Overview

Works In Progress

This feature will be made available in Sandbox, as from Wednesday 18th September 2024 for UK-based programmes only.

What is a Linked Account?

Feature for UK-based Programmes

• The Linked Account feature is currently mandatory on UK Cards-Focused programmes, with Identities that hold GBP Managed Accounts for use with Managed Cards. This means that the new feature is available for UK-based programmes only.
• Linked Accounts are not yet available for EU/EUR/SEPA programmes.

In addition to our core Multi Instruments (Managed Cards and Managed Accounts), our platform now supports Linked Accounts, allowing Identity users to link external bank accounts or payment service provider (PSP) accounts to their profiles.

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 GBP Managed Account with an assigned Sort Code and Account Number. More information on assigning a sort code and account number to a Managed Account can be found here.
• A logged-in Root User that has enrolled to at least one additional authentication factor.

Key Fields in Linked Account Registration

Call the following Multi API endpoint to trigger the registration process of a Linked Account:

POST/linked_accountsTry it

When registering a Linked Account, the following key fields are required:

• Name: The registered owner’s name of the account at the external bank or PSP. This should match the name on the external account to ensure successful linkage and compliance with verification steps.

• Type: A Linked Account can be of two types, Personal or Business.

  • Personal means that the account held at the external bank or PSP is registered under the ownership of a natural person or consumer identity;
  • Business means that the account held at the external bank or PSP is registered under the ownership of a corporate entity.

• Account Reference: The IBAN or the combination of the Account Number and Sort Code of the account at the external bank or PSP. This uniquely identifies the account within the financial institution and is necessary for processing transactions.

• Country: The country in which the bank or financial institution holding the account is located. This is essential for regulatory and compliance purposes.

• Friendly Name: A user-friendly label assigned to the Linked Account to help end-users easily identify it within the application. This name can be updated at any time using the PATCH endpoint.

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 the required verification steps.

• 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. A Linked Account can be unblocked by calling the Multi API endpoint POST /linked_accounts/{id}/unblock.

• 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 unless a new verification is completed in future.

A Linked Account can transition through these different overall states, starting at the PENDING_VERIFICATION state until all verification steps are followed through.