What it is
A virtual account is a dedicated bank account that can be generated for each of your customers. US virtual accounts come with their own unique routing number and account number, enabling customers to send and receive payments throughout the United States banking system. Brazilian virtual accounts support local payment rails such as PIX. These accounts function like regular bank accounts but are managed through the BlindPay platform.
All incoming payments to a virtual account automatically generate a payin. Transaction fees are charged on your invoice at the end of each billing cycle.
How it works
Available virtual accounts
| Banking Partner | Use Case | Payment Methods | Countries | SLA | Cost |
|---|---|---|---|---|---|
| US Bank 1 | Individuals and Businesses | ACH, Wire, SWIFT | US and Foreign | 24 hours | $1.50 / mo per account |
| US Bank 2 | Businesses | ACH, RTP, Wire, SWIFT | Foreign only | 3–5 business days | $1.50 / mo per account |
| US Bank 3 | Businesses | ACH, Wire, SWIFT | US only | 3–5 business days | $1.50 / mo per account |
| Blind Pay LTDA | Individuals and Businesses | PIX, TED, Boleto | Brazil and Foreign | Instant | TBD |
Named payouts: When a virtual account is issued to an end user, all payouts originating from that account are sent under the end user's name (named payouts), rather than a pooled or omnibus account name. This ensures the recipient sees the actual payer on incoming transfers and aligns with originator-information requirements for payment-rail compliance.
These accounts are allowed to send and collect third-party payments.
Approval process
After a virtual account is created via the API, it goes through a two-step review:
- Compliance review — The virtual account starts in
pending_reviewstatus while BlindPay's compliance team reviews the application. - Bank review — Once approved by compliance, the virtual account is submitted to the banking partner for final approval.
Issuance SLAs vary by virtual account type — see the table above. Approval is not guaranteed at either stage; both BlindPay's compliance team and the banking partner reserve the right to reject any application.
Statuses
| Status | Description |
|---|---|
pending_review | The virtual account has been created and is awaiting compliance review. |
verifying | Compliance approved — the virtual account has been submitted to the bank. |
approved | The bank has approved the virtual account. It is now active and operational. |
rejected | The virtual account was rejected during compliance or bank review. |
Additional data for businesses
To issue virtual accounts, make sure the following data is filled for customers:
- Business:
account_purpose,business_type,business_description,business_industry,estimated_annual_revenue,source_of_wealth,publicly_traded - Business owners:
ownership_percentage,title
Make sure all business owners living in the US have their SSN in the tax_id field. You can find business_industry (NAICS code) here.
To update these fields, call the following endpoint:
Additional data for individuals
To issue virtual accounts for individual customers (sole proprietors), the following fields are required in the virtual account creation request:
sole_proprietor_doc_type: type of supporting document (one ofmaster_service_agreement,salary_slip,bank_statement)sole_proprietor_doc_file: a URL pointing to the uploaded document
Prerequisites
You must also create a customer and add a blockchain wallet before generating a virtual account.
Generate a virtual account
YOUR_SECRET_TOKEN with your API key and in_000000000000 with your instance ID, and re_000000000000 with your customer ID. After creation, the virtual account will have a pending_review status. It will be reviewed by our compliance team before being submitted to the banking partner. You will receive a webhook notification when the status changes.