Published on Tue Dec 12 2023 10:00:00 GMT+0000 (Coordinated Universal Time) by Kenny Horn
Introduction
Universal Basic Income (UBI) is an innovative concept that guarantees a fixed amount of money to all citizens, typically paid out regularly by governments or organizations. But how do we efficiently manage, distribute, and track UBI payments on a large scale?
Enter Virtual Accounts. These digital accounts simplify the distribution of UBI by offering flexible payment methods, including ACH wire transfers and RTP (Real-Time Payments). Virtual accounts allow us to create and manage separate accounts for each recipient without the complexity of traditional bank accounts.
How It Works
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Creating Virtual Accounts
With Virtual Accounts, you can create individual accounts for each recipient. Each account is assigned a unique identifier, allowing for easy tracking and management. -
Funding Virtual Accounts
ACH wire transfers or RTP can be used to transfer funds directly to each individual’s virtual account. Payments can be automated or triggered manually. -
Distributing UBI
Once funds are available in a virtual account, they can be accessed via different methods such as withdrawals, transfers, or payments, all managed within the platform.
Benefits
- Efficient Distribution: Payments can be sent instantly using RTP or in bulk using ACH wires.
- No Need for Physical Bank Accounts: Virtual accounts allow recipients to receive UBI payments without requiring separate physical accounts.
- Scalable: Easily handle payments to thousands or millions of individuals.
To learn more and get started with the API, visit Universal Basic Income Manager.
Written by Kenny Horn
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