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Easy access savings with Reliance and pooled safeguarding

This collection covers:

  1. Onboarding a customer using Reliance
  2. Opening a pooled safeguarding account for customer funds
  3. Open a savings account for each customer
  4. Making, receiving, and tracking payments
  5. Closing a bank account

1. Onboard a customer using Reliance​

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.

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

The Reliance onboarding guide explains how to upload your customer information, to obtain the legal person references required to open easy access savings accounts for your customers.

2. Open a pooled safeguarding account and add pool members​

Open a pooled safeguarding account to hold funds from multiple customers.

🔐 Open a safeguarding account

Use the legal person URLs you created in the last step to add your customers as members of the pooled account. 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. Open a savings accounts for each customer​

Use the legal person URL you created in step 1 to open a savings account for each of your customers.

🐷 Open a savings account

You are using easy access savings accounts, which means the account will hold money from a single customer, who is the owner of that account.

info

Learn more about owners, controllers, and beneficiaries.

4. Payments​

Receive a payment into an 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

5. Close a 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