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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

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VA Lifecycle

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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string
required
The customer ID returned from POST /customer/create
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string
required
The fiat currency for the requested virtual account. Current OpenAPI enum: AUD, EUR, GBP, SGD, USD.
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object
For AUD only. Pre-registers one allowed sender bank account during VA creation. Uses bsbNumber, accountNumber, and optional accountName.
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string
PayID address for AUD accounts (e.g., john.doe@example.com)
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string
BSB code for AUD accounts (e.g., 062000)
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string
Account number for AUD accounts
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string
IBAN for EUR and GBP accounts
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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

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EUR/GBP Virtual Accounts

For European and UK customers, VAs use IBAN format:

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EUR (SEPA)

  • Supports SEPA transfers
  • Settlement typically 1 business day
  • Available for EU/EEA customers

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GBP (Faster Payments / BACS)

  • 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.

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Whitelist Format

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.