Zero Balance Account

A zero balance account (ZBA) represents an account held at a financial institution that maintains a 0 balance. When a payment run is ready to be funded, the exact amount of money required is transferred into the account and any residual funds are swept back to the originating bank accounts daily.

This eliminates excess balances in separate accounts which reduces risk of fraud and maintains greater control over corporate funds.

note

A ZBA in the name of the buyer will be automatically created for each supported currency as soon as buyers complete onboarding.

With ZBA your customers can reduce the risk of fraud and minimize the potential impact of unauthorized transactions, as there is no significant balance to exploit.

Fund a Zero Balance Account

Zero balance accounts are used to temporarily hold funds assigned to a payment run. To execute payments within a payment run, the buyer needs to first send the required funds to the zero balance account. Once funds are received, the payments are executed and the respective amount are sent to suppliers.

Sweep a Zero Balance Account

Once a payment run is completed, any residual funds in the account will be automatically swept back to the source linked account. This may happen if:

• a payment fails because of wrong or invalid information
• the supplier's bank rejects the payment
• the payment run was cancelled

note

To automate the sweeping transaction, Weavr requires the Buyer's consent. This consent is requested only once per linked account and will be the incorporated as part of the PIS UI Component.

Supported currencies​

Currently, the plug-in only supports GBP as a currency.