Apply for Virtual Bank Account

Apply for a virtual bank account (a “Virtual Account”) for one of your users. A virtual bank account gives the user their own account number and routing number for receiving money.

Before this works — the request is turned down unless all of these are true:

• Your platform has the virtual bank account product (virtual_account) switched on. You ask for it during the normal sign-up process, and Finogate’s team must approve that request first.
• Your platform has completed its own identity and business verification (an approved platform-level KYC and KYB).
• The user has passed identity verification (an approved KYC record).
• The user has passed business verification (at least one approved KYB record).

What happens next — the account starts in the initiated state. Finogate’s team reviews every application by hand, marks it applied once checked, and finally fills in the real account and routing numbers from the banking partner before setting the account to approved. We tell you the result by sending your server an automatic notification — a virtual_bank_account.approved webhook if it succeeds, or a virtual_bank_account.rejected webhook if it is declined. That notification is the only sign that the account is ready. Until the account is approved, it must not be used for any payments, payouts, deposits, or linked to a wallet.

Avoiding duplicates — there are two safeguards:

• You can include an idempotency_key — a unique value you choose. If the same request reaches us twice by mistake, the account is only created once. (Reusing the same key with different details is rejected.)
• The same user cannot hold two active accounts of the same type on your platform. A repeat attempt is rejected.