How to create a virtual account number

Are you looking for a way to streamline transactions and enhance security for your business? Virtual account numbers may be the solution you need. And with Maplerad’s banking-as-a-service infrastructure, creating virtual account numbers is easier than ever.

In this guide, we’ll take you through the steps of creating virtual account numbers using Maplerad API. Whether you’re a small business owner or a large corporation, this guide will show you how to leverage Maplerad’s powerful tools to improve your financial operations. So let’s get started!

Maplerad is transforming the financial landscape in Nigeria, empowering businesses to securely and efficiently access and analyze financial data. This enables businesses to develop personalized products and services, while also improving customer experiences.

Explanation of Virtual Account Number (VAN)

Virtual Account Number (VAN) is a unique 16-digit number that is generated to facilitate online transactions. It is a virtual representation of your bank account that can be used for online transactions without revealing your actual account number.

The purpose of having a VAN is to enhance the security of your financial transactions while providing you with an additional layer of protection against fraud. With a VAN, you can confidently make online transactions, knowing that your bank account details are safe and secure.

It is an innovative solution that has been introduced to make online transactions safer and more convenient for users. VAN is becoming increasingly popular in Nigeria due to its many benefits, and it is available in most Nigerian banks.

The usefulness of Virtual accounts in fintech apps

Virtual account numbers (VANs) are instrumental in embedded finance and other fintech apps. Here’s why:

1. Enhanced Security: VANs offer an extra layer of security in online transactions. Since VANs are unique and temporary, they protect the user’s actual account number from being exposed to fraudsters. In essence, it serves as a shield against fraudulent activities.
2. Simplified Reconciliation: In finance apps, transactions can be overwhelming and challenging to track. With VANs, transactions are streamlined, and reconciling payments becomes more manageable, thereby reducing the workload of the app’s developers.
3. Increased User Confidence: With VANs, users are more confident in conducting online transactions. Knowing that their actual account numbers are kept safe, VANs encourage users to transact more online.
4. Customization: VANs can be customized to suit a specific purpose, such as a one-time transaction or regular payment. This feature makes them ideal for recurring payments, subscription services, and other financial activities.
5. Efficient Monitoring: Since VANs are temporary, they can be monitored closely, making it easier to detect fraudulent activities before they cause significant damage. In finance apps, this feature can be used to keep a check on all transactions made by users.

Virtual Account Numbers are crucial in fintech and embedded finance apps because of their enhanced security features, simplified reconciliation, increased user confidence, customization options, and efficient monitoring. This makes VANs a popular choice for businesses and consumers looking for a safer and more efficient way to conduct financial transactions online.

How to create Virtual accounts In Nigeria by using Maplerad’s API

Maplerad offers a comprehensive banking-as-a-service infrastructure that enables businesses to embed powerful financial services in their products. One such service is the ability to create virtual accounts for users. Here are the steps to create virtual accounts using Maplerad API:

1. Sign Up: To begin, sign up on the Maplerad website and complete the registration process. You will need to provide some basic details about your business, such as your name, contact information, and business type.
2. KYC: Next, you will need to complete the Know Your Customer (KYC) process. This involves providing some additional information about your business, such as proof of identity and proof of address.
3. Get Sandbox API Keys for Development: Once you have completed the KYC process, you will receive Sandbox API keys for development. These keys will allow you to test the API in a sandbox environment before integrating it into your product.
4. Integrate the API: With the sandbox API keys, you can now start integrating the API into your product. The API documentation is comprehensive and easy to follow, so you should have no trouble getting started. Once you have integrated the API, you can start creating virtual accounts for your users.

Creating virtual accounts for your users using Maplerad API is a straightforward process. With Maplerad handling all compliance, bank relationships, and licensing needs, you can focus on innovating and creating a great product for your users.

Conclusion

In conclusion, Maplerad is a game-changer in the financial landscape of Nigeria. By providing businesses with powerful banking-as-a-service infrastructure, Maplerad is making it easier than ever for businesses to access and analyze financial data securely and efficiently. With personalized product development and improved customer experiences, businesses can grow and succeed in their respective industries.

If you’re looking to build your project and take advantage of Maplerad’s banking-as-a-service infrastructure, don’t hesitate to contact Balvitch.

With their expertise and experience, they can help you leverage Maplerad’s APIs and develop customized solutions that meet your unique needs. By partnering with Balvitch, you can unlock the full potential of Maplerad and take your business to the next level. Contact Balvitch today and see how they can help you transform your business.