Open an Account
Store, manage, and transfer funds seamlessly within the platform or across external banking systems.
An account is a customer’s wallet within the platform that allows them to collect, store, manage, and transfer funds.
Accounts can be created for individuals or businesses during the onboarding process. Once an account is created, customers can hold funds within the system and move money both internally and externally.
The platform enables customers to seamlessly move funds:
Move funds between accounts within the system.
Transfer funds from external bank accounts into the system.
Send funds from the system to external bank accounts or payment destinations.
Receive incoming funds into your account from external sources.
Receive debits initiated externally against the account.
Together, these capabilities enable secure and efficient management of funds and transactions.
Account Types
The platform supports two account types:
A Checking Account is the primary operating account used to store and manage customer funds within the platform. Funds in this account represent the available balance that can be used for transactions.
Typical usage
- Hold customer funds
- Send or receive transfers
- Initiate payouts or withdrawals
- Make purchases or withdrawals through an issued debit card
A Clearing Account is a program-managed account used to facilitate the movement and processing of funds within the platform.
These accounts are typically used for payment processing and fund passthrough workflows before funds reach their final destination.
Typical usage
- Facilitate inbound or outbound payment processing
- Support settlement and reconciliation workflows
- Temporarily route funds during transaction processing
Checking vs Clearing Accounts
| Feature | Checking Account | Clearing Account |
|---|---|---|
| Purpose | Primary account used to hold and manage customer funds | Used to process and route funds during transactions |
| Ownership | Funds belong to the customer | Managed by the Program Manager |
| Access | Customer has full visibility and control | Customer does not have direct access |
| Usage | Used for payments, transfers, withdrawals, and card transactions | Used primarily for payment processing and passthrough workflows |
| Agreements Required | Customer must acknowledge Passport Account Holder Agreement (SPAA) | Customer must acknowledge Passport Payments Terms & Conditions, or the Program Manager must be underwritten as a Third-Party Payment Processor |
Open a Checking Account
Funds in the Checking Account represent the balance that the customer can actively use for transactions such as transferring funds, making payments, or withdrawing money to external destinations.
Typical uses include:
- Holding available customer funds
- Sending or receiving internal transfers
- Initiating payouts or withdrawals
- Managing day-to-day transactions
- Using funds through an issued debit card
Requirements
Before a Checking Account becomes operational, the account holder must acknowledge Passport’s Account Holder Agreement, commonly referred to as SPAA.
This authorization allows the system to facilitate financial operations on behalf of the account holder within the platform.
Open a Clearing Account
A Clearing Account is used to facilitate the movement of funds through the platform during transaction processing.
These accounts are typically managed by the Program Manager and are used for payment routing, settlement flows, and passthrough transactions.
Typical uses include:
- Supporting inbound and outbound payment processing
- Temporarily routing funds before final settlement
- Supporting reconciliation and settlement workflows
Requirements
Customers interacting with Clearing Accounts must acknowledge the Payments Terms & Conditions.
If this authorization is not provided, the Program Manager must be underwritten as a Third-Party Payment Processor in order to facilitate payment processing on behalf of customers.
- Tryouts ticket https://prioritycommerce.atlassian.net/browse/WPCE-3493
- Should I remove the concept of "isCustomerOwned" True/False entirely from here?
- If yes, do we keep it in API Tryouts ?
Updated about 9 hours ago