To be able to withdraw cash from a user account’s cash balance, a reference bank account must be registered with the Investment API.
This guide lines out how to register and manage reference bank accounts for a user on the Investment API.
One reference account per user is required to continue the onboarding process. In order to delete an existing reference account, you must enable a new account before deleting the first. Please note, one reference account should be used by each user.
A reference bank account is an account at a bank other than Upvest. This account serves as a destination for cash withdrawals from the user’s available cash balance at their Upvest account.
Currently, we allow registering Euro SEPA (Single European Payments Area) bank accounts only, non-European bank accounts will follow soon. The reference account owner must match the user on the Investment API.
We ask you as our clients to verify and validate the bank account details (for example, matching IBAN and BIC) before submitting them via the Investment API. To register, exchange or delete a reference bank account, we require our clients to apply any approved multi-factor authentication.