Virtual Account System
Virtual account is the concept of having multiple aliases or pseudonyms for an account. This allows a fintech partner to create multiple virtual accounts for a physical account maintained in Federal Bank. Funds can be transferred by the partner's customers, to these virtual accounts via various payment channels- NEFT, RTGS, IMPS etc. With Virtual Account System (VAS), one can generate exclusive virtual accounts for each of the customers, from payments are expected. This makes collection, accounting and reconciliation of multiple transactions in an account, easier.
APIs
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The Add Virtual account API is used to create a Virtual Account. The client application can create multiple virtual accounts under a single physical account number, by calling this API with required input. If the call is successful and the new Virtual Account Number is accepted, API will return success message. API will return a failure message with reason, in case of any error.
In addition to the above functionality of the API, please note that, the virtual account number to be entered by a remitter to credit funds, will be combination of Institution Code and Virtual Account.For example
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With this API, the client can initiate an account statement request, for a specific period. The API will return details of all transactions that have happened in the specified Virtual Account during the period. This will help the client to easily manage and track collections, generate reports, handle recon activities etc.
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Federal Bank allows any number of Virtual Account(s) to be created against a physical account for a given period only. Once the validity period expires the Virtual Account will be automatically deactivated by the Bank. The Update Virtual Account API can be used by the end user applications to update – extend / contract - the validity period of a given virtual account, any point after its creation.
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Transaction Enquiry API can be used to query the status of any transaction that was previously originated by the client application. System will try to identify the transaction by the given ‘TranId’ and validates the corresponding Institution Code and Virtual Account Number. If the TranId, Institution Code and Virtual Account Number given in the input match with an existing transaction, API will return the details of that transaction like its transaction type, amount, branch etc.
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Almost all APIs which Federal Bank expose follow asynchronous processing model. This means that, for a given request, the processing may not happen immediately, and hence the actual response cannot be returned to the request. The API will return an Acknowledgement message instead, that signifies that the request has been received. When the transaction processing completes sometime later, the API can notify the client application, provided the client registers a URL during onboarding. This URL thus acts like a Webhook.
The Outbound Asynchronous Response API is a facility to notify client /
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This API is used to deactivate a Virtual Account whenever required. The Virtual Account System validates the input and processes the request.Depending on success or failure, the API returns the appropriate response code and reason. Once the Virtual Account is deactivated, then it cannot be re-activated again. Also, no more transactions are accepted or allowed once the Virtual Account gets deacivated.
Plans
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Basic Plan
25 calls per 52 weeks
new-plan
6 APIs including
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VAS_Account_Statement_API 1.0.0
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VAS_Add_Virtual_Acc_API 1.0.0
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VAS_Deactivate_Virtual_Acc_API 1.0.0
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VAS_Outbound_Async_Response_API 1.0.0
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VAS_Txn_Enquiry_API 1.0.0