Bank Account Verification is an additional step in the onboarding process for Currencycloud BV clients.
Am I or my customers affected by the bank account verification process?
If you, or your customers, are clients of Currencycloud BV then we need to verify your, or their, bank account. This is to comply with an additional regulatory requirement for onboarding to our BV entity.
How are bank accounts verified?
When a client account is created, payments and transfers are not possible until the client’s bank account is verified. For this, we need to receive a minimum of 1p ("Penny Test") into the new Currencycloud account from a bank account, held in the client’s name, at an EEA Banking Institution. An account will typically be activated within 1-2 hours of a successful penny test completion, payments and transfers can then be made.
How will I know if the bank account verification process has completed?
Completing the verification process triggers a 'Bank Account Verified' push notification.You can also use our Get Account API endpoint to discover if an account has been verified – the status is shown in the bank_account_verified field of the response (see example response below).
How do I get the notifications?
To receive automatic notifications of when your customers pass their penny test, you’ll need to activate the webhook and email notifications. Please get in touch with your Customer Success Manager to discuss the options available.
Alternatively, you can view the status of the penny test through the API. You can add the bank_account_verified field to your user interface to show whether a customer has passed the penny test. To do this, you'll need to parse this field from the Get Account API response. An example of the API response is below.
{
"id": "cf28b2d8-5afa-4d7f-9a26-7b45bf616a11",
"account_name": "My Example Account",
"brand": "currencycloud",
"your_reference": null,
"status": "enabled",
"street": "My Example Street",
"city": "My Example City",
"state_or_province": null,
"country": "GB",
"postal_code": "Example Code",
"spread_table": "fxcg_rfx_default",
"legal_entity_type": "company",
"created_at": "2018-04-26T15:05:01.000Z",
"updated_at": "2020-09-07T11:56:59.000Z",
"identification_type": null,
"identification_value": null,
"short_reference": "180426-00018",
"api_trading": true,
"online_trading": true,
"phone_trading": true,
"process_third_party_funds": false,
"settlement_type": "net",
"agent_or_reliance": false,
"terms_and_conditions_accepted": null
"bank_account_verified": true
}
Where do I go for more information?
For more information or if you have any further questions, please don't hesitate to reach out to your Customer Success Manager.