Static Virtual Accounts (SVA) are designed to facilitate a seamless funding process for customer wallets in your app. Instead of using a single bank account for all customers, SVAs provide a unique virtual account number for each customer. This individualized approach enhances security, tracking, and reconciliation, making it ideal for wallet systems and managing funds associated with each customer.

Generating a Virtual Account:

Using Nectapay's API, you can dynamically generate Static Virtual Accounts for your customers. When a new customer signs up or requests to fund their wallet, you create a unique virtual account for them using specific parameters. These parameters include:

• account_name: The name or identifier of the customer, which will be shown when account details are fetched. This can be the customer's name or any other label that helps identify them.
• payment_ref: The account reference or unique identifier associated with the customer's account. This reference is crucial for linking incoming payments to the correct customer's wallet. It could be a user ID, wallet ID, or any unique identifier specific to the customer.
• merchant_id: Your unique ID as the recipient of the payment. This identifies your business or organization as the merchant receiving the payment.

{
    "account_name":"Jon Doe",
    "merchant_id":"ACC-VCHT8673",
    "payment_ref":"733541kkl9001"
}

Pass the payload as a JSON object to static_account endpoint.

Customer Funding Process:

Once you generate the Static Virtual Account for the customer, you provide them with the account details, including the virtual account number. The customer then initiates a bank transfer from their bank account to the assigned virtual account. They specify the amount they want to fund their wallet with.

Webhook Notification:

When the customer successfully transfers the funds to the virtual account, Nectapay sends a webhook notification to your platform. This webhook serves as a real-time notification that the payment has been received and provides essential details about the transaction. Upon receiving the webhook notification, your platform processes the payment accordingly.

Benefits of Static Virtual Accounts:

• Enhanced Security: Individual virtual accounts for each customer minimize the risk of unauthorized access or fraudulent transactions.
• Customized Tracking: Each virtual account is uniquely associated with a customer, making tracking and reconciliation more straightforward.
• Seamless Wallet Funding: Customers can conveniently fund their wallets using bank transfers with the provided virtual account details.
• Real-time Notifications: Webhooks provide immediate alerts about incoming payments, allowing prompt action on your platform.

Overall, Static Virtual Accounts offer a reliable and secure solution for managing customer wallets, providing a seamless funding experience, and ensuring the security of your app's financial transactions.