Creating Virtual Accounts
Creating Virtual Accounts to accept AUD deposits
To mint AUDD, you’ll first need to send Australian dollars (AUD) to the AUDD Mint. This process involves creating a Virtual Account (VA) to deposit funds to. Once cleared, your AUD is made available for Minting requests across supported blockchains.
🪄 Create a Virtual Account
Before you can deposit AUD into the Mint, you’ll need to have an active VA set up with a deposit bank account assigned. To do this, navigate to the Bank page by selecting the Bank icon in the menu list on the left hand side of your screen. Once on the banking screen, click the + Add button on the top right corner to activate the form.
To create the VA successfully, you'll need to provide the following details:
| Field | Required | Description |
|---|---|---|
| Company | ❌ | Already predefined as your Company name. |
| Type | ❌ | Already predefined based on your service usage - either Distributor or Merchant. |
| Subtype | ✅ | Select Deposit to create a VA that can receive external AUD deposits. |
| Currency | ❌ | Already predefined as AUD. |
| Banking Provider Type | ✅ | Select BANKING_CIRCLE to ensure the VA is created with our Australian banking provider. |
| BSB | ❌ | This will be automatically generated post creation of the VA. |
| Account Number | ❌ | This will be automatically generated post creation of the VA. |
| Nickname | ✅ | A friendly label to identify the VA in the Mint (i.e: UUID assigned by your system). |
| Pay ID | ❌ | Coming Soon - This will be automatically generated post creation of the VA. |
| Account Holder Name | ✅ | Full legal name of the account holder - use this field if you are attempting to register a VA for a Business. |
| Account Holder First Name | ✅ | First name of the account holder - use this field if you are attempting to register a VA for an Individual (Also optional if Account Holder Name is provided) |
| Account Holder Last Name | ✅ | Last name of the account holder - use this field if you are attempting to register a VA for an Individual (Also optional if Account Holder Name is provided) |
Name Matching:The VA name you specify must match the account holder name sending the payment. If the names don’t align, the deposit will not clear. See our Transaction Monitoring guidance for more information.
When you have confirmed all details are correct, click the OK button at the end of the form to save the details and create the VA. If successful, a quick confirmation message will appear in the top centre of your screen, and your new VA details should now be visible in the list.
💸 Making a Deposit
In the staging environment, you can use the Mock Deposit Form to simulate AUD deposits. This lets you run through realistic deposit scenarios and confirm that your VA has been created correctly.
When you’re ready to go live, you’ll need a local AUD bank account to make real payments into your VA. Deposits made here follow the same validation process outlined earlier, ensuring funds are securely received.
Fees & Charges:Deposit amounts may be reduced by applicable fees, which are deducted automatically. For more information, refer to the Fees and Charges guide.
📺 Watch: Video Tutorial
Updated 29 days ago