Virtual Account Number API

Importance of Virtual Account Number API

Importance of Virtual Account Number API

Virtual account numbers are a trending solution which come with a simpler infrastructure and a fraction of the maintenance cost of physical bank accounts. With a unique payer-payee relationship, the transactions are easier to reconcile, payment information is transparent, and settlement happens at real time for every single transaction.

How does the Virtual Account number API work?

VAN APIs help capture payment data in real time and instantly notify the involved parties with the help of notification. The technology behind is the implementation of Virtual account number API services, which operate on a request response model.

The originating system can trigger a request using the API in place. This request is sent to an internal system which subjects the request to validation and authentication. Post verification of the request, the appropriate response is simulated and channeled back to the originating system completing the workflow.

Virtual account numbers are not an embodiment of the physical account numbers.

VAN are virtual in the sense that they are non-tangible, temporary and have an internal primary account linked such that the sensitive information is not exposed. In a generic scenario, an account holder opens a physical account which is internally linked to a virtual account which is a stand in for internal suspense account.

This account is exposed to parties for collecting funds in an instant or recurring payment. B2B businesses are the most benefitted from these as they do enjoy a painless and efficient digital banking process.

Why do B2B customers prefer Virtual account numbers?

To open a virtual account also needs to be happy experience for a customer. VAN APIs or Virtual Account Number APIs make that process joyful. To open a virtual account, customers hardly require any KYC or physical presence in a bank branch. All one needs is a mobile number and a name to punch the details in and create a virtual account number.

Given that VAN is always system generated, there are hardly any chances of duplication. Customer accounts are internally mapped to a single virtual account number which makes it difficult to exposing sensitive customer information.

Your VAN API provider can help you with the right solution

You can always check with your virtual account number API provider regarding the account type suitable for your business needs. It could be a single use or multiple use virtual account number which can be generated based on specific requirement criteria. This helps manage the finances better since the end of the report would automatically record transactions and balance the books.

The Softpay India offer best virtual account number API would usually come with a complete package of features where there are analytics, reporting and monitoring tools inbuilt to give a clear overview of volumes being handled on a day-to-day basis.

VAN APIs are useful for effective organization of finances

A controlled and structured API allows to manage data effectively where financial organization is taken care of in addition to improving customer experience. VAN API is a fresh technology which promises to deliver and replace the payment gateways in the near future.

Payment services are destined to get more transparent and streamlined in the upcoming years. Delivering delightful customer experience with cutting edge technology can put business using API as a service ahead of the chain. Not only does it make it profitable, but given the instances of data breach, this could be the next big thing.