Automating Transfers with Virtual Accounts

SpherePay's Virtual Account provides a streamlined, automatic solution to convert fiat currency into stablecoins directly. Designed specifically for developers and businesses integrating with SpherePay, Virtual Accounts leverage dedicated virtual bank accounts linked to your chosen wallet addresses, ensuring a seamless fiat-to-stablecoin conversion experience.

How It Works

When you set up a virtual account, SpherePay creates a unique virtual bank account associated directly with a specific wallet address. Each incoming transfer to this bank account automatically triggers an instant conversion from fiat (USD) into a supported stablecoin (USDC or USDT), which is then immediately delivered to the linked wallet address.

Supported Currencies

Currently, SpherePay supports:

• Fiat Currency: USD
• Stablecoins:
  • USDC on Arbitrum, Avalanche, Base, Ethereum, Polygon, Solana
  • USDT on Ethereum

Supported Regions

SpherePay Virtual Accounts are available globally, except in regions sanctioned or otherwise prohibited by law.

Setting Up a Virtual Account

To successfully set up and utilize a Virtual Account, follow these steps:

1. Merchant Setup

• Ensure your business has an active SpherePay account.
• Complete the SpherePay KYB (Know Your Business) process.

2. Customer Setup (if applicable)

If you're opening a Virtual Account for your customers, ensure each customer:

• Is registered via the Create Customer API.
• Has accepted the Terms of Service (TOS).
• Has completed Know Your Customer (KYC) verification.

Virtual Account APIs

Create Virtual Account

For full request/response details, see the Sphere API Reference.

Request Example

{
  "customerId": "{{customer_id}}",
  "walletAddress": "{{wallet_address}}",
  "currency": "USD",
  "network": "ethereum",
  "stablecoin": "USDC"
}

Retrieve Virtual Account

For full request/response details, see the Sphere API Reference.

List Virtual Accounts

For full request/response details, see the Sphere API Reference.

Update Virtual Account

For full request/response details, see the Sphere API Reference.

Deactivate Virtual Account

For full request/response details, see the Sphere API Reference.

Reactivate Virtual Account

For full request/response details, see the Sphere API Reference.

Transaction Timing

Transfers to your virtual bank account are converted instantly once funds arrive, excluding the transfer time from the customer's bank to the virtual account itself.

Security and Compliance

SpherePay’s Virtual Accounts strictly adhere to comprehensive KYB and KYC verification protocols to ensure compliance and security.

Additional Notes

• Currently, SpherePay Virtual Accounts do not support webhook notifications.
• To maintain operational simplicity and reliability, event ordering or additional sandbox testing environments for Virtual Accounts are not supported or required.
• Listing transactions history from a virtual account is currently not supported. We are working on adding this feature in the future. Please contact your sales representative to learn more.