FAQs

Bank Transfer Payments

Virtual Accounts

What are virtual accounts?

A Virtual Account is an account created and assigned to each of your user.

Virtual accounts are temporary bank accounts where the money flows to when a bank transfer takes place. The virtual account is generated by our bank and the money is stored in our master account before being transferred into your StraitsX Business Account. Each virtual account created is unique, which allows businesses to easily identify the paying customer and the purpose of payments.

Can a user have more than 1 virtual account for each merchant_ref?

ID: 1 user will have 1 virtual account (BSS) per merchant_ref.

SG: 1 user will have 2 virtual accounts (FAZZ/CIMB) per merchant_ref.

My transaction is blocked. What can I do?

Do refer to our Blocked Codes page on the suggested steps to take.

What is the difference between FAZZ and CIMB VA?

FAZZ and CIMB VAs are related to Singapore virtual bank accounts.

FAZZ VA is our new Direct FAST solution that supports post addition of bank accounts on a successful deposit, reducing the number of steps for depositing funds. It also features reduction of name matching errors due to truncated or incomplete names.

CIMB VA is the current flow that requires addition of bank accounts by the end-user to verify a bank account.

Payments

How can my user send funds to me?

Your user can send funds via their bank app (e.g. DBS/OCBC) as a bank transfer to a virtual account. The funds will then be credited into your StraitsX business account.