Welcome to chapter two of our API 101 series, where we offer useful information to help you navigate our platform and understand how you can use our APIs. In this chapter, we cover Open Platform’s Account Origination Service. If you missed chapter one, you can access it here: API 101: The Basics.
What is Open Platform’s Account Origination service?
With Open Platform’s Account Origination Service you can create and service white label deposit accounts in real time.
Open Platform’s Account Origination Service is available for consumers and nonconsumers, so you can create and manage branded deposit accounts for individual customers or for businesses, government or nonprofit customers.
If I originate an account through Open Platform, where are the funds actually held?
Open Platform has built an intuitive suite of white labeled services that connect to banking services provided by Compass Bank (BBVA Compass), a leading US banking franchise.
Once approved, checking accounts are originated by BBVA Compass. Funds are held in a user’s name and accounts have debit and credit permissions.
Are accounts FDIC Insured?
Certain accounts are FDIC insured. As long as insurance requirements are satisfied, individual checking accounts are FDIC insured up to applicable limits. Learn more about FDIC limits here.
What makes Open Platform’s Account Origination service different from other account origination services?
- White-Label Service: control your end user experience. You can even issue account statements under your own brand.
- FDIC Insured: Easy, API-driven access to FDIC-insured demand deposit accounts for individuals provided by BBVA Compass, a leading financial institution.
- Manage Risk: we give you tools to help manage risk. You can block an account, put a hold on an account and link and unlink customers to accounts.
- Joint Accounts and Multi-User Accounts: set up a joint account for two individuals or configure multiple authorized users at one organization.
- Account Information: access key account data and view balances and transactions in real time.
- Webhooks: Subscribe to webhook or SQS notifications for instant updates.
How are companies using Open Platform’s Accounts Origination technology?
- Simple uses Open Platform’s Accounts Origination technology to offer fee-free, FDIC- insured bank accounts to its customers. Simple benefits from BBVA Compass’ near real-time core banking system, the first in the country. This helps Simple offer top features to its customers, such as the budgeting and savings tools that are built right into each account.
- Azlo also uses Open Platform’s Accounts Origination technology to offer fee-free, FDIC- insured bank accounts to its customers. BBVA Compass’ near real-time core banking system empowers Azlo to offer ground-breaking features to its customers, such as instant invoicing and hassle-free supplier and client payments.
- We’ve been busy onboarding an entire new class of clients and will be announcing them soon. Tune in to learn how other companies are using Open Platform’s Accounts Origination technology.
Have a question that wasn’t answered in this article? Talk to one of our experts to learn more about originating accounts with Open Platform. We love hearing from you and we’re happy to answer your questions.
–Open Platform Team