Virtual Account Number

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A Virtual Account Number (VAN) is a unique account number linked to either:

• Your client account
• Your customer's wallet

Customers or their third-party funding source (also known as a payer, remitter, sender etc.) can transfer funds from their bank account to the client's VAN. The funds are specifically transferred from the payer's bank account to the Nium bank account.

Once Nium receives the payment, we notify you (the client) via a webhook and update the customer's wallet balance.

VAN assignment

When a client is onboarded onto Nium, a request for VAN assignment is initiated based on your configuration and integration requests.

VANs can be assigned automatically during customer onboarding or on-demand using the Assign Payment ID request.

Nium assign VANs using immediate or delayed methods depending on the account currency.

Immediate assignment

When immediately assigned, VANs are assigned instantly using preallocated ranges - enabling real-time VAN assignment.

Supported banks and currencies

Delayed assignment

When requested by the client, VANs are not assigned immediately. They are first marked as INITIALIZED and can be assigned within a timeframe ranging from immediate to up to 48 hours (unless otherwise noted), depending on the response of the customer's partner bank.

Supported banks and currencies

Customer-named virtual accounts

When collecting funds from third-parties using Virtual Accounts, whether for invoices or marketplace settlements, it's crucial to issue bank accounts in the account holder's preferred name.

Nium enables clients to name virtual accounts in the account holder's preferred name to enhance clarity and trust in transactions.

Customer-named virtual accounts streamline the process of receiving funds by enabling account-holders to receive payments into accounts labeled with their own names. This improves transaction transparency and reduces potential issues with remitter banks.

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IMPORTANT

The beneficiary name specified during the payout creation must match the name used when creating the beneficiary. Any discrepancies may result in funds being held.

Use the Assign Payment ID request to assign a name to a virtual account.

Virtual accounts can be named after customers in the following regions and currencies:

Please note:

• Customer-named virtual accounts are supported by banking partners that assign VANs using delayed assignment.
• For Hong Kong clients, all currencies supported by DBS HK support customer-named virtual accounts.

We're actively working on bringing this capability to more regions and currencies. Contact Nium Support or your Nium account manager if you have any questions about naming virtual accounts.