What is a Virtual Account?

A virtual account are sub-accounts managed by your main fintech account, allowing your Poof account to organize underlying virtual accounts for customers. This enables you to create virtual wallets that act as a normal Poof account that you manage. This includes cryptocurrency wallets, bank payments, or money transfers between accounts.

Poof API will soon support adding the optional key sub_account to every API endpoint. This will allow you to manage user wallets, user identification, and payments for your customers.


Creating Payment Sharing App Cash App with Fintech virtual accounts

A single virtual account might represent a person that signs up on an application such as Cash App. For every user that signs up, you might call the create_sub_account API endpoint.

You can link a bank account to each virtual account that you create and design your mobile user interface around this backend!

When a user sends a transfer of $5 to another user, you can transfer money internally between accounts. To send a payout, all you would need to do is pass in the sub_account dictionary to the payouts API like how you would regularly process payouts with your main account.

Poof handles all regulatory compliance for you with the application, making it easy to build the next Venmo or Cash App in just a few days.