Context

A Virtual Account (or Virtual IBAN for Euro transactions) is a unique set of instructions that onramp funds from wires and ACH through a preset route. Any time funds are sent to the routing and account number associated with the Virtual Account, those funds are automatically sent per the instructions provided when setting up the Virtual Account.

For example, if you create a Virtual Account and specify the payment rail as ethereum, the currency as USDC, and then address as an external wallet, then any time USDC is sent to the Virtual Account via the routing and account number, those funds will be routed via ethereum to the external wallet address,

Note that Virtual Accounts do not custody funds.

Liquidation Addresses are the opposite of Virtual Accounts, meaning that a Liquidation Address is is a unique set of instructions that offramp funds through a preset route,

Answer

Before making a transfer to a Virtual Account, you'll need to make sure you set up up the following:

1. Create Customer

2. Create Virtual Account for that customer

   1. Note the instructions for sending funds, i.e. bank_name, bank_address, bank_routing_number, bank_account_number

3. Send funds via wire or ACH following the instructions provided when the Virtual Account was created.

Common Issues:

• The payment rail and currency between the Virtual Account and the deposit must match.

• If a Virtual Account is deactivated, it will need to be reactivated before funds can be transferred.

• Virtual accounts are a premium product and may require a contract addendum or additional cost. Please reach out to your sales contact or Bridge Help Desk if you want to implement Virtual Accounts.