These APIs allow corporate clients to assign unique virtual account numbers to their customers or transactions, simplifying the reconciliation process and enhancing financial management.
- Overview
- APIs Offered
- Use Cases
- This API provides 3 operation types namely, initiate, view and enquiry
- Applications must get the token using the “Get Token API," which will provide the access token details. This token must be used for the subsequent interactions of RESTful APIs. Tokens will be valid for 180s
- Please use View and Inquiry APIs as parameters in POSTMAN for testing purposes.
- “Finalstatus” It can be Y or N. if "Y,” it means no further status of transaction is expected, i.e. either Transaction is completed or rejected. If "N,” it means transaction is still in transit and status update is expected to change. Finalstatus field will be available soon in future.
This API is used to initiate, view and inquire about virtual accounts for the corporate; both bulk and single requests are supportive through this API.
NOTE:
Flow Chart
What operations can be performed?
1. initiate: This service will be used to initiate virtual accounts for the corporate; both bulk and single requests are supportive through this API. This is a POST method
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2. view: This is a GET method used to view the virtual accounts at CIF level with filters such as IBAN, virtual account number and date range.
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3. enquiry: This GET method will be used to inquire about the status of the transaction, which will return the details of successful created virtual accounts.
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IMPORTANTS NOTES:
Virtual Account Management is essential for businesses that handle a large volume of transactions from their customers. By providing unique virtual account numbers, it helps in accurately tracking and reconciling inward payments. This not only improves operational efficiency but also enhances the accuracy of financial records.
What are the benefits?
Simplified Reconciliation
Easily match incoming payments with invoices or clients using unique virtual account numbers, reducing manual effort and errors.
Improved Cash Management
Gain better control and visibility over cash flows, enabling more effective financial planning and management.
Operational Efficiency
Reduce manual intervention in payment processing, leading to faster and more accurate financial operations.
Enhanced Customer Experience
Provide clients with unique account numbers for easier payment tracking and reconciliation, improving transparency and customer satisfaction.
Scalability
Effortlessly scale the number of virtual accounts as business needs grow, accommodating increasing transaction volumes.
Cost Savings
Lower operational costs by minimizing manual reconciliation efforts and reducing the risk of errors.
Which APIs are offered?
- Virtual Account Management API: This API enables business to initiate, view and inquire about virtual accounts seamlessly, simplifying the reconciliation process and enhancing financial management.
By leveraging Mashreq’s Virtual Account Management APIs, corporate clients can optimize their financial operations, ensuring more efficient, accurate, and scalable management of their collections
The client created virtual account number for their customers and transaction to streamline payment and enhance operational efficiency.
The client assigned unique virtual account numbers to property buyers and tenants for streamlined payment tracking and reconciliation.
