What is the process for generating a Virtual Account for an end-user?

The Virtual Account activation process typically follows these steps:

1. User Verification

   First, the end-user must complete the required identity or business verification. A Virtual Account can only be issued once the user’s profile has been successfully verified. 

2. Virtual Account Created (Pending Activation)

   Once requested, a Virtual Account number will be generated for the user. At this stage, the account will appear as Pending while our bank reviews and activates it.

3. Bank Review (if additional information is required)

   In some cases, the bank may request additional information before activating the Virtual Account. This is known as a Bank Request for Information (RFI).
   Please note:
   • Bank RFIs are separate from StraitsX verification RFI
   • The review and decision are handled by our banking partner
   • If an RFI is raised, we will forward the request via API or inform you via email
   • A response deadline will be provided, and failure to respond within the given timeframe may lead to the request being rejected

4. Virtual Account Activation

   After our bank completes the review, the Virtual Account status will move to one of the following statuses:
   • Enabled – The Virtual Account is activated and ready to receive deposits
   • Disabled – The bank has declined the activation request, and the account cannot be used