bankStatement": "https://yourtestbucket.s3.amazonaws.com/va_documents/account-statement.pdf",
    "meansOfId": [
      "https://yourtestbucket.s3.amazonaws.com/va_documents/passport.pdf"
    ],
    "KYCInformation": {
      "address": {
        "state": "State",
        "city": "City",
        "street": "Full Street Address",
        "zip": "100020",
        "countryOfResidence": "NG",
        "number": "25"
      },
      "email": "[email protected]",
      "incomeBand": "$0 - $2,000",
      "sourceOfIncome": "Salary",
      "accountDesignation": "Personal use",
      "phone": "08012345678",
      "occupation": "Business",
      "nationality": "NG",
      "birthDate": "1998-03-29",
      "firstName": "John",
      "lastName": "Doe",
      "document": {
        "type": "passport",
        "number": "A89238923",
        "issuedCountryCode": "NG",
        "issuedBy": "government",
        "issuedDate": "2017-09-07",
        "expirationDate": "2027-07-23"
      },
      "employmentStatus": "Business",
    }
}

You would receive a JSON snippet with the details of the virtual account, along with the id and status:

{
    "success": true,
    "message": "Thank you, John Doe. We are now processing your EUR account request",
    "data": {
        "status": "pending",
        "isActive": false,
        "accountNumber": null,
        "merchantReference": null,
        "virtualAccountType": "additional",
        "riskRating": "high",
        "channelKycUpdateStatus": null,
        "channelKycUpdateResponse": null,
        "metadata": null,
        "_id": "661e83489349bwe342c6a70",
        "business": "62787427843dfn3848ws",
        "currency": "EUR",
        "accountType": "individual",
        "entityType": "main_account",
        "currencyType": "fiat",
        "createdAt": "2024-04-16T14:03:50.757Z",
        "updatedAt": "2024-04-16T14:03:50.757Z"
    }
}

Important Notes:

  • \_id : This is the unique Identifier for the virtual account that was just created. Ensure to save this ID, as it would be needed when trying to retrieve the details of the created bank account or when retrieving transaction records.
  • It is also good to note that other fields would be included in the response. The ones shared are the ones that are necessary to note. The full payload sent in the request would also be returned in this response.

3 - Receive and validate webhook notification

Listen for webhook events. We will send a notification to your webhook URL that indicates the status of the virtual account creation. Read our guide on securing and validating the webhook notification on your end.

Webhook Response:

{
  "event": "virtualaccount.approved",
  "data": {
    "id": "661e83489349bwe342c6a70",
    "business": "62787427843dfn3848ws",
    "isSubAccount": false,
    "currency": "EUR",
    "currencyType": "fiat",
    "status": "approved",
    "email": "[email protected]",
    "accountType": "individual",
    "accountInformation": {},
    "accountOpeningFee": 0,
    "isPermanent": true,
    "virtualAccountType": "additional",
    "createdAt": "2024-04-17T13:41:38.658Z",
    "updatedAt": "2024-04-17T13:46:01.528Z"
  }
}

{
  "event": "virtualaccount.declined",
  "data": {
    "id": "661e83489349bwe342c6a70",
    "business": "62787427843dfn3848ws",
    "isSubAccount": false,
    "currency": "EUR",
    "currencyType": "fiat",
    "status": "declined",
    "accountType": "individual",
    "reason": "Document type is different from the provided options",
    "accountOpeningFee": 0,
    "virtualAccountType": "additional",
    "createdAt": "2024-04-16T14:07:12.781Z",
    "updatedAt": "2024-04-16T14:08:32.442Z"
  }
}

{
  "event": "virtualaccount.declined",
  "data": {
    "id": "661e83489349bwe342c6a70",
    "business": "62787427843dfn3848ws",
    "isSubAccount": false,
    "currency": "EUR",
    "currencyType": "fiat",
    "status": "declined",
    "accountType": "individual",
    "reason": "Address on the document does not match with the provided one",
    "accountOpeningFee": 0,
    "virtualAccountType": "additional",
    "createdAt": "2024-04-17T08:34:44.138Z",
    "updatedAt": "2024-04-17T08:36:47.462Z"
  }
}

