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Release type: Change Applies to: Collection Accounts - Virtual Account provisioning Two changes land together as part of Collection Account automation: two provisioning times move, and USD SWIFT Virtual Accounts now require a documented set of compliance documents on the entity.

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1. Provisioning time changes

A Virtual Account request is created immediately as before. Only the time to reach enabled changes, so the account is not able to receive funds until the enablement request succeeds. Continue to drive your flow off the webhook events rather than assuming a fixed wait.
Read setup_time from the Collection Account Metadata API instead of hardcoding it. Setup times are provider-dependent and change as providers are added or re-ranked. The field returns one of instant, same_day, t_plus_1, t_plus_2, t_plus_3, or extended.

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2. Document requirements for USD SWIFT Virtual Accounts

USD SWIFT Virtual Accounts can now only be provisioned when the following documents are attached to the entity object. These are requirements of the downstream US provider and are collected in addition to Tazapay’s standard KYB document set. Entity documents
  • Articles of association
  • Proof of address
  • Incorporation certificate
  • Source of funds
  • Financial statements
UBO details
  • First name
  • Last name
  • Gender
  • Nationality
  • Date of birth
  • Address
  • Ownership percentage

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Action required

Add the above entity documents and UBO details to entities that will hold a USD SWIFT Virtual Account before requesting one.