Virtual Account

This is a collection method that significantly reduces the operational burden of our customers—such as apartment/site management companies, insurance companies, payment institutions, and DBS main companies—who receive collections from numerous accounts via EFT, wire transfer, or FAST.

• Any desired number of Virtual Accounts are generated and linked to the current account where you want to collect your payments, and each of these Virtual Accounts represents one of your customers.
• You hand over the generated Virtual Accounts to your customers as if they were your own main account and ask them to make payments to this account information.
• Since you know which Virtual Account represents which customer, your customer does not need to write any code or special description in the description field while making a money transfer.
• When collections arrive, the Virtual IBAN is printed in the first 26 characters of the account activity description.
• By automatically tracking the first 26 characters of your account transactions, you can record them into your accounting/ERP system and automatically close your pending collections.

• Virtual IBAN integrates with your accounting/ERP software and MT940, the international account statement format.
• It makes it easier to track your collections coming from multiple points.
• It ensures that your collections are processed into your accounting/ERP system without errors.
• It eliminates the need for a large number of staff for tracking, reporting, and separating collections.