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Virtual accounts create a unique bank account in the identity name (sometimes also referred to as a “named account”). These accounts can be used in a recurrent way since they keep the same deposit instructions (including routing number and account number). Virtual accounts allow end users to make first party deposits (i.e. deposits from other accounts that are registered to the same end user). They do not generally allow deposits from third parties. Some benefits of Virtual accounts are:
First-party VAs allow businesses to have more oversight and transparency. This level of control makes tracking incoming and outgoing funds, reconciling accounts, and auditing much easier.
Reconciling transactions is easier and more compliant with financial regulations, especially for companies that have complex payment requirements.
VA provide a localized banking experience. Each VA can correspond to a specific currency or region, making global expansion more straightforward.
Virtual accounts are currently only supported in the US and EU regions.
If you’re just getting started, please check out our quick start guide.

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Create a virtual account

For users who are working with PFIs that support virtual accounts, you can easily create new ones all from the Borderless API.
Creating a virtual account is an asynchronous operation. After submitting the creation request, the virtual account will initially be in a “NotActive” status and will not have any instructions.
Endpoint: POST /accounts/{id}/virtual-accounts
curl -X POST "https://sandbox-api.borderless.xyz/v1/accounts/{id}/virtual-accounts" \
	 -H "Content-Type: application/json" \
     -H "Authorization: Bearer your-access-token" \
	 -H "idempotency-key: 8f14e45f-e6c3-4f7e-bd56-1b9a2e46f1d6"\
	 -d '{
  			"fiat": "FiatCuurencyId", // USD, ...
  			"country": "CountryCode", // US
  			"asset": "AssetId", // USDC_POLYGON
  			"counterPartyIdentityId": "Identity Id"
		}'
Once the virtual account is activated, the account object will include a field called instructions, which contains the bank details for depositing funds. You can send any amount of funds to this account as many times as needed. All funds received in this bank account will be automatically credited to your Borderless account in the asset that was selected during the creation of the virtual account.
If you have any questions, please don’t hesitate to reach out to us via email or slack.