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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.

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Verification

Every account completes its own verification before it can move funds. The flow has four statuses:
StatusDescription
PROVISIONINGAccount is being provisioned and verified.
RFILumx requested additional details to proceed.
ACTIVEVerification complete. Account can move funds.
CLOSEDAccount permanently closed.
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 verification status changes.

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Activation timelines

How long it takes an account to move from PROVISIONING to ACTIVE once the customer is approved. Timelines vary by currency because Lumx has direct reliance with local banking partners in some markets but not others.
CurrencyTargetWhy
BRLImmediateDirect reliance with local banking partner. Account is ACTIVE as soon as the customer is APPROVED.
MXNImmediateDirect reliance with local banking partner. Account is ACTIVE as soon as the customer is APPROVED.
USDUp to 1 business dayBanking partner reviews before the account moves to ACTIVE.
EURUp to 1 business dayBanking partner reviews before the account moves to ACTIVE.
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.