Managed accounts

A managed accountManaged AccountAn account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. represents an account held at a financial institution where your customers can hold and move funds. Weavr lets you create managed accountsManaged AccountAn account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. in GBP, EUR, or USD, and a single customer can own multiple accounts in different currencies.

Account journey

A managed accountManaged AccountAn account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. is owned by a customer - onboard a corporate or consumer and complete KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. or KYCKYC (Know Your Customer). Know Your Customer - the identity verification process for consumer customers. This process allows you to securely verify your user's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. before you begin.

POST/managed_accountsCreate a managed accountOpen an account for an onboarded customer.View operation →

1. Create the account - call POST /managed_accounts with a profileProfileA template defining the configuration for one type of object - corporate identity, consumer identity, managed account, managed card, transfer, or outgoing wire transfer. When you create one of these objects you reference its Profile ID, which tells Weavr which limits, currencies, supported countries, branding, and fees to apply. Your programme ships with one or more Profile IDs per supported object type. ID and currency. The account is ACTIVE immediately.
2. Assign an IBAN (optional) - upgrade the account to send and receive wire transfers with external banks.
3. Fund the account - top it up via transfers from another managed accountManaged AccountAn account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr., incoming wire transfers from an external bank, or card deposits.
4. Retrieve a statement when you need to surface the account's settled transactions to your customer.
5. Subscribe to account webhooks to track incoming wire transfersWire TransferA transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP)., state changes, and low-balance alerts.

To shape the accounts you create - supported currencies and other behaviour - set up account profiles in the Weavr Portal.

Account states

A managed accountManaged AccountAn account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. is always in one of the following states:

• ACTIVE - the account is live and can be used to send and receive funds.
• BLOCKED - the account is temporarily blocked. Funds remain on the account but no transactions can be processed until it's unblocked. The blockedReason field describes why.
• DESTROYED - the account has been permanently closed. The destroyedReason field describes why.

Subscribe to the account update webhook to be notified when an account changes state.

Account balances

Every managed accountManaged AccountAn account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. exposes two balance fields, both in the smallest currency unit (cents or pence):

• availableBalance - funds available for transactions. Blocked or pending funds are not included.
• actualBalance - funds actually held on the account, including blocked or pending funds (for example, an incoming wire transferWire TransferA transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). held for compliance checks, or an authorized but unsettled card purchase).

Read more on how balances change through the lifecycle of a transaction.

Related

• Linked accounts (self-funded programs only) - allow wire transfersWire TransferA transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). to and from your customers' own external bank accounts.