Virtual Accounts - Overview & Guide


Virtual accounts are basically a way to seamlessly collect funds from individuals and businesses and help in reconciliation. Virtual accounts are set up on underlying business accounts, which can be current, escrow, or nodal accounts.

Decentro has the capability to power Virtual accounts with its bank partners where the underlying account is owned by itself or owned by the platform or its own partner.

Decentro powers all its collections (payins) and payments (payouts) using the Virtual account stack and the associated Payments stack.

Decentro allows the platforms to create virtual accounts for its merchants to collect funds from consumers. This is called UPI sub-merchant onboarding. These virtual accounts have their own UPI handle attached and can be used to collect funds from consumers. This is recommended when the virtual account for whom you have created is a merchant and not a consumer. You can do this by using the Create a Virtual Account API

Use Cases for Virtual Accounts

Virtual accounts can be created for the below use-cases.

  • Collect funds from businesses through NEFT/IMPS/RTGS
  • Collect funds from individuals through IMPS or UPI (Collect Request/Payment Link/Push)
  • Payout to beneficiaries from the virtual account using any mode (NEFT/RTGS/IMPS/UPI)

In addition, Virtual accounts help in simple reconciliation for the platform integrating with Decentro by handling the flow of funds by a specific customer/partner. This reduces the challenges of reconciling the funds across multiple partners and customers.


Decentro's Virtual accounts stack is designed to be bank-agnostic and the platform doesn't need to spend business or technology bandwidth if they choose to switch to a new bank partner.

Some key benefits of using Decentro's stack are.

  • Multi-bank support with no changes across bank partners
  • Reduced integration time to 2 weeks instead of 3+ months
  • Faster resolution and better support

Our Partners

The underlying partner banks that we have currently are.

  • Yes Bank (Live)
  • ICICI Bank (Live)
  • Axis Bank (Live)
  • DBS Bank (Live)
  • IDFC Bank (Live)

And more in the pipeline.