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RBC Virtual Account Management

A Single Bank Account With Ability to Track Individual Buyers / Depositors

Instead of managing multiple physical bank accounts, RBC Virtual Account Management allows you to operate a single physical account while assigning virtual accountslegal bug 1 to each buyer /depositor. Unlike traditional bank accounts, virtual accounts do not hold funds, and they serve as a notional representation linked to the physical account.

Ideal for businesses that:

  • Receive payments from a large customer base that need to be efficiently tracked and reconciled.
  • Have several business locations that don’t require separate physical bank accounts.
  • Manage complex invoices or numerous inbound points of entry for payments that require reconciliation controls.

Create multiple virtual accounts quickly under the umbrella of your main account.

  • Adding additional virtual accounts to your main account are not subject to the standard account opening documentation process and can be opened quickly
  • Create and manage as many unique virtual accounts as you need on our VAM platform
  • Reduce the number of physical bank accounts required.

Get better transaction visibility with less effort.

  • View all payments sorted by your virtual account numbers
  • Drill down—plus search for and view transactions—in individual virtual accounts
  • View, print and save transaction histories and records

Streamline your reporting and save time with automatic accounts receivable reconciliation.

  • Download and view reports at any level, such as by individual virtual account or entire hierarchies
  • Download reports quickly and accurately as CSV and PDF files
  • Use host to host, ERP – BAI2, MT940 and CAMT053 formats for reporting of virtual account transactions

How Virtual Account Management Works

Receive payment.

When buyer / depositor make a deposit or a payment, a record of the deposit/funds is made in their individual assigned virtual account ledger.

Funds are automatically credited to your main account.

Our platform will use the payment originator or pre-defined reference information (such as an account nickname) for immediate and automatic buyer / depositor identification.

Track deposits via RBC Virtual Account Management.

See all deposits received through virtual accounts, expediting the daily reconciliation process.

Receive payment.

Receive payment. When buyer / depositor make a deposit or a payment, a record of the deposit/funds is made in their individual assigned virtual account ledger.

Funds are automatically credited to your main account.

Our platform will use the payment originator or pre-defined reference information (such as an account nickname) for immediate and automatic buyer / depositor identification.

Track deposits via RBC Virtual Account Management.

See all deposits received through virtual accounts, expediting the daily reconciliation process.

Frequently Asked Questions

RBC VAM Platform is the application that hosts all clients' virtual accounts and provides clients with ability to:

  • view virtual accounts and transaction activity by individual virtual account or by hierarchy
  • search for virtual account transactions and view and download virtual account reports

The VAM platform is accessed via RBC Express or RBC Edge. You must have an active RBC Express or RBC Edge profile in order to access the VAM platform

Only users with access to RBC Express or RBC Edge and with separately provided entitlement to the VAM platform will have access

Branch deposit, Night Deposit, ACH, Wires, Corporate Creditor and Point of Sale (Merchant Acquiring)

No, payment through virtual accounts is currently not supported. Outbound payments through a virtual account is a roadmap item for future development.

Unfortunately, currently the VAM platform is not optimized for mobile or tablet devices. It is only supported on laptop and desktop devices.

For RBC Express, RBC Edge and RBC VAM Platform – the transaction will be seen the same day but without the VA Narrative details. The narrative details will be available on RBC Express, RBC Edge and RBC VAM Platform the following business day.

As all funds deposited into a virtual account roll up to the physical bank account, it is the funds in the physical bank account that qualify for CDIC insurance (up to the maximum allowed by the CDIC).

No, as all funds deposited into a virtual account roll up to the physical bank account, it is the physical bank account where interest would be paid (if applicable)

Learn About Virtual Account Management

Let us help you figure out what’s right for your business.
Talk to your Relationship Manager

Call Call 1-800-769-2511

Virtual accounts are not deposit accounts, as such, no funds will remain in these accounts (funds flow directly into the physical bank account attached to the virtual account), no interest will be paid, and the funds that flow through the virtual account is not covered by CDIC insurance (but may be covered in the physical bank account up to the maximum allowed by the CDIC).