10 docs tagged with "concept"

Account statuses

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.

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.

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.

A legal person is either:

Our platform has two top level objects:

When your onboard a customer onto our platform, we need to take steps to verify their identity, confirm that their funds come from legitimate sources, and understand the level of financial crime risk they pose. As a UK bank, this is part of our regulatory duty to prevent financial crime.