When initiating the virtual structure, entitled users must create a single or multiple transactional Virtual Account(s) (Virtual Reference or Externally Addressable) to activate the hierarchy. This is due to the outbound payment process, enabling funds leaving the current/ undesignated client account to map identically to the underlying virtual structure. For virtual structure enabled current/ undesignated client accounts where there are no transactions, this need not apply. 

When a current/ undesignated client account has been virtual accounts enabled, you can navigate to the hierarchy where they will be presented with the Create account option in the three-dot menu on the right of the screen. 

After selecting the Create account option, you will be required to further select a Product type from a list of:

• - Externally Addressable Virtual Account or
• - Virtual (Reference) Account

From here, you can enter in the account information; including an option to create a bespoke virtual reference next to Routing reference, add an indicative Overdraft limit and Interest Conditions, choose an Interest settlement account, and add Direct client reporting preferences.

Overdraft Limit: Individual overdraft limits can be applied to a transactional virtual account upon account creation or when editing an account. Please note, virtual overdraft limits are indicative control limits only, not bank-agreed credit facilities.

Interest conditions: Standard Debit and Credit interest conditions may be applied to virtual accounts upon creation or amendment and interest accrued/ charged on the Real Account will be reflected (as directed) in the virtual structure. 

The currency of the new virtual account will always be the same as the overarching current/ undesignated client account. You cannot create a Balance Account, Virtual Reference Account or an Externally Addressable Virtual Account underneath a transactional account. You must first open a Balance Account, then transactional/balance accounts underneath.

Other Product types include: Profit & Loss Account or Suspense Account

These can be created at lower balance account levels in the virtual structure and will be in addition to the default P&L and Suspense account that are auto-created at the top Parent Balance Account level.

Here, you can enter in the preferred name for the account and routing rule information.

The final Product type is a:

• - Balance Account

Upon selecting Balance Account as the Product Type, you can enter in a preferred name for the Balance Account. No routing rule, interest condition or overdraft limit can be applied to a Balance Account. A Balance Account is essential for creating a Balance Node.

Setting the preferred name of a Balance Account is an optional feature, however, when doing this, users must ensure they make a note of the Balance Account ALIAS (or not remove it) beforehand if they wish to create additional accounts underneath in the future. You can also copy the ALIAS beforehand and paste it to the Preferred name box after entering a chosen name. Once removed, there are limited facilities available to have this information recovered.