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Easy access savings with Verify

This collection covers:

  1. Onboarding a customer using Verify
  2. Opening an easy access savings account for the customer
  3. Making, receiving, and tracking payments
  4. Closing a bank account

Before you start​

Before opening savings accounts for your customers, you must meet these regulatory requirements:

Regulatory requirements

  1. Savings summary box — Provide customers with a savings summary box before they open an account. This must be included in your account opening flow before the customer signs a contractual agreement, and listed on your website's savings product page. See our product and marketing standards for the template.

  2. FSCS acknowledgement — Customers must acknowledge they have read the FSCS information sheet and exclusions list before entering into a contract. Eligible deposits are protected up to £120,000 per depositor. Store these acknowledgements with your other commercial documents.

1. Onboard a customer using Verify​

Before you can open bank accounts, you will need to create legal persons to represent your customers in our system.

You are using Verify, our onboarding product that lets you submit your customer's information, and run automated ID&V, screening and anti-fraud checks on them all in one go.

Select the guide you need based on the type of customer you are onboarding.

2. Open a savings accounts for the customer​

You can now use the legal person URL you created in the last step to open a bank account for your customer.

🐷 Open a savings account

You are using easy access savings account, which means the account will hold money from a single customer, who is the owner of that account.

info

Learn more about owners, controllers, and beneficiaries.

3. Payments​

Receive a payment into the account​

Griffin automatically receives payments, so there are no actions you need to take here, but you can track the progress of inbound payments by creating a webhook.

Make a payment from the account​

You can use a webhook or polling to track payments you have submitted.

💸 Make a payment

4. Close the bank account​

Once closed, the bank account cannot be reopened. Once a bank account enters the closing state, it will no longer accept inbound payments.

🙅 Close a bank account