Virtual Accounts

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Virtual account numbers (VANs) are unique account identifiers that enable Nium clients and customers to manage payments without opening separate bank accounts. You can use VANs to:

• Manage multiple currencies: Consolidate currency-specific accounts into one platform.
• Automate reconciliation: Streamline reconciliation through automation at the transaction-level.
• Improve international payment efficiency: Reduce complexity in cross-border transactions.
• Gain real-time transparency: Track incoming payments instantly for better visibility and control.

Understanding virtual accounts

A VAN is a unique bank account number associated with a client's or customer's Nium wallet. Customers can use VANs to:

• Self-fund: Customers can transfer funds from their own bank accounts (accounts in their name) directly into their Nium wallets.
• Third Party funding and collections: Clients and customers can share the virtual account details with third parties to receive the payments directly in their Nium wallets.

Each virtual account is unique to:

• The wallet currency
• The Nium-supported bank associated with that currency

For example, a wallet in SGD linked with JP Morgan SG will have a different VAN from the same wallet in AUD with JP Morgan SG.

Virtual account details include:

• Virtual Account Number (VAN): A unique number linked to your wallet and currency.
• Currency: The currency of the VAN.
• Account Name: The name of the account. Can be in the name of the client, customer, or Nium. For more information, see Virtual account name .
• Account Type: Local or Global. For more information, see Virtual account type.
• Bank Name: The Nium bank partner receiving the funds.
• Routing Code: Includes local or global routing codes. For more information, see Routing details.
• Additional Details: May include unique payment/payer IDs based on region.

Virtual account name

The Account Name helps payers identify the beneficiary of the funds. It's essential for ensuring payment accuracy. When a payment is initiated by a payer, the account name is provided in Beneficiary name.

Nium supports VANs with:

• Client’s/Customer’s Name: Ideal for collections, self-funding and third-party payments. Benefits include:
  • Enhanced trust and transparency
  • Easier fund reconciliation
  • Reduced remittance issues
• Nium's name: Recommended for self-funding, where the customer or client is initiating the transfer to their own wallet.

VAN Account name is dependent on the currency and Nium supported banks.

note

The beneficiary name used in the payment must exactly match the name in the VAN details. Mismatched names can result in payment holds.

Virtual account type

Nium provides two types of VANs, depending on the currency and Nium-supported banks

• Local Account: Supports payments through local payment methods for faster, cost-effective transfers.
• Global Account: Supports payments through international wire transfers (SWIFT/WIRES).

VAN assignment

After successful onboarding, clients can request a VAN for a customer wallet using the Assign Payment ID request.

• Immediate Assignment: VAN is assigned instantly using pre-allocated ranges.
• Delayed Assignment: VAN status is marked as INITIALIZED, and can be assigned within a timeframe (up to 48 hours), depending on the partner bank.

A VAN can only be assigned if the customer’s kycStatus is “Clear”.

note

Clients can request the VAN for their own wallet by contacting their Nium account manager or Nium Support

VAN details

Payin Country	Account type	Supported Bank	Currency	VAN in name of	Assignment Type
AU	Local	JPM_AU	AUD	Nium	Immediate
AU	Local	Cuscal	AUD	Customer	Delayed
AU	Local	Monoova	AUD	Customer	Delayed
AU	Global	JPM_AU	USD EUR GBP HKD	Nium	Immediate
AE	Local	SCB_AE	AED		Immediate
CA	Local	JPM_CA	CAD	Nium Canada Corporation	Immediate
DE	Local	BANKINGCIRCLE_DE	EUR	Customer	Delayed
DK	Local	BANKINGCIRCLE_DK	DKK	Customer	Delayed
GB	Local	CB_GB	GBP	Customer	Delayed
HK	Local	DBS_HK	HKD USD	Customer	Delayed
HK	Global	DBS_HK	AUD GBP EUR CAD CNY	Customer	Delayed
JP	Local	GMO_JP	JPY	Customer	Delayed
LT	Local	BOL_LT	EUR	Customer	Delayed
PL	Local	BANKINGCIRCLE_PL	PLN	Customer	Delayed
ID	Local	DBS_ID	IDR	PT Nium Mitra Indonesia	Immediate
PH	Local	NETBANK_PH	PHP	Customer	Immediate
SG	Local	DBS_SG	SGD	Customer	Immediate
SG	Local	JPM_SG	SGD	Nium PTE LTD CMA	Immediate
SG	Local	DIRECTFAST_SG	SGD	Customer	Delayed
SG	Global	DBS_SG	USD	Customer	Immediate
SG	Global	JPM_SG	USD EUR GBP HKD JPY NZD CAD SEK DKK NOK AED CHF CNY THB PLN HUF ILS MXN ZAR SAR CZK AUD TRY	Nium PTE LTD CMA	Immediate
US	Local	CFSB_US*	USD	Customer	Immediate
US	Local	CFSB_USINTL**	USD	Customer	Immediate
US	Local	COLUMN_US	USD	Customer	Delayed

