17 docs tagged with "concept"

Bacs is the UK payment scheme behind Direct Credits and Direct Debits. Griffin supports Bacs payments so your customers can pay their bills or receive credits. To send money, use Faster Payments.

Account statuses

A transaction is a record of an amount of money paid into, or paid out of, a bank account.

Claims are unverified data points or pieces of information attached to a legal person. They describe alleged facts about an entity, ranging from common data points like names or addresses to specific ones like the purpose for wanting an account with us.

Commission is an incentive that Griffin pays to you based on the balances that your customers hold with Griffin. We pay this to our customers to give a share of the value that we earn on deposits held, and to incentivise our customers to grow their deposit base with us. Commission behaves a lot like interest except that commission is not paid to the owner of the account, but to the Griffin customer that controls the account.

A Direct Debit lets an organisation collect money from a bank account with the account holder's ongoing authority, the standard UK mechanism for bills, subscriptions, and repayments. On Griffin, Direct Debits work in one direction: organisations your customers have authorised can collect from Griffin accounts. You cannot use Griffin to collect Direct Debits from accounts at other banks; see the Bacs overview for what is and isn't supported.

Interest is money that you earn on your funds that you hold with Griffin. It is based on the amount of money you hold with us and the interest rate on the account that holds the funds.

A legal person is either:

When you open a bank account with Griffin, you need to tell us who has what rights and permissions regarding that account.

Payees provide a way to store a payee name (account-holder) against UK payment details - an account number (account-number) and a sort code (bank-id) - and to easily reference these when making a payment.

Making a payment is a multistep process. There are several resources that you will need to interact with throughout its processing lifecycle which are described below.

Our platform has two types of organizations: sandbox and live.

When you onboard a limited company, you'll typically declare its directors and any people with significant control (PSCs). Some companies have no PSCs — for example, where shareholding is widely distributed and no single individual holds ≥25% of the shares or voting rights. In those cases, you need to identify one of the company's directors as the senior manager: the individual who has ultimate control of the company.

---

This section applies to both Verify, Reliance and Outsourced onboarding.

Our platform has two top level objects:

A workflow is used to complete a verification on a legal person. It specifies the data (or claims) required about a legal person and the type of assessment that is done on the legal person.