Float accounts are used to manage incoming and outgoing funds for payments through the Basiq platform.
Float accounts are virtual accounts that can hold funds and are managed by Basiq and/or its 3rd party providers. As part of setting you up within the Basiq platform for payments you will be assigned a float account. With this float account you can:
- Have any direct debits you perform settle to your float account.
- Manage your liquidity by holding funds in the float account.
- Pay out funds from your float account to external bank accounts.
Your float account details
Once you are set up for payments you can access your float account by calling List float accounts and Retrieve Float account] if you know the float account's Id.
The API will provide you with the following details:
id: The identifier of the float account assigned by Basiq and/or its 3rd party providers.
bankBranchCode: The bank branch code (e.g. BSB in Australia)
accountNumber: The account number of the float account
availableBalance: The balance of the account
Please note this down if you want to access it using Retrieve Float account