Custody Account Intro

Custody account resources

With our custody product, platforms can issue accounts on behalf of users, where funds are held by a third party trustee. These accounts are denoted as CUSTODY-US in our system.

Custody accounts are a great choice for platforms that want to avoid being in the flow of funds. These accounts are similar to a clearing account but allow you to ledger fund ownership. These accounts are also great for platforms attempting crowdfunding, or those that want to develop a custom escrow account. Custody accounts are also fully insured by FDIC up to $250,000.

Unlike Deposit accounts, custody accounts also have light-weight KYC requirements similar to that of subaccounts (within a platform's FBO account). KYC can vary based on use case, but the minimum KYC requirements include the following:

Minimum KYC for Individuals:

  1. Base Document: Name, DOB, Address, Email (If unverified: 2FA), Phone (If unverified: 2FA)

OR

  1. Base Document: Name, DOB, Address, Email, Phone
  2. Virtual Document: SSN with W-9 Verification

OR

  1. Base Document: Name, DOB, Address, Email, Phone
  2. Physical Document: Government Issued Photo ID (GOVT_ID)

Minimum KYC for Businesses:

  1. Business Info:
    a. Base Document: Business Name, Address, Entity Formation Date, Entity Type (LLC, Corp, etc), Entity Scope(Industry), Business Email (If unverified: 2FA) & Phone Number (If unverified: 2FA)

Node Type

Type
Default Permissions
Comment

CUSTODY-US

CREDIT-AND-DEBIT

A custody account held in the name of our partner bank's trust department that functions like a deposit account. FDIC insured.

NODE STRUCTURE

_id:
string

Object ID of the node

_links.self.href:
string

HAL style link for the node

allowed:
string

Denotes the account standing. Look at the node permissions section below to learn more

client.id:
string

ID of the client that created the node

client.name:
string

Name of the client that created the node

info.nickname:
string

Any nickname/common name given to the node. Eg. Savings Node

info.name_on_account:
string

[Deprecated] Name of the user who owns the node

info.balance.amount:
double

Balance associated with the node.

info.balance.currency:
stringUSD

Currency of the node

type:
string

Type of node

timeline:
array of objects

Array that tracks node updates as they occur

is_active:
booleantrue

If the node is indexed or marked deleted.

user_id:
string

ID of the user who owns the node

extra.supp_id:
string

Any supplied ID given by the client that created the node

Node Permissions

Every account has the following permissions associated with them:

PERMISSION
COMMENT

CREDIT-AND-DEBIT

Node can be used for sending or receiving funds

INACTIVE

Node has been disabled and cannot be used for any transactions

LOCKED

Node has been locked and cannot be used for any transactions. This can be used in the case of fraudulent activity

Custody Account Intro


Custody account resources

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