Virtual Accounts

Virtual Accounts allow each user or business to receive funds under a unique account number under the user's name, while all balances are pooled and managed under a single omnibus (FBO/OBO) account at the banking partner. When a payer sends money to a Virtual Account, 1Money automatically attributes the deposit to the correct customer portfolio based on the unique account identifier.

Key Features

Unique Identifiers: Each portfolio or sub-account receives a dedicated virtual account number or reference code.
Automated Reconciliation: Incoming deposits are automatically matched to the correct customer without manual review.
Multiple Payment Rails: Supports Fedwire, and SWIFT, depending on region and currency.
Compliance-Ready: All virtual accounts are issued under 1Money’s regulated entity and linked to verified customer KYC/KYB profiles.
Multi-Currency Support: Virtual accounts can be created in supported currencies (e.g., USD, EUR, GBP). (coming soon)

Common Use Cases

Receive payments from external senders directly into a customer’s portfolio.
Enable programmatic settlement for merchant payouts, payroll, or wallet top-ups.
Assign dedicated deposit instructions for each end-customer when operating under a platform or agency model.

Example Flow

Platform calls POST /v1/customers/{customer_id}/deposit_instructions to create a new virtual account.
1Money issues a unique account/routing number.
When funds are received, 1Money posts a Deposit webhook to notify the platform.
The funds appear in the portfolio’s balance and can be converted, transferred, or withdrawn.

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Do not cache deposit instructions. Always retrieve deposit instructions from the API immediately before displaying them to your users or initiating a transfer. Bank account details, wallet addresses, reference codes, and other deposit information may change. Using stale deposit instructions can result in misrouted funds or failed transactions.