Accounts are used to process operations, manage a balance in a dedicated currency, control the credit risk, perform transaction charging, calculate interests (credit or debit), generate an invoice (statement), process payments.
Accounts are linked to form a hierarchy in order to set up multi-purpose products (mixture of debit and credit accounts), represent organizations (families or corporate structures), set up multi-currency accounts. Credit risk verifications can be expanded across the hierarchy. Consolidated invoicing and payment management is done on top level account for accounts lower in the hierarchy.
Three types of accounts working modes are being supported; Pay Later, Pay Now, Pay Before.
- Pay Later account working mode is used to implement classical credit card products like charge cards or revolving credits. Pay later accounts are settled by a cyclic closure process and typically produce an invoice (statement) with an amount due which can represent the full or partial statement balance. Credit or debit interest algorithms may apply.
- Pay Now account working mode is used for all types of debit cards. Such accounts are typically settled in short frequencies (e. g. daily) and produce debit orders immediately forwarded to customer’s current accounts. Interest calculation never applies.
- Pay Before account working mode is used for the wide range of prepaid card products. The balance is always positive.
In our solution each Account is identified by a unique accountReference and optionally by a unique issuerAccountExternalReference per Issuer.
It is possible to:
- Retrieve Account general information using :
GET /issuers/{issuerId}/accounts/{accountReference} - Retrieve Account financial information using :
GET /issuers/{issuerId}/accounts/{accountReference}/balance
Credit Limit
For each credit account a credit limit is defined. When the account is created the credit limit value is set with the default value inherited from the product configuration; it can be also set during the creation of a contract.
The credit limit amount can be:
- retrieved using the API :
GET /issuers/{issuerId}/accounts/{accountReference}/credit-limit - updated using the API :
PUT /issuers/{issuerId}/accounts/{accountReference}/credit-limit
Each Credit Limit can be override by a Temporary Credit Limit for a selected time range.