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Virtual Accounts (VAs) are dedicated fiat bank accounts assigned to each customer for receiving payments. Funds deposited to a VA are automatically linked to that customer’s deposits in the Coinut system.

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What is a Virtual Account?

A Virtual Account provides a unique set of banking details for each customer:
  • Customer sends fiat to their dedicated VA
  • Coinut detects the incoming transfer
  • Funds are automatically associated with the correct customer
  • No manual reconciliation needed

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Supported Currencies

CurrencyAccount FormatKey FieldsGeographic Focus
AUDBSB + Account NumberpayId, bsb, accountNumberAustralia
EURIBANiban, swiftEurope
GBPIBAN / Sort Codeiban, swiftUnited Kingdom
SGD / USDCorridor-specificConfirm exact receiving fields with Coinut before shipping UXEnabled in the current create schema but not fully described in narrative guides

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VA Lifecycle

PENDING → VERIFIED (after compliance review)
A VA starts in PENDING status after creation. Once compliance review completes, it transitions to VERIFIED. Deposits can typically be received while PENDING, but may be held until verification completes.

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Creating VAs

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customerId
string
required
The customer ID returned from POST /customer/create
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currency
string
required
The fiat currency for the requested virtual account. Current OpenAPI enum: AUD, EUR, GBP, SGD, USD.
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whitelist
object
For AUD only. Pre-registers one allowed sender bank account during VA creation. Uses bsbNumber, accountNumber, and optional accountName.
POST /virtual-account/create

{
  "customerId": "cust_abc123",
  "currency": "AUD",
  "whitelist": {
    "bsbNumber": "062000",
    "accountNumber": "12345678",
    "accountName": "Alice Smith"
  }
}
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payId
string
PayID address for AUD accounts (e.g., john.doe@example.com)
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bsb
string
BSB code for AUD accounts (e.g., 062000)
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accountNumber
string
Account number for AUD accounts
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iban
string
IBAN for EUR and GBP accounts
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swift
string
SWIFT/BIC code for EUR and GBP accounts

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AUD Virtual Accounts & PayID

PayID is an email-address-style identifier for instant bank transfers in Australia. It replaces the need to share BSB and account numbers.
  • Format: john.doe@example.com
  • Speed: Near-instant (via NPP/Osko)
  • Availability: 24/7, including weekends

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Display Format

PayID: john.doe@example.com
BSB: 062000
Account: 12345678

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EUR/GBP Virtual Accounts

For European and UK customers, VAs use IBAN format:

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EUR (SEPA)

IBAN: DE89370400440532013000
SWIFT/BIC: COINUTDEFF
  • Supports SEPA transfers
  • Settlement typically 1 business day
  • Available for EU/EEA customers

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GBP (Faster Payments / BACS)

IBAN: GB29NWBK60161331926819
SWIFT/BIC: COINUTGB2L
Sort Code: 60-16-13 (if applicable)
  • Supports Faster Payments (near-instant, up to GBP 1M)
  • Supports BACS (3 business days)
  • Settlement typically 1 business day

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Whitelist Management (AUD Only)

AUD virtual accounts support a whitelist that restricts which bank accounts can send funds. This adds an extra layer of compliance control.
EndpointMethodDescription
/virtual-account/create-aud-whitelistPOSTCreate a new whitelist for an AUD VA
/virtual-account/update-aud-whitelistPOSTUpdate an existing whitelist
/virtual-account/get-aud-whitelistGETRetrieve the current whitelist

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Whitelist Format

{
  "vaId": "va_123",
  "sourceAccount": {
    "bsbNumber": "062000",
    "accountNumber": "12345678",
    "accountName": "Alice Smith"
  }
}
When a whitelist is active, deposits from non-whitelisted accounts may be rejected or held for manual review.

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Best Practices

  • One VA per customer per currency. Don’t create multiple VAs for the same customer+currency pair.
  • Store VA details in your database alongside the customer record for quick lookups.
  • Display banking details clearly with copy-to-clipboard buttons in your UI.
  • Generate QR codes for PayID to simplify mobile banking.
  • Monitor DEPOSIT_RECEIVED webhook for incoming funds — don’t rely on polling alone.
  • Handle ACTION_REQUIRED deposits — manual follow-up may be needed for some incoming transfers.