Back to List
  • API

Virtual Collection Accounts

A service that will allow you to accept fully-traceable payments via bank transfers or over-the-counter channels by assigning a dedicated Virtual Collection Account Number to the payor or to the transaction. The Virtual Collection Account serves as a dedicated receiving account that the payor can deposit funds to in order to make a payment via the mobile apps of the banks/e-wallets that are participants of Instapay and Pesonet or via Netbank’s partner counters (7-11 outlets, Pawnshops, etc.)

vector

Simple way of generating the Virtual Collection Account Number

No need to call a Netbank API to generate the Virtual Collection Account Number. We will just give you the 12-digit standard format and you can locally generate the account numbers within your system. You will be assigned with a 5-digit alias which will be the first 5-digits of all Virtual Collection Accounts that you will generate.

A Virtual Collection Account Number that is recognized within Instapay, Pesonet, and select Over-The-Counter Channels

The Virtual Collection Account Numbers that you generate are recognizable in the Instapay/Pesonet Fund Transfer services of the mobile/online apps of local banks and e-wallets. As an alternative, the same Virtual Collection Account are also recognizable within the physical counters of Netbank’s partners (such as convenience stores, pawnshops, payment centers, etc.).

Freedom and Flexibility in using the Virtual Collection Account

You can decide how to utilize the role of the Virtual Collection Account (Number) based on your preferred use case. You can associate the Virtual Collection Account Number to a specific user (like a dedicated bank account) or to a specific transaction (like a transaction reference number).

Access to Account Information

With proper end-user consent and authorization, get view access to the necessary details of a bank account that you’ve created under your own Branch.

Seamless way of receiving credit notification on each inbound transaction

Receive notifications directly from our system to yours via webhook as soon as we receive the inbound transaction. The webhook will contain all the necessary details that you need to properly and systematically reconcile incoming transactions/payments into the Virtual Collection Accounts.

Multiple ways to check the transaction history of each Virtual Collection Account

In case the webhook fails, you will have other means to check the list of incoming transactions into the Virtual Collection Accounts via the Virtual Collection Account Transaction Verification API or via the Partner Dashboard.

Your Customer Experience

Here's the general flow of how the service will work.

your customer experience your customer experience

Why NETBANK?

Direct connection to the Bank Transfer and Payment rails

We are a direct participant of Instapay and Pesonet which means these Virtual Collection Account Numbers are recognizable within the bank transfer rails

Holistic Solutioning Approach

We have a dedicated team that will closely listen and work with you to understand your requirements to come up with a holistic solution with our other products and services (such as attaching these transactions to collect and accounts for an end-to-end cashflow). Single partnership, agreement, and integration-point but a wider solution coverage.

Direct connection to alternative payment collection points

We have a direct engagement and integration to over-the-counter payment collection channels such as ECPay kiosks within 7-11 convenience stores, pawnshops, etc.

Reliable Service accompanied with auxiliary tools and services

We provide complementary tools such as webhooks, transaction verification API, and a Partner Dashboard to provide multiple ways to track and reconcile transactions.

Simple and light solution

The implementation is simple and requires minimal integration which will allow a straightforward and easy-to-follow onboarding process to support quick Go-To-Market timelines.

End-to-End Support Team dedicated to the Payout Service

We have a complete end-to-end support team dedicated to this service + a complete ticketing system to ensure quick response times and constant updates to any concern because we completely understand that the client’s transactions are highly sensitive.

Standard Pricing

We offer a straightforward pricing model for our standard engagements.

Do you have a customized commercial model in mind?
Feel free to reach out to us using the Contact Us form below
Fee type Standard Rate
Virtual Collection Account Transaction Fee (Bank Transfer) Php 15.00 per transaction
Virtual Collection Account Transaction Fee (ECPay OTC) Php 18.00 per transaction
Minimum Monthly Invoice NONE
Fixed Monthly Fee NONE
ADB Requirement NONE
  • The fees can be adjusted based on the use case, account structure, and volumes
  • These standard fees apply only to simple resident bank accounts. Non-resident bank accounts and other complex requirements will have a different pricing structure.

Free and unlimited use of the Sandbox and Development Tools

We can freely customize the service but may require an additional setup fee and minimum monthly invoice after the effort assessment

Easy Onboarding Process

We have a straightforward and easy-to-follow onboarding process to support quick Go-To-Market timelines.

Get Started with Netbank Virtual

SignUp

(Optional) Reach out to our team to scope and design the right and fitting solution for you.

Sign up in Netbank Virtual and nominate your account credentials.

Sandbox

Specifically for Virtual Collection Accounts, Sandbox can be skipped given that the Partner Alias and webhook is unique per client.

Test

Generate UAT credentials via the Partner Dashboard.

Open a UAT/dummy Netbank Corporate Bank Account via the Partner Dashboard. for UAT Testing.

Send to Netbank the UAT Netbank Corporate Bank Account that will be used as the settlement account for testing Virtual Collection Account transactions.

Netbank will generate and provide to you your Partner Alias which will be the first 5 digits of the 12-digit Virtual Collection Account Numbers that you would generate.

Send to Netbank your UAT webhook/callback URL that would receive the credit notification

Use the Disburse-To-Account API to trigger Instapay/Pesonet (as the settlement rail) transactions from your Netbank Account that you’ve created via the Partner Dashboard or via the API (as the source account) to a Virtual Collection Account Number (as the destination account)

Perform performance, load, security and acceptance testing

Go Live

Sign and accomplish the BaaS License agreement and other requirements.

Generate PROD credentials via the Partner Dashboard.

Open a Live Netbank Corporate Bank Account via the Partner Dashboard. for UAT Testing.

Send to Netbank the Live Netbank Corporate Bank Account that will be used as the settlement account for actual Virtual Collection Account transactions

Netbank will generate and provide to you your Partner Alias which will be the first 5-digits of the 12-digit Virtual Collection Account Numbers that you would generate

Send to Netbank your PROD webhook/callback URL that would receive the credit notification

Perform pilot transaction and go-live

Requirements

A list of business, technical, regulatory, and security requirements that the client must accomplish BEFORE GOING LIVE.

Signed BaaS License Agreement and commercial terms

Your live Netbank Corporate Bank Account as the Settlement account for the transactions

Got any questions, concerns or suggestions?

Get in touch with us.

Have a customized engagement in mind? Drop us a message and tell us what you're envisioning