{
  "event": "virtualaccount.declined",
  "data": {
    "id": "661e83489349bwe342c6a70",
    "business": "62787427843dfn3848ws",
    "isSubAccount": false,
    "currency": "EUR",
    "currencyType": "fiat",
    "status": "declined",
    "accountType": "individual",
    "reason": "Document number is not clearly visible",
    "accountOpeningFee": 0,
    "virtualAccountType": "additional",
    "createdAt": "2024-04-17T08:39:22.670Z",
    "updatedAt": "2024-04-17T08:41:05.941Z"
  }
}

{
  "event": "virtualaccount.declined",
  "data": {
    "id": "661e83489349bwe342c6a70",
    "business": "62787427843dfn3848ws",
    "isSubAccount": false,
    "currency": "EUR",
    "currencyType": "fiat",
    "status": "declined",
    "accountType": "Error occured while approving virtual account, Missing or invalid parameter: registrant.individual.address.zip - Invalid zip.",
    "accountOpeningFee": 0,
    "virtualAccountType": "additional",
    "createdAt": "2024-04-17T17:11:27.858+00:00",
    "updatedAt": "2024-04-17T17:13:27.858+00:00"
  }
}

{
  "event": "virtualaccount.declined",
  "data": {
    "id": "6655eecd8f61b674ad119828",
    "business": "64f1c9edf3c8f2940df4a710",
    "isSubAccount": false,
    "currency": "EUR",
    "currencyType": "fiat",
    "status": "declined",
    "accountType": "individual",
    "reason": "Address proof and document proof are of different persons",
    "accountOpeningFee": 0,
    "virtualAccountType": "additional",
    "createdAt": "2024-05-28T14:48:45.857Z",
    "updatedAt": "2024-05-28T14:51:26.445Z"
  }
}

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Important Notes

  • id : This is the unique Identifier for the virtual account that was just created. Ensure to save this ID, as it would be needed when trying to retrieve the details of the created bank account or when retrieving transaction records.
  • For detailed information on verification errors that might be encountered here, please refer to our Multicurrency Account Verification Errors Documentation.
  • Expect to recieve a second webhook after the virtualaccount.approved event. The new webhook event "virtualaccount.issued", is dispatched once the bank account is ready. Contained within this new webhook, is the accountInformation field, which contains the details of the newly generated account.
{
   "event":"virtualaccount.issued",
   "data":{
      "id":"661e83489349bwe342c6a70",
      "business":"62787427843dfn3848ws",
      "isSubAccount":false,
      "currency":"EUR",
      "currencyType":"fiat",
      "status":"approved",
      "email":"[email protected]",
      "accountType":"individual",
      "accountInformation":{
         "accountNumber":"GB27CLJU00997189822019",
         "bankName":"Clear Junction Limited",
         "bankCode":"CLJU",
         "countryCode":"GB",
         "otherInfo":{
            "iban":"GB27CLJU893899998489834",
            "accountNumber":"898989833",
            "checkNumber":"27",
            "sortCode":"009971",
            "bankSwiftCode":"CLJUGB21XXX",
            "addressableIn":"SEPA",
            "bankAddress":"6th Floor Manfield House, 1 Southampton Street, London, United Kingdom, WC2R 0LR"
         }
      },
      "accountOpeningFee":0,
      "isPermanent":true,
      "virtualAccountType":"additional",
      "createdAt":"2024-04-17T13:41:38.658Z",
      "updatedAt":"2024-04-17T13:46:01.528Z"
   }
}

4 - Retrieving the details of a virtual bank account

The details of a Virtual Bank Account can be retrieved at any time after creating the account. To do this, you will need to make an API request to the Virtual Bank Account Query API.

Endpoint:

{{base_url}}/profile/virtual-accounts/<virtual account id>

curl --location 'https://api.fincra.com/profile/virtual-accounts/{{virtual_account_id}}' \
--header 'accept: application/json' \
--header 'api-key: <Your API secret key>'

If successful, you will receive a JSON snippet with the details of the virtual account.

