1.6 Virtual Accounts Management

This topic provides information about enhancements in the Virtual Accounts Management.

As part of this release, Virtual Accounts Management module has been enhanced with following features:

Table 1-11 Enhancements in Virtual Accounts Management

Field	Description
Structured and Hybrid Address	Enables support for Structured and Hybrid Addresses within Virtual Accounts Management, ensuring compliance with updated SWIFT-MX messaging standards and enhanced address data handling. This change has been implemented in the following screens: Create Virtual Entity View Virtual Entity Details Edit Virtual Entity Create Virtual Entity File Upload Edit Virtual Entity File Upload Create Virtual Account View Virtual Account Modify Virtual Account Reopen Virtual Account Create Virtual Account File Upload Edit Virtual Account File Upload Virtual Account Statements Create and Delete Virtual Account Templates
Virtual Entity Access Implementation	Virtual Entities serves as a representation of actual Entities within the context of Virtual Account Management. There are instances where Corporates may wish to grant access to a single entity while restricting it for others. To address this scenario, introduced Access Check support at the Virtual Entity Level in Party & User Resource account access screen enabling corporate users to set permissions for each Virtual Entity. Party Resource Account Access Screen New Attribute of Virtual Entity has been introduced in Party resource access screen. This change is applicable in Party Resource Access maintenance screen that allows users to maintain access rights in all the Virtual Entity(s) and related Virtual Account transactions at party level. Once the same is maintained, in the OBDX VAM UI, the logged-in user will only be able to view and manage those Virtual entities and related transactions to which they have access to. User Resource Access Screen New Attribute of Virtual Entity has been introduced in User resource access screen. This change is applicable in User Resource Access maintenance screen that allows users to maintain access rights in all the Virtual Entity(s) and related Virtual Account transactions at user level. Once the same is maintained, in the OBDX VAM UI, the logged-in user will only be able to view and manage those Virtual entities and related transactions to which they have access to.
Amount Validation in Remittance ID	Amount validation allows defining transaction amount ranges within specific remittance ID’s to validate incoming transactions. This ensures payments match defined criteria—such as amounts or remittance ID ranges—attached to virtual account identifiers during transaction processing. For example, if a customer of wants to make payment for the insurance premium, system will validate based on remittance details and collect the exact amount. To address this requirement, new toggle button “Validate Exact Amount” & two new fields Currency and Amount has been introduced in Remittance ID Screens for the user to maintain the limit & currency for the remittance id in context. This change has been implemented in the following screens: Create Remittance Id View Remittance Id Modify Remittance Id Reopen Remittance Id Create Remittance Id (File Upload) View Remittance Id (File Upload)