Connecting Bank Accounts to Mysa

You can connect your company’s YES Bank or IDFC VAN accounts to Mysa to enable automated payments, real-time reconciliation, and Smart Statements. This guide walks you through the steps to connect each type of account, prerequisites, and what to expect after setup.

Admins and Finance Controllers with access to Company Settings in Mysa.

A YES Bank account is preferred for a seamless experience on Mysa, including faster payments, real-time reconciliation, and automated smart statements.
If your company does not have a YES Bank account, Mysa can help you open one. Simply raise a support ticket, and our team will coordinate the account setup directly with YES Bank.

If you prefer to continue using a non–YES Bank account, you’ll need to use a Virtual Account Number (VAN) powered by IDFC Bank.
Please note:

This is a wallet, not a traditional current account.
You’ll need to manually top it up from your primary account.
Bank statements with logos are not available; only Excel reports can be generated

Connecting a YES Bank Account

Go to Company Settings
From the left navigation bar, click Company Settings, then select the Banking tab.
Click “Connect” on YES Bank
A pop-up will appear asking whether API Banking has been activated for the account.
If API Banking is Activated (Click “Yes”)
- Enter the following details:
  - Customer ID/CRN
  - Bank Account Number
  - IFSC Code
- Perform a live balance verification
  If the entered balance doesn’t match the bank’s data, you’ll see an error:
  “Bank balance does not match.”
If API Banking is NOT Activated or You’re Unsure (Click “No/Not Sure”)
- Mysa will show API activation as a critical prerequisite
- Two options will appear:
  - Activate API Banking (Self Serve)
    How to activate API banking
  - Raise a Ticket for Mysa’s support team to assist

Connecting an IDFC VAN Account

Share KYC Details: Share your company’s KYC documents with the Mysa team.
Letter of Authorization: Mysa will generate a letter of authorization for you to sign
Account Setup by Mysa: We will share the details of the Virtual Account Number
Whitelist Funding Account: Provide your current account details so Mysa can whitelist it for funding the VAN.
Wallet Setup Complete
Note:
- This is a wallet, not a traditional current account.
- Smart Statement will show transaction details within Mysa.
- Bank statements with logos cannot be generated; only Excel exports are available.
- You must top up the wallet from your whitelisted current account.

Disconnecting a Bank Account

To disconnect an account:

Raise a support ticket
Once disconnected:
- Payments and Smart Statements will no longer sync
- You won’t be able to initiate or authorise payments
- You won’t be able to reconcile transactions

Things to Note

You can connect only one YES Bank account at a time.
YES Bank is the only supported bank for direct payment connections.
IDFC VAN is a virtual wallet, not a current account.
Activating YES Bank API Banking is mandatory to proceed with the connection.
VAN wallet requires periodic manual top-ups.

FAQs

Q: Can I add two YES Bank accounts?
A: No, only one YES Bank account can be connected at a time.

Q: Can I replace my YES Bank account with another one?
A: Yes, but you’ll need to deactivate the current one and raise a ticket to add the new account.

Q: Can I replace YES Bank with a non-YES Bank account?
A: No, only YES Bank accounts are supported for direct connection.

Q: Can I use my existing YES Bank account?
A: Yes, provided it has API Banking activated.

Q: Can I activate API Banking myself?
A: Yes, through the “Activate API Banking (Self Serve)” option.

Q: Are there any tax liabilities for using a virtual account?
A: Please consult your tax advisor. Mysa does not provide tax advice.

Q: How long does it take to activate a YES Bank account?
A: Typically within 24–48 hours, assuming correct details and balance verification.