Post by Randy San Nicolas

One of the earliest virtual account concepts I remember came from ConveniaLoad co-founder Jim Henderson. This was during the early prepaid card days- around 2007. Imagine a time when you could issue anonymous, reloadable cards to just about anyone. Crazy by today's compliance standards. Jim and his team built a deposit slip product that allowed cardholders to deposit cash at participating locations, just like making a deposit at a bank branch. In many ways that team helped shape how to interact with accounts external to a bank's core. The deposit slip encoded (virtual account 1) the relationship between the customer slip, the issuing bank, and ultimately the underlying stored value account. The reference we maintained on our AS400-based issuer system was what we called a pseudo DDA. Or, you guessed it, virtual account 2. The first three digits of the pdda mapped to the on core FBO, creating the product container. We were all proxying our way around the core to deliver functionality the core either could not provide or could not provide in a reasonable time or at a reasonable cost. A few decades later, we're still proxying our way around the core to deliver what customers actually want and need. The result of first principles bashing up against non technical barriers that are simply tolerated. Food for thought. 🤔 #NothingNewUnderTheSun #Innovation #Reimagine #FinTech #Payments I found an old brochure. 😊 👇🏽