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A virtual account is a fiat account issued by a Lumx banking partner in your customer’s name to send and receive payments in a local currency. Each account is tied to one currency and supports every rail the partner bank offers for it. A USD account, for example, supports ACH, Fedwire, and SWIFT on the same account. Lumx orchestrates account provisioning and verification with banking partners that hold the funds and execute the underlying rails. Accounts carry their own verification status, independent from the customer’s. A customer can hold multiple accounts across different currencies. See Coverage for supported currencies and rails.
To convert every deposit that lands in an account to stablecoin automatically, set up an autoconversion rule instead of running a conversion per deposit.

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Lifecycle

An account is created together with its customer and waits for the customer’s verification before provisioning starts. The lifecycle has these statuses: The happy path is AWAITING_ONBOARDING → REQUESTED → PROVISIONING → ACTIVE. Provisioning can pause in RFI when more information is needed, and can end in REJECTED. An account moves to INACTIVE when it’s closed or when its customer becomes inactive.
If an account moves to RFI, you’ll be notified of the specific information needed. Provide the requested details to continue verification.
Subscribe to webhooks for real-time notifications when an account’s status changes.

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Activation timelines

The time an account takes to move from REQUESTED to ACTIVE once the customer is approved varies by currency, because Lumx has direct reliance with local banking partners in some markets but not others. Subscribe to the account.active webhook to know the moment an account is ready to receive funds.

Customers

The legal entity that owns the account.

Transactions

Move funds in and out of accounts.

Destinations

External payout targets for outbound fiat.

Coverage

Supported rails and currencies by country.