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Linked Accounts

Overview: What is a Linked Account?​

Extension of Linked Accounts to Europe

  • The Linked Account feature is applicable to UK and EU "self-funded" programmes. A self-funded programme is appropriate when your end-customers only needs to receive wire transfers from themselves and send wire-transfers to themselves.

  • This feature is available for UK-based programmes and EU programmes.

  • External accounts on the self funded programmes must now be linked in order to receive Incoming Wire Transfers (IWTs).

In addition to our core Instruments (Managed Cards and Managed Accounts), our platform supports Linked Accounts, which allows an Identity to link external bank accounts or payment service provider (PSP) accounts to their profile.

A Linked Account is an entity in the Weavr system that represents an external bank account or PSP account which the Identity has verified that they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts in a way that can be recorded as a “self-to-self” transfer.

Prerequisites

To register a Linked Account for an Identity, you will need:

  • A successfully onboarded and active Identity.
  • A Managed Account with an assigned IBAN (for EU accounts) or Sort Code and Account Number (for UK accounts). More information on assigning an IBAN or sort code and account number to a Managed Account can be found here.

Verification required for Linked Accounts​

Feature for Self Funded Programmes
  • The Linked Account feature is now mandatory for self funded programmes, with Identities that hold GBP and EUR Managed Accounts .

Linked Account registration​

To register an account for linking, your end-customer is required to initiate a wire transfer of up to €100 (for Euro Managed Accounts) or £100 (for GBP Managed Accounts) from their external account to any Managed Account that belongs to them (as an Identity) within the system.

IWTs above this amount (€100 or £100) will be rejected if the sending account has not been linked.

Before a Linked Account is fully activated to be used as a source or destination for self-to-self payments, a name verification check will take place to that ensure the Linked Account owner matches the Identity registered at Weavr. As part of this process, the sender name (on the incoming payment) will be automatically checked against the registered Managed Account owner's name and where required, raised to the Weavr compliance team for a manual confirmation.

Understanding Linked Account states​

During the registration process of a Linked Account, the Linked Account will be in one of the following overall states:

  • PENDING_VERIFICATION: The Linked Account is pending the completion of name check.

  • ACTIVE: The Linked Account is verified and active, ready to be used for self-to-self wire transfers.

  • BLOCKED: The Linked Account is temporarily blocked, preventing any use of this external account in self-to-self wire transfers.

  • REMOVED: The Linked Account has been removed from the platform and can no longer be used for self-to-self wire transfers unless a new verification is completed in future.

  • REJECTED: The Linked Account failed the verification process and cannot be used for self-to-self wire transfers.

This status will be shared via a webhook along with an ID, which can also be used in the call to the multi API endpoint "Get a Linked Account".

Linked Account webhook event​

Notifications of updates to Linked Accounts will be sent to you via ${WEBHOOK_URL}/linked_accounts/watch webhook URL.

info

The ${WEBHOOK_URL} is the URL configured in your application settings.

This webhook is triggered whenever there is an event related to a Linked Account; such as activation, rejection, block, removal. The webhook provides detailed information about the status of the Linked Account and any verification processes associated with it.

Integration to this webhook is strongly recommended in order to be alerted to the creation and activation of Linked Accounts, including the progress towards verifying an account that has recently been created, helping ensure timely updates to your end-customers regarding their Linked Account.

Check the detailed description of the webhook parameters here.