Assign an IBAN to a managed account to enable wire transfers to and from bank accounts outside of Weavr.
You can upgrade a managed account by assigning an IBAN to it so that the account also supports wire transfer transactions. This will let your customers deposit funds from their own or third party bank accounts as well as initiate outgoing wire transfers to their own or third party bank accounts.
Managed accounts need to have an IBAN only if you need transfers to/from third parties. You can transfer funds from one managed account to another managed account within Weavr using the transfer transaction with no need for an IBAN.
Please note that when opening a Managed Account, (see create an account) the account may not be marked as
active immediately. If you attempt to upgrade an account that isn't active, you will receive an errorCode
INSTRUMENT_NOT_ACTIVE. To be notified when the account becomes active, subscribe to the managed account update webhook; at which point you will be able to upgrade.
The managed account update webhook will send a notification once a managed account is created and active, and can be upgraded.
You can use the API to retrieve the IBAN details assigned to a managed account when you need them.