Overview

Deposit accounts on Anchor represent products that can be issued to a given customer, in which customers can deposit and withdraw stored funds. From wallet, savings account, current account - the notion of an account is fundamental.

In Anchor today, you can create full fledged deposit account for your customers. To create a deposit account for a customer, you need to have completed KYC/KYB on that customer.

A deposit account represents a full fledged bank account of your business or customer that can receive and hold funds. You can issue deposit accounts to a individual customers or business customers, in which customers can deposit and withdraw stored funds.

When your organization goes live on Anchor and depending on your use case, root accounts will automatically be created for your root customer.

Here are the root accounts you may have:

• Master account: Your master account is your main business account on Anchor, used for disbursements and payment collection and will be automatically debited by Anchor for a range of situations, including disputes and fees.
• Revenue account: Your revenue account is a type of account designed to be credited by Anchor with your company's revenues and commission.
• FBO account: Your FBO (For Benefit Of) account is a