Virtual Accounts are an account type and structure which allow you to segregate balance and transaction information under a single ‘physical’ or ‘core’ account with ANZ. Each virtual account is distinctly identified by an account number, either issued by ANZ or selected by you, which can also include account aliases. Unique virtual account numbers can be allocated to individual debtors/payors and are often included as part of the invoice, for use when remitting funds, for ease of tracking, reporting and reconciliation. Additionally, accounts will be able to be opened, activated and maintained via self-service, supporting customers who have the need to open and/or close virtual accounts on a frequent or on-demand basis.
The ANZ Transactive – Global Virtual Account solution in Asia is Supplemental Account Services. It is available for Receivables and Payments in Singapore, Hong Kong and India, and for Receivables only in the Philippines and Vietnam.
Virtual Account Types
There are three types of virtual accounts in Supplemental Account Services:
- Controlled Accounts: virtual account numbers are linked to the physical bank account, for the same legal entity. Overall, funds belong to the physical account holder. In most cases, Controlled Accounts can be opened, maintained and closed on the virtual account platform.
- Context ID: a range or set of extended references attached to the virtual account, e.g. payer identifiers, a policy number or an invoice number, to allow payment level tracking. These are optionally employed.
- Sub Accounts: virtual accounts which are owned by a legal entity which is ANZ’s customer. In this scenario, virtual accounts operate as a traditional physical bank account. Sub Account structures are available in Singapore, Hong Kong and India.
Virtual accounts can also be constructed into account hierarchies, with Context IDs attached to Controlled Accounts, or hierarchies of Controlled Accounts under Sub Accounts. (However, Sub Accounts cannot be under Controlled Accounts.)
Virtual Account Processing
‘Full Match’ virtual account numbers include the full account number, including (optionally) the Context ID. When a transaction is received at ANZ, funds are credited to the physical bank account. Account statements can then segment transactions at the Context ID level.
‘Partial Match’ virtual account numbers include the full account number, excluding the Context ID. When a transaction is received at ANZ, funds are credited to the physical bank account. The Context ID identifiers are available at a transaction level in narratives on the account statement.
In Supplemental Account Services, the Context ID feature allows additional information (e.g., ‘Reference 1’ to ‘Reference 10’ fields) to be linked and available for further reference or reconciliation.