Virtual Accounts

Improve cash flow and the reconciliation process with a virtual account.

Virtual Accounts for Better Banking 

Take traditional banking services, like bank accounts, completely online. With Sila’s virtual accounts option, users gain access to a digital wallet with a dedicated account and routing number with Sila’s security and money transfer technology.

Give the Gift of Virtual Banking

Gaining access to a U.S. checking account can be difficult. But, with virtual banking, you make it easier for your users to tap into this major benefit. Users still need KYC and to be located in the U.S. But now you can give them easier access to online banking.

Affordability With the Security

Virtual accounts save money due to cash pooling and lower maintenance cost. And on the Sila code, you still gain access to strong account security and KYC compliance features.

Equipped With Money Transfer Technology

Improve the cash flow and reconciliation process with a virtual account through Sila. And gain access to ACH transactions and wire transfers.

Leverage Existing Infrastructure

Compliance is #1 in the financial industry. With Sila’s sophisticated technology, reassess your need to set up your company as a bank agent or build a full KYC compliance program and benefit from what Sila offers.

Ask Us Anything About Our Virtual Accounts

How do Virtual Accounts work?

Virtual accounts are much like regular checking accounts but everything exists online. This means that there are no physical bank accounts, and all access is available online. 

With virtual accounts, you get a better cash concentration, improved bank account consolidation, and improvements in the payroll reconciliation process. Not only that but you save money for you and your customers with more affordable account maintenance fees.

Sila’s virtual accounts allows customers to set up a virtual account for end-users, which provides them with an account and routing number capable of receiving incoming or external ACH transactions. Customers can open, close, update, and more for virtual accounts all in the dashboard.

What are the business requirements for using Virtual Accounts?

All Sila users must be qualified to use our services. This means that your business must be incorporated in the U.S. and each end user must pass SSN verification or EIN verification.

Learn more about pre-qualification for all our API access.

How much do money transfers through our Virtual Accounts cost?

See our full ACH transfer pricing schedule.

How long do money transfers in the Virtual Accounts take to process?

Money transfer timelines are dictated by the type of transfer and other details, like banking calendars. You can read about our transfer timelines in this article.

Can I transfer money via Virtual Accounts internationally?

Our international money transfer API integrates seamlessly with the Sila API packages through our partners Corpay (CambridgeFX), Thunes and Currencycloud.

Do I need my own Plaid account to use Sila’s Virtual Accounts?

Yes. Plaid’s AUTH product is required for the Sila API. Sila works with Plaid’s entire suite of products and is tightly integrated. If you need more than AUTH, we can help advise you on your Plaid subscription.

Pushing the boundaries of what is possible in the financial world

Start your fintech app with iACH through our free Sila developer console. Grow, manage, or evolve your financial app with real-time analytics, transactions, users, and much more 24/7.

Build your first ACH API in our sandbox for free. There you can access data on users, identity verification statuses, bank account linking, and return codes. You’ll always have direct access to our engineering support team via chat.