Financial Accounts

What Is a RocketKOR Financial Account?

In RocketKOR, the accounts used in transactions are called Financial Accounts. There are three types of Financial Accounts: Business, Customer, and Recipient.

Business Financial Accounts are the accounts owned by your organization, such as bank accounts and debit cards. Business Financial Accounts are created within a Child Business Account.
Customer Financial Accounts are the accounts owned by a Customer, such as bank accounts and debit cards. Customer Financial Accounts are linked to a Customer Account. Both the Customer Account and Financial Account must be created with the same Child Business Account.
Recipient Financial Accounts are the accounts owned by a Recipient, such as bank accounts and debit cards. Recipient Financial Accounts are linked to a Recipient Account. Both the Recipient Account and Financial Account must be created with the same Child Business Account.

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 Recipient Financial Account if these accounts reside in the same Child Business Account.

What Are the Financial Account Categories?

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

External

An external Financial Account is linked to an account that is issued or managed by a financial institution. The account can be used for transactions, such as Send and Request.
The financial institution is the system of record (SOR) for external accounts. RocketKOR does not maintain a ledger or track account balances for these accounts.
Examples of external accounts include bank accounts (checking or savings), cards (debit or credit), investments, and loans.

Internal

An internal Financial Account is created within RocketKOR to manage funds and track account balances for Customers.
An internal Financial Account 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 is the system of record (SOR) for internal accounts. RocketKOR always maintains a ledger and tracks account balances for internal accounts.

Integrated

An integrated Financial Account is used by RocketKOR to issue a new account for a Customer.
An integrated account is linked to a regulated financial account that resides in a financial institution. The account can be used for any type of transaction.
RocketKOR provides management capabilities for integrated Financial Accounts, such as suspending the account.
RocketKOR or the financial institution may be the system of record (SOR) for integrated accounts. RocketKOR always maintains a ledger and tracks account balances for integrated accounts.
Examples of integrated accounts are bank accounts (checking or savings) and cards (debit, credit, prepaid, and gift).