Integration with Virtual Accounts at Your Financial Institution

The OpenTransact API is able to connect to financial instutions that enable virtual bank accounts, sometimes referred to as a virtual DDA account. This guide will walk you through integrating with the OpenTransact API for the purposes of connectiong to one of the integrated partners that supports processing payments and managing a virtual account structure.

Configure Your Application for Virtual Accounts

Contact in order to configure your account for virtual account management with your chosen financial institution or service provider.

Create a Virtual Account

For all intents and purposes, OpenTransact treats Virtual Accounts like a standard bank account. The Virtual Account is stored in the OpenTransact API in the same way as any other standard bank account (See docs for BankAccount). When creating the account, your financial institution may have specific requirements regarding a specific sequence or range of account numbers which you can create for use with their system. Your application should choose a valid account number and create the account as normal.

If your application needs to manage other standard external Bank Accounts, you can use the Rules Engine to only trigger Virtual Account creation for accounts matching a specified range (standard), or optionally use a value in the Account’s metadata object as a trigger.

Approve or Decline a Pending Transaction on a Virtual Account

Once a virtual account has been created and is active, your partner financial institution will notify OpenTransact regarding any pending transactions within the virtual account. By default, transactions will be automatically processed based on the institution’s processing schedule. If you want to ‘decline’ or return a transaction, please Create an ACH Return object for the appropriate return type and ensure youve created it within the timeline specified by your institution.

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