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Recipient Accounts

What Is a RocketKOR Recipient Account?

A Recipient is a business or individual that you intend to conduct business with on the RocketKOR platform.

As a first step, you must create a Recipient Account for the business or individual within one of your Child Business Accounts. You can create Recipient Accounts using the RocketKOR APIs or Portal.

Recipient Profile

The Recipient Account contains profile information for the business or individual.

  • Individual profiles include the person’s name, email, phone number, nationality, and date of birth.

  • Business profiles include the company’s business name, as well as contact information for the primary contact at the business.

Recipient Financial Accounts

Before you can conduct transactions with a Recipient, you must attach at least one Financial Account to their Recipient Account. A Financial Account contains details for an external account owned by the Recipient, such as a debit card or a checking account at a financial institution.

An unlimited number of Financial Accounts can be associated with a Recipient.

You can create Recipient Financial Accounts using the RocketKOR APIs or Portal.

Recipient Transactions

A Business Account can initiate a transaction with a Recipient Financial Account using the RocketKOR APIs or Portal. The Business Account can:

  • Send funds to a Recipient Financial Account (for example, send a payment).

Recipient Status

Recipients are assigned a status in RocketKOR. A Business Account can only conduct transactions with Recipients that have an Active status.

A Recipient can have one of the following statuses:

  • Active  The Recipient is active on the RocketKOR platform. You can conduct transactions with the Recipient’s Financial Accounts.

  • Suspended  The Recipient has been temporarily suspended. You cannot conduct transactions with any of the Recipient’s Financial Accounts.

Note that alternatively you can suspend a specific Recipient Financial Account; in this case, only transactions with that specific Financial Account would be suspended.