{
    "success": true,
    "message": "[Notice: Virtual Account endpoint changing soon. Date to be communicated soon] Virtual account fetched successfully",
    "data": {
        "status": "approved",
        "isActive": true,
        "accountNumber": "GB77CLJU28398298924722",
        "merchantReference": null,
        "KYCInformation": {...},
        "accountInformation": {
            "accountNumber": "GB77CLJU28398298924722",
            "bankName": "Clear Junction Limited",
            "bankCode": "CLJU",
            "countryCode": "GB",
            "reference": "9b24f8b-6242a-4c77-b1t73-117e343103a",
            "otherInfo": {
                "iban": "GB77CLJU28398298924722",
                "accountNumber": "92898942",
                "checkNumber": "19",
                "sortCode": "0089829",
                "bankSwiftCode": "CLJUGB21XXX"
            }
        },
        "verifiedKYCData": null,
        "note": null,
        "accountOpeningFee": 0,
        "pendingAdditionalInfoCount": 0,
        "isPermanent": true,
        "expiresAt": null,
        "isCheckoutVa": false,
        "isBankTransferVa": false,
        "isSuspended": false,
        "reason": null,
        "monthlyVolume": null,
        "entityName": null,
        "paymentFlowDescription": null,
        "attachments": [],
        "meansOfId": [
            {
                "name": "Passport",
                "url": "https://yourtestbucket.s3.amazonaws.com/va_documents/International%2BPassport.pdf"
            }
        ],
        "bankStatement": [
            {
                "name": "Statement.pdf",
                "url": "https://yourtestbucket.s3.amazonaws.com/va_documents/Statement.pdf"
            }
        ],
        "utilityBill": [
            {
                "name": "Statement.pdf",
                "url": "https://yourtestbucket.s3.amazonaws.com/va_documents/Statement.pdf"
            }
        ],
        "virtualAccountType": "additional",
        "riskRating": "high",
        "checklist": {...},
        "riskScreening": "no negative check",
        "channelKycUpdateStatus": null,
        "channelKycUpdateResponse": null,
        "metadata": null,
        "_id": "6620061298389es2279c4",
        "business": {
            "name": "Merchant Name",
            "email": "[email protected]"
        },
        "currency": "EUR",
        "accountType": "individual",
        "entityType": "main_account",
        "currencyType": "fiat",
        "createdAt": "2024-04-17T17:25:46.508Z",
        "updatedAt": "2024-04-17T17:32:00.980Z"
    }
}

5 - Retrieving list of virtual accounts created

A list of all virtual accounts created can be returned via an API call to the list virtual accounts endpoint.

{{base_url}}/profile/virtual-accounts/?currency=eur

curl --location 'https://api.fincra.com/profile/virtual-accounts/?currency=eur' \
--header 'accept: application/json' \
--header 'api-key: <Your API secret key>'

If successful, you will receive a JSON snippet with the details of all virtual account requests made.

{
    "success": true,
    "message": "Merchant virtual accounts fetched successfully",
    "data": {
        "results": [
          {...},
          {...},
          {...}
				],
        "total": 3
    }
}

6 - Virtual Account Closed

When a virtual account is closed; webhook notifications is sent.

🚧
  • Expect to recieve a webhook that states virtualaccount.closed event. Contained within this new webhook, is the accountInformation and reason field, which contains the details of the account closure.

{
  "event": "virtualaccount.closed",
  "data": {
    "id": "62135abbcb0e3e0535fdc2ac",
    "business": "61aa4e72cc67b6f04d97f874",
    "isSubAccount": false,
    "currency": "USD",
    "currencyType": "fiat",
    "status": "closed",
    "accountType": "corporate",
    "reason":"reason for account closure",
    "accountInformation": {
      "accountNumber": "GB88BLFN04270670217485",
      "email": "[email protected]", 
      "bankName": "Blacktorn Finance",
      "bankAddress": "The Business Complex, 100  Church Ln, London E1 1LX, UK",
      "accountName": " Ventures",
      "swiftCode": "BLFNGB21XXX"
    },
    "accountOpeningFee": 0,
    "virtualAccountType": "additional",
    "createdAt": "2022-02-21T09:26:19.167Z",
    "updatedAt": "2022-02-21T09:28:35.808Z"
  }
}

Updated 12 days ago