Definitions
It is of vital importance to go through the definitions highlighted below as it helps to put into perspective what each entity mean.
Account Holder
- An account-holder represents an individual or business entity.
- An account holder is required to generate a virtual account or card.
Virtual Account
A virtual account is a NUBAN account linked to an account holder.
Virtual Card
A virtual card is a payment card linked to an account holder.
Transaction
This will return a card, virtual account, or account holder transactions.
Funding
Virtual card
Funding a virtual card requires your business to have a sufficient issuing balance.
Before a virtual card is funded, you need to fund your issuing wallet
(https://docs.mono.co/reference/fund-wallet)
Issuing Wallet
A pocketbook that serves as the base wallet for all Issuing related operations for your business.
Note
You don't need to fund the wallet when in test mode.
Collection virtual account
Collection virtual account
A collection virtual account is a payment, disposable account thatβs strictly used to collect payments from customers. This account expires once a transaction is made into the account. All settlements are made at the end of the day or instantly depending on the settlement schedule.
Deposit virtual account
Deposit virtual account
A deposit virtual account is a static bank account that doesnβt expire. It accepts both credit and debit transactions. This account can be used as a store of value to receive, send, and spend money.
Updated 6 months ago