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Dedicated client money accounts with Verify

This collection covers:

  1. Onboarding a customer using Verify
  2. Opening a dedicated client money account for the customer
  3. Making, receiving, and tracking payments
  4. Closing a bank account

1. Onboard a customer using Verify​

Before you can open bank accounts, you will need to create legal persons to represent your customers in our system.

You are using Verify, our onboarding product that lets you submit your customer's information, and run automated ID&V, screening and anti-fraud checks on them all in one go.

Select the guide you need based on the type of customer you are onboarding.

2. Open a client money account for the customer​

You can now use the legal person URL you created in the last step to open a bank account for your customer.

💼 Open a client money account

You are using dedicated client money accounts, which means the account will hold money from a single customer, who is the beneficiary of that account.

info

Learn more about owners, controllers, and beneficiaries.

3. Payments​

Receive a payment into the account​

Griffin automatically receives payments, so there are no actions you need to take here, but you can track the progress of inbound payments by creating a webhook.

Make a payment from the account​

You can use a webhook or polling to track payments you have submitted.

💸 Make a payment

4. Close the bank account​

Once closed, the bank account cannot be reopened. Once a bank account enters the closing state, it will no longer accept inbound payments.

🙅 Close a bank account