Account and Account Types
Store, manage, and transfer funds seamlessly within the platform or across external banking systems.
An account represents a customer’s financial operating account within the platform, enabling them to hold funds, initiate transactions, and participate in payment flows.
Accounts are owned by the customer (Account Owner) and are provisioned through Priority’s platform in partnership with regulated banking institutions. An account can belong to an individual customer, a business customer, or multiple customers (joint accounts).
Joint accounts are deposit accounts that are assigned to multiple individual customers. Some of the use cases for joint accounts are parents creating joint accounts with their children, to provide them with access to banking services and cards, or spouses using them to manage shared funds. The primary account holder should be above 18 years of age.
All accounts are:
- Are created under a customer
- Are virtual accounts
- Have their own unique routing number and account number
- Have real time balances
- Can send and receive payments
- Have transactions and ledgers under them
- Can contain cards that use their balances
- Have associated terms and limits based on compliance and risk policies
The platform enables customers to seamlessly move funds:
Move funds between accounts within the system.
Transfer funds from external bank accounts into the system.
Send funds from the system to external bank accounts or payment destinations.
Receive incoming funds into your account from external sources.
Receive debits initiated externally against the account.
Together, these capabilities enable secure and efficient management of funds and transactions.
Account Types
The platform supports multiple account types, reflecting ownership and control models.
A Deposit Account is a customer owned account used to store and manage funds. Funds in this account represents the available balance that a customer can use for transactions.
Typical usage
- Hold customer funds
- Deposit or Withdraw money
- Send or receive payments
- Enable card-based spend (if applicable)
- Ledgering and Reconciliation
- Statements
A Clearing Account is a for the benefit of (FBO) account opened by you on behalf of the customer. Funds in this account are held for the benefit of underlying customers, even though control resides with the platform. They can also be referred as sub ledgered FBO accounts.
Typical usage
- Aggregate funds from multiple customers
- Perform split payments
- Manage pay-ins and payouts
- Orchestrate marketplace or multi-party flows
- Ledgering and Reconciliation
Deposit vs Clearing Accounts
| Feature | Deposit Account | Clearing (FBO) Account |
|---|---|---|
| Purpose | A customer checking account where money is visible and usable | FBO Account where platforms/ISV orchestrate money before distribution |
| Ownership | Customer (Account owner) | Held by Platform for Customers |
| Control | Customer-controlled, either through Priority’s banking portal or through ISVs banking app | Platform managed/ ISV controlled, the customer doesn't have any direct control |
| Visibility | Visibile to Customer, either through Priority’s banking portal or through ISVs banking app | Customer does not have any visibility or access to account |
| Usage | Manage Money and Balances | Fund orchestration, splits, routing |
| Liability | ISV/Program Manager | Platform/ISV |
| API integration | Direct by Customer | Managed via platform logic |
| Agreements | Account owner must acknowledge Passport Account Agreement |
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