• *CFSB_US VA is provided for customers in US.
• **CFSB_USINTL VA is provided for customers of non-US regions.

Currency specific exceptions

United Arab Emirates - AED

For AED Local funding via SCB_AE, an IBAN is required to initiate the transaction. The IBAN is returned in the uniquePaymentId field of the Assign Payment ID response.

Australia - AUD

For AUD VAN via Monoova or Cuscal, a customer can receive a uniquePaymentId, such as john.doe@nium.com to initiate the transaction. This information is provided in the uniquePayerId field of the Assign Payment ID response.

Brazil - BRL

For details on how to fund wallets in Brazil, see Fund a Wallet - Brazil.

Routing details

Routing information, required to initiate the payment, is accessible via the Fetch virtual account details request using fields like routingCodeType1, routingCodeValue1, routingCodeType2 and routingCodeValue2..

Below is the list of Routing codes available based on Local and Global account with some examples.

Account Type	Routing Code Type 1	Routing Code Type 2	Examples
Global	SWIFT		For JPM_AU, SWIFT code is CHASAU2X
Global	SWIFT	Intermediary Bank Code	For JPM_SG, SWIFT code is CHASSGSG and Intermediary Bank code is CHASGB2L
Global	SWIFT	Bank code	CITI_MX – not live for VA
Global	ACH Code		doesn’t have value for Column US
Global	BIC		only JPM UK
Local	ABA (ACH)	ABA (Wire)	For CFSB_US, ACH code is 026073150 and Wire code is 026073008.
Local	SWIFT		For DBS_HK, SWIFT code is DHBKHKHH
Local	SWIFT	Branch Code	For DBS_ID, SWIFT code is DBSBIDJA and Branch code is 0307
Local	Transit Number	Branch Code	For JPM_CA, Transit number is 00012 and Branch code is 270
Local	Bank Code	Branch or Branch Code or Branch Name	For DBS_HK, Bank code is 016 and Branch code is 478.
Local	BIC or BIC Code		For BOL_LT, BIC is UAINLT21XXX
Local	BSB Code		For Cuscal, BSB code is 807125
Local	Sort Code		For CB_GB, Sort code is 040680

• SWIFT Code and BIC: A SWIFT code or BIC (Bank Identifier Code) is an international identifier used for financial institutions worldwide, typically 8 or 11 characters long, used primarily for international money transfers. Example: BIC code for Citibank in New York, USA is CITIUS33.
• ACH Code: ACH stands for Automated Clearing House, and the ACH code is used for electronic funds transfers within the United States. It is a 9-digit code used to identify a financial institution in the ACH network.
  Example: The ACH code for Bank of America in New York, USA is 026009593.
• BSB Code: The Bank State Branch (BSB) code is used in Australia to identify a specific branch of a bank. It is a 6-digit code that is used for direct deposit and other banking transactions.
  Example: The BSB code for Commonwealth Bank in Sydney, Australia is 062-166.
• Bank Code: A bank code is a unique code assigned to a financial institution by a central bank or regulatory authority. It is used for identifying the bank in banking transactions.
  Example: The bank code for DBS in Hong Kong is 016.
• Transit Number: The Transit Number is a unique identifier code assigned to each bank branch in Canada by the Canadian Payments Association. It is used for direct deposit and other banking transactions.
  Example: The Transit Number for Royal Bank of Canada in Toronto, Canada is 06400.
• Branch Code: The Branch Code is a unique identifier code assigned to each bank branch by the financial institution. It is used for identifying the branch location in banking transactions.
  Example: The Branch Code for HSBC Bank in London, UK is 001.