Wallet Accounts (FBO)
Wallets are a way for banks to send and/or store money on behalf of third parties in certain instances. They can offer simplicity and ease of use for programs that involve lower balances and limited payment options. They can offer an on-ramp to more standard deposit accounts, offering companies a way to pilot, or offer narrowly-defined financial features to their customer bases to enhance loyalty and trust.
Key Concepts
Wallet Terms
Each wallet is created using a specific wallet terms. Wallet terms are a predefined set of terms associated with this wallet (e.g. Fees, Limits, Card settings).
Use walletDefault as the default value for the wallet terms field while building your solution in sandbox. Contact Unit to create other wallet terms under your organization.
Wallet Lifecycle
A successful wallet creation will result in a wallet in Open status. Wallets can then be:
- Frozen - Temporarily restricted, behaves like a closed wallet but can be unfrozen
- Closed - Permanently closed (irreversible)
- Reopened - Only wallets closed by customers can be reopened
Eligible Customers
Wallets can be created for:
BusinessCustomer- Created via Create Business ApplicationBusinessWalletCustomer- Created via Create Business Wallet CustomerIndividualCustomer- Created from a Sole Proprietor Application with thesoleProprietorshipattribute set totrue