Social Banking

Description

Social banking allows users within your platform to achieve their financial goals together.

Due to the fraud risks involved, we strongly recommend implementing a holistic fraud program before enabling social banking within your application.

Managing Connections

Adding Connections

1. Collect email or phone number, username from the user

2. Search for contacts within the platform DB

3. Remove contacts that have blocked the user

4. Display list of contacts that match the query

5. Collect user confirmation

6. Send a connection request to the selected user

7. Requested user approves the connection request

8. Send requestor a notification that their connection has been accepted

Notes:

• Connections will need to be managed in the platform’s DB

Inviting Users

1. Collect email or phone number from user

2. Send an invitation via email/text

3. Invited user Signs up with program

4. Display the connection request

5. Invited user approves the connection request

6. Send requestor a notification that their connection has been accepted

Notes:

• Accepting an invitation should not be considered approving the connection request

View Connections List

1. Get list of connections from database

2. Display Summary details of the connection

   1. Username / Name

Rejecting Connection Requests

1. Send connection request

2. User rejects the connection request

3. Allow user to block the requestor

Notes:

• Do not send notifications for rejected connection requests

Creating Transactions

Requesting Money from a Card/linked Account

1. User selects “request money”

2. Display list of connections

3. User selects the connection

4. User enters the amount of money to request

5. Select the node to receive money in

   1. Get list of nodes

   2. Display list of nodes

   3. User selects the node to use

6. Collect affirmative consent from the user

7. Send a payment request notification to the connection

8. Collect affirmative consent from the User to approve the payment request

9. Select the funding node

   1. Get list of nodes

   2. Display list of nodes

   3. User selects the node to use

10. Create a transaction from the funding Node to a platform clearing account

11. Wait until the funding transaction settles

    1. Listen for TRANS|PATCH update

12. Create a transaction from the platform clearing node to the receiver’s account

13. Send notification to the recipient and the sender

Notes:

• Both users need to approve to a payment request

• Synapse recommends leveraging an intermediary clearing account in order to minimize fraud/return risk.

Sending Money

1. User selects “send money”

2. Select the node to send money from

   1. Get list of nodes

   2. Display list of nodes

   3. User selects the node to use

3. Collect the amount of money to send from the User

4. Display list of connections

5. User selects the recipient

6. Collect affirmative consent from the user

7. Create a transaction from the Sender Node to a platform clearing account

8. Wait until the funding transaction settles

   1. Listen for TRANS|PATCH update

9. Create a transaction from the platform clearing node to the receiver’s account

10. Send notification to the recipient and the sender

Notes:

• Do not share node details between users

• Synapse recommends leveraging an intermediary clearing account in order to minimize fraud/return risk.

• The clearing account can also allow recipients to select where to deposit funds