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How to fund a Virtual Account

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You can fund your virtual account with bank transfers, and the inflows will reflect in your balance. A web notification is sent when your virtual account is funded through bank transfers.

Euro Account Settlement Time

The settlement time is the amount of time it takes for funds to be deposited into your Fincra account/IBAN, and it is determined by the payment scheme used by the sender.

Payment SchemeTime
SEPAWithin 24hours-2 days
SEPA INSTANTInstant

How to receive payments with Fincra virtual accounts

The following steps need to be taken in order to receive payments in your account:

1 - Virtual Account Creation

You can create a virtual account by using our create virtual account endpoints.

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Endpoints:

  • /profile/virtual-accounts/requests/: This endpoint lets you create a virtual account on our platform.
{
     "currency": "NGN",
     "accountType": "individual",
     "KYCInformation": {
         "firstName": "john",
         "lastName": "doe"
     }
}

{
    "success": true,
    "message": "Thank you,  Billionaire. A NGN virtual account has been created for you",
    "data": {
        "status": "approved",
        "isActive": true,
        "accountNumber": "4231242764",
        "KYCInformation": {
            "firstName": "john",
            "lastName": "doe"
        },
        "accountInformation": {
            "accountNumber": "4231242764",
            "accountName": "john doe",
            "bankName": "WEMA BANK",
            "reference": "08baefab-4d53-4c81-a002-b81ac5d7488d"
        },
        "accountOpeningFee": 0,
        "pendingAdditionalInfoCount": 0,
        "isPermanent": false,
        "expiresAt": "2022-05-03T07:43:17.339Z",
        "reason": null,
        "monthlyVolume": null,
        "entityName": null,
        "paymentFlowDescription": null,
        "attachments": [],
        "meansOfId": [],
        "utilityBill": [],
        "virtualAccountType": "additional",
        "_id": "6249501511f92862ae12db02",
        "business": "61aa4e72cc67b6f04d97f874",
        "currency": "NGN",
        "accountType": "individual",
        "entityType": "main_account",
        "currencyType": "fiat",
        "createdAt": "2022-04-03T07:43:17.341Z",
        "updatedAt": "2022-04-03T07:43:17.341Z"
    }
}

2 - Topup

You provide your customer with the account details of the virtual account that you created. Then your customer will initiate a deposit to your account.

"accountInformation": {
            "accountNumber": "4231242764",
            "accountName": "john doe",
            "bankName": "GLOBUS BANK",
            "reference": "08baefab-4d53-4c81-a002-b81ac5d7488d"
  },

3 - Webhook notification

Listen for webhook events. We will send a notification to your webhook URL that indicates the status of the collection or payment received. Read our guide on securing and validating the webhook notification on your end. 

{
  "event": "collection.successful",
  "data": {
    "business": "61602d2950139ad72e619a91",
    "virtualAccount": "61dc08222d2cc64836c5a591",
    "sourceCurrency": "NGN",
    "destinationCurrency": "NGN",
    "sourceAmount": 200000,
    "destinationAmount": 200000,
    "amountReceived": 199900,
    "fee": 100,
    "customerName": "Ultimate Global Ventures",
    "settlementDestination": "wallet",
    "status": "successful",
    "initiatedAt": "2022-03-28T07:15:19.402Z",
    "createdAt": "2022-03-28T07:15:19.403Z",
    "updatedAt": "2022-03-28T07:15:19.403Z",
    "reference": "f9121b33-7e15-409e-b588-36c6146d5823"
  }
}

Updated 6 days ago