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Virtual Bank Account

Overview​

On the BlockWyre platform, a virtual bank account is a hosted bank account opened for an account holder — whether an individual or a business. Virtual bank accounts allow account holders to receive fiat currency deposits via ACH or wire transfer. Unlike linking an external bank account, BlockWyre opens and manages the bank account on behalf of the account holder.

What is a Virtual Bank Account?​

A virtual bank account is a bank account provisioned by BlockWyre for a specific account. Once opened, the account holder receives deposit instructions (account number and routing number) that can be used to receive incoming bank transfers. Funds deposited into the virtual bank account are credited to the account holder's fiat balance on the platform.

Virtual Bank Account Functionalities​

Opening a Bank Account​

When a bank account is opened for an account, BlockWyre provisions a virtual bank account and generates the associated deposit instructions. Both individual and business accounts can open virtual bank accounts.

Receiving Deposits​

Once a virtual bank account is opened, the account holder can share the deposit instructions to receive incoming ACH or wire transfers. When an incoming transaction is detected, the fiat currency balance is automatically updated.

Withdrawals​

Account holders can initiate withdrawals from their fiat balance to an external bank account via a counterparty. Funds are transferred using ACH or wire transfer.

Incoming Transaction Detection​

When a transfer is made to the virtual bank account, the BlockWyre system detects the incoming transaction and automatically updates the fiat currency balance. This ensures that the funds are available as soon as possible.

Balance Monitoring​

Account holders can monitor the status of their deposits and withdrawals, as well as their fiat currency balance, in real-time through the BlockWyre platform.

Key Terminology​

  • Virtual Bank Account: A hosted bank account opened by BlockWyre for an account holder to receive fiat currency deposits.
  • Deposit Instructions: The account number and routing number provided to receive incoming bank transfers.
  • ACH (Automated Clearing House): An electronic funds transfer system used to make payments and deposits.
  • Wire Transfer: A method of electronic funds transfer between banks.

Conclusion​

Virtual bank accounts on the BlockWyre platform are an essential tool for managing fiat currency funds. By opening a virtual bank account, account holders can receive deposits via ACH or wire transfer, with balances updated automatically upon detection of incoming transactions.

Support and Resources​

If you need assistance or have any questions, our support team is here to help. You can contact our support team at support@blockwyre.com.

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We are excited to have you on board and look forward to seeing how you leverage BlockWyre's powerful tools to enhance your financial operations. Happy integrating!