Sila’s Virtual Accounts feature allows customers to open a virtual account for their end users and provide them with an account and routing number that can be used for incoming "external" ACH transactions.
Endpoints in this section contain methods to manage virtual accounts including opening, updating, closing, etc.
Incompatible with Virtual Accounts
- Incoming external WIRE transactions are not supported at this time.
- Instant Settlement is not supported at this time.
Getting Access Virtual Accounts
Sila needs to ensure you are prepared to support vAccounts for your users. Before contacting your Sila Sales Executive please review and ensure you will be able to meet the following requirements:
- Customer must have at least 3 full-time staff
- Customer needs to establish and provide Sila hours of operation for end user support
- Customer needs to establish an end user support policy with designated service level targets and measures
- Customer needs to have a Complaints Management Program
- Customer needs to have a Dispute and Error Handling Procedure that provides for intake, response and appropriate resolution of end user disputes in compliance with Regulation E
- Customers must provide a sample volume report, service level report, and service quality scorecard.
- Virtual Account Disclosures
- Virtual Account Marketing and Advertising Content
To start the qualification process you will need to reach out to your Sila Sales Executive.
Sandbox - Virtual Accounts are disabled by default. Sandbox access will be turned on after approval.
Updated 11 days ago