Financial Accounts

What Is a RocketKOR Financial Account?

In RocketKOR, the accounts used in transactions are called Financial Accounts.

Transactions can be conducted between Financial Accounts that belong to the same Child Business Account. For example, you can send funds from a Business Financial Account to a Customer Financial Account if these accounts reside in the same Child Business Account.

There are three types of Financial Accounts: Business, Customer, and Recipient.

Business Financial Accounts

Financial Accounts owned by your organization
Created within a Child Business Account

Customer Financial Accounts

Financial Accounts owned by a Customer
Created within a Child Business Account
Linked to a Customer Account
The Customer Account and Financial Account must be created with the same Child Business Account

Recipient Financial Accounts

Financial Accounts owned by a Recipient
Created within a Child Business Account
Linked to a Recipient Account
The Recipient Account and Financial Account must be created with the same Child Business Account

What Are the RocketKOR Financial Account Categories?

Customer and Recipient Financial Accounts can belong to one of the following categories: external, internal, or integrated.

Internal

Created within RocketKOR to manage funds and track account balances for a Customer (individual or business)
Is not linked to an account at a financial institution and cannot be used for transactions outside of RocketKOR, such as deposits and withdrawals
RocketKOR always maintains a ledger and tracks account balances for internal accounts
RocketKOR is the system of record (SOR) for internal accounts

Integrated

Is linked to a third-party account at a third-party institution
The third-party institution provides key aspects of the integrated account’s capabilities and/or attributes (external deposits or withdrawals, insurance, and so on)
The third-party institution may be a regulated financial institution, such as a bank
RocketKOR always maintains a ledger and tracks account balances for integrated accounts
RocketKOR or the third-party institution may be the system of record (SOR) for integrated accounts
Can be used for any type of transaction (send, request, deposit, withdrawal, internal transfer, and so on)
RocketKOR provides management capabilities for integrated accounts, such as editing, suspending, and closing the account
Examples of integrated accounts are bank accounts (checking, savings) and cards (debit, credit, prepaid)

External

Is linked to an account that is issued or managed by an outside financial institution
RocketKOR does not maintain a ledger or track account balances for external accounts
The outside financial institution is the system of record (SOR) for external accounts
Can only be used for transactions initiated on RocketKOR, such as send and request
Examples of external accounts include bank accounts (checking, savings), cards (debit, credit), investments, and loans