Virtual Accounts Testing

Virtual Accounts Testing

If you are using Modern Treasury's Virtual Accounts (VA) product, it is important to run tests in production before going live. We recommend testing a small dollar amount for wire payments and penny tests for ACH payments. You can do this by sending test inbound payments to a virtual account number to ensure they are being successfully attributed to Virtual Accounts. 

Note that currently, you can only create Virtual Accounts via Modern Treasury's API, as outlined in Step 1.

Instructions 

Before moving forward with production tests, your VA-enabled bank account should be connected to Modern Treasury. Once this process has been completed, you can initiate a few penny or small-dollar  tests using the steps below:

1. First, run a production API call to Modern Treasury to create a Virtual Account (POST /virtual_accounts).
   
   
2. Modern Treasury will generate a virtual account number, following the bank's virtual account number scheme (listed here), that will be delivered in the response of this API call under the account_details object. 
   
   
   
   
3. Outside of Modern Treasury, send one payment of each payment type you may expect to receive (ACH or wire) through any bank portal to the virtual account number generated from #2.
   • If you have a separate internal account in Modern Treasury, you can initiate a Payment Order from that account into the Virtual Account by adding the Virtual Account's ID under the receiving_account_id.
     
     
4. If the payment was sent successfully, you should see a few indications in Modern Treasury once we receive notice of the inbound payment from your bank:
   
   
   • In Payments Overview, under the Incoming Payments tab
     
     
     • IPDs are pre-notifications of inbound funds - by pre-notification, we mean that an IPD is often a notice of a pending payment that has been received but has not settled.
     • Eventually, these IPDs will reconcile to a transaction on a bank statement, below.
       
       
   • Under Reconciliation, the Bank Statement Transactions page
     
     
     • Transactions refer to a Modern Treasury object that represents the bank statement transactions that we obtain from the underlying bank.
     • For ACH and Wire, these are generated from BAI2 files or from a bank's API.
       
       
   • Under the Virtual Account to which the payment was sent
     
     
     • Here, you will navigate to the Virtual Accounts section and click on the Virtual Account in question. Then, you can toggle to the Incoming Payment Details tab.