You can register a reference bank account as soon as you have created a user. The registration of a reference bank account is required to complete the onboarding process.
Prior to registering reference accounts, clients must ensure validation for all reference account information. This includes verifying that the name of the reference account owner matches the user on the Investment API.
Due to this requirement, clients must ensure that end users can not use a joint account or an account with a different name as a reference account. Ensure that you provide a notification in your user interface to highlight that joint accounts are not allowed for the pay-in.
In addition, you must verify that the IBAN/BIC for the reference account belongs to a Euro SEPA bank account.
End-user's payment actions, like funding their investment account, will be rejected when using an improperly configured reference account. Therefore, we ask all clients to verify and validate the bank account details (for example, matching owner's name, IBAN, and BIC) before submitting them via the Investment API.
Please verify and validate the bank account details before submitting them via the Investment API
We require our clients to apply any approved multi-factor authentication in order to register, exchange, or delete a reference bank account.
To register a reference bank account, we require you to provide:
Bank account owner name which matches the name of the user on the Investment API
IBAN (International Bank Account Number) of the account
BIC (Bank Identifier Code) of the account
A timestamp of the confirmation of your user to register the reference bank account
Other optional fields are available to assign a name to the reference bank account that is more human readable.
Since we currently only support securities accounts for individuals, the name of the reference bank account owner must match the name of the user on the Investment API. Also, we currently support Euro SEPA bank accounts only.
Once the required information is collected and validated, you register the bank account as follows:
POST /payments/reference_accounts.
{
"user_id": "83d83ec2-d2ca-49ff-bbea-b92b5c3be202",
"account_owner": "Max Mustermann",
"name": "Max's Reference Account",
"iban": "DE02100500000054540402",
"bic": "BELADEBE",
"confirmed_at": "2020-08-23T14:15:22Z"
}