Virtual Multi-Currency Account

Virtual Multi-CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. Account is a group of VAM enabled real accounts bundled under a Virtual Multi-Currency Account Number. In a situation where bank offers only single currency real accounts, VMCA helps in achieving support for multi-currency transactions in a virtual account structure

User creates a VMCA by grouping VAM enabled single currency real accounts of which maximum one account of each currency can be selected. Once a VMCA is formed and linked to a Virtual Accounts Structure, it can be used like any other real account to initiate payments & fund transfers. Since each of VMCA consists real accounts, while making payments corresponding real account in a given currency is debited.

Using below options you can:

• Create Virtual Multi-Currency Account
• View Virtual Multi-Currency Account
• Edit Virtual Multi-Currency Account
• Delete Virtual Multi-Currency Account

How to reach here:

Toggle Menu > Virtual Account Management > Virtual Multi-Currency Account > Create Multi-Currency Account

Create Virtual Multi-Currency Account

To create virtual multi-currency account:

1. In the Virtual Multi-Currency Account Number field, enter the account number.
2. In the Virtual Multi-Currency Account Namefield, enter the account name.
3. Click any currency to get all VAM enabled Real Accounts maintained under that currency.
4. Select any one Real Account from the list.
5. Selected currency(s) and account(s) will appear in Virtual Multi-currency Group column.

Note: User can select multiple such accounts (restricted to one real account per currency) and form a group. User can also set one of the Real Account as “Default “ to default payments. (This is an optional field).

Note: Click to delete the account. Click “Set As Default”-To default an account currency.

6. Click Submit.
   OR
   Click Cancel to cancel the transaction.
   

7. The Review screen appears. Verify the details and click Confirm.
   OR
   Click Cancel to cancel the transaction.
   OR
   Click Back to navigate to the previous screen.
   
8. The success message of Virtual Multi-Currency Account creation appears along with the reference number and status.
   Click Go to Dashboard to navigate to the dashboard screen.
   OR
   Click Go to Overview to go to the Virtual Account Management Dashboard.
   OR
   Click Create more Virtual Multi-Currency Accounts to create more accounts.

View Virtual Multi-Currency Account

By default all the virtual multi-currency accounts are displayed. In case if you wish to search a particular account, you can do so by entering the search criteria.

To view virtual multi-currency account:

1. In the Search field, enter the virtual multi-currency name or account number.
   
2. Click Search to view virtual multi-currency account.
   The search result corresponding to the search criteria appears.
   OR
   Click Clear to clear the search criteria.
   OR
   Click Cancel to cancel the transaction.

Virtual Multi-Currency Account

• Click the virtual multi-currency Account Number & Name link to view the account details. The Multi-Currency Account - View screen appears.

Virtual Multi-Currency Account - View

• Click Edit to modify and update the virtual multi-currency account.
  OR
  Click Delete to delete the virtual multi-currency account.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click Back to navigate back to previous screen.

Edit Virtual Multi-Currency Account

To edit virtual multi-currency account:

1. Navigate to the View Virtual Multi-Currency Account and in the Account Number field; enter the virtual multi-currency account whose details you want to edit.
   
2. Click Search. The search results appear based on the search parameters defined.
   OR
   Click Clear if you want to reset the search parameters.
   OR
   Click Cancel if you want to cancel the transaction
3. Click Edit. The Virtual Multi-Currency Account - Edit screen appears.

4. Edit the selection of Real Account from the list, if required
5. Click Submit. The Review screen appears.
   OR
   Click Cancel to cancel the transaction.
   OR
   Click Back to navigate to the previous screen.
6. Verify the details and click Confirm.
   OR
   Click Cancel to cancel the transaction.
   OR
   Click Back to navigate to the previous screen.

• The success message of Virtual Multi-Currency Account updation appears along with the reference number.
  Click Go to Dashboard to navigate to the dashboard screen.
  OR
  Click Go to Overview to go to the Virtual Account Management Overview.
  OR
  Click Create Virtual Multi-Currency Account to create new Virtual Management Currency Account.

Delete Virtual Multi-Currency Account

To delete virtual multi-currency account:

1. In the Virtual Multi-Currency Account Number field, enter the account number.
   
2. Click Search to view virtual account.
   The search result corresponding to the search criteria appears.
   OR
   Click Clear to clear the search criteria.
   OR
   Click Cancel to cancel the transaction.
3. Click the Account Number & Name link to view the virtual multi-currency account details. The Virtual Multi-Currency Account - View screen appears.
4. Click Delete. The message prompting for record deletion appears.

5. Click Yes to delete the virtual multi-currency account. The success message of Account deletion appears along with the reference number.
   OR
   Click No if you do not wish to delete the Virtual Multi-Currency Account.
6. Click Go to Dashboard to navigate to the dashboard screen.
   OR
   Click Go to Overview to go to the Virtual Account Management Overview screen.

FAQs

Can I create Virtual Multi-Currency Account using Real accounts I do not have access to?

No, you can create virtual multi-currency account by using only those single currency real accounts, which you have an access to. Further, only those real accounts that have been identified for participating in VAM can be used to create a Virtual multi-currency account.

Can I view the Balances of all the linked Real Accounts in a VMCA?

Yes. After Selecting a Virtual Multi-currency account from the drop down, “View Balance” link will appear. On click of it, a pop up is shown which will display the balance of each real account..

Is it mandatory to default a currency while creating Virtual Multi-Currency Account?

No, it is an optional field. You may choose to create a virtual multi-currency account without defaulting a currency.

Can I create multiple Virtual Multi-currency accounts using the same real accounts?

Yes, you can create Virtual Multi-currency accounts in such combination.

 

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