The Virtual Account Number (VAN) is a concept to identify the appropriate account associated with your pre-fund account or your customers wallet currency. Your customer or their third-party remitter can initiate a bank transfer from their bank account to the Nium's partner bank-assigned VAN. The physical fund is a transfer from the sender or remitter bank account to Nium's bank account. Nium's partner bank contacts the Inward Credit Confirmation (ICC) service to indicate that the Nium platform has received the payment and then the platform initiates the wallet balance update from the current balance plus the transfer amount to your customers wallet.
Once your customer is onboarded onto the Nium platform, request for VAN assignment gets initialized based on your configuration. Nium allows for automatic VAN assignment during customer onboarding or on-demand via the Assign Payment ID API
The Nium platform supports two different types of VAN sources, synchronous and asynchronous allocation of account number.
The below sources are where the VAN gets assigned immediately. We have preallocated ranges that allow for realtime allocation of VAN.
|AUD, GBP, EUR, HKD,USD
The below sources are where VANs are not assigned immediately, they will be first marked as an INITIALIZED and VAN assignments can be done in a time frame of immediate to within 5 mins depending upon partner bank’s VAN assignment response.
Updated about 1 month ago