Zero Balance Account

A zero balance account (ZBAZBA Zero Balance Account - an account held at a financial institution that maintains a 0 balance. When a payment run is ready to be funded, the exact amount required is transferred into the account, and any residual funds are automatically swept back to the originating bank accounts daily. This reduces fraud risk and maintains greater control over corporate funds.) represents an account held at a financial institution that maintains a 0 balance. When a payment runPayment Run A list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. 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.

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A ZBAZBA Zero Balance Account - an account held at a financial institution that maintains a 0 balance. When a payment run is ready to be funded, the exact amount required is transferred into the account, and any residual funds are automatically swept back to the originating bank accounts daily. This reduces fraud risk and maintains greater control over corporate funds. in the name of the buyerBuyer A business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. is automatically created for each supported currency as soon as buyersBuyer A business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. complete onboarding.

With ZBAZBA Zero Balance Account - an account held at a financial institution that maintains a 0 balance. When a payment run is ready to be funded, the exact amount required is transferred into the account, and any residual funds are automatically swept back to the originating bank accounts daily. This reduces fraud risk and maintains greater control over corporate funds. 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 runPayment Run A list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution., the buyerBuyer A business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. 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 suppliersSupplier A trusted business or individual that receives payments from Buyers through payment runs. Suppliers can be stored in a trusted supplier list, and when marked as trusted, may allow Buyers to skip Strong Customer Authentication when executing payment runs to those suppliers..

Sweep a Zero Balance Account

Once a payment runPayment Run A list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. is completed, any residual funds in the account are automatically swept back to the source linked accountLinked Account An entity in the Weavr system that represents an external bank account or payment service provider (PSP) account which an Identity has verified 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 as 'self-to-self' transfers.. This may happen if:

• a payment fails because of wrong or invalid information
• the supplierSupplier A trusted business or individual that receives payments from Buyers through payment runs. Suppliers can be stored in a trusted supplier list, and when marked as trusted, may allow Buyers to skip Strong Customer Authentication when executing payment runs to those suppliers.'s bank rejects the payment
• the payment runPayment Run A list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. was canceled

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To automate the sweeping transaction, we require the BuyerBuyer A business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator.'s consent. This consent is requested only once per linked account and is incorporated as part of the Payment Fund UI Component.

Supported currencies​

The plug-in supports both GBP and EUR currencies.