Skip to main content

Bare trust savings with Reliance

This collection covers:

  1. Onboarding a customer using Reliance
  2. Opening a bare trust savings account and adding members
  3. Making, receiving, and tracking payments
  4. Closing a bank account

1. Onboard a customer using Reliance​

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

You are using Reliance onboarding. This is where your company carries out due diligence on your customers using your own tools, and then provides us with the information we require and attestation that you have verified that information.

info

The guides below assume you will be using the /applications endpoint, which lets you submit all information on your customer in one go.

Select the guide you need based on the type of customer you are onboarding, and choose Reliance onboarding from the right-hand sidebar.

2. Open a bare trust savings account and add members​

Once you’ve onboarded your customers, you can open a bare trust savings account. This is a pooled account that holds funds from multiple customers.

🐷 Open a savings account

You will need to add your customers as members of the pooled account, using the legal person URLs you create in the last step. The account cannot receive payments until you have added at least one member.

🏊 Manage pooled account members

After that, you must confirm that pooled account membership is up-to-date once every 24 hours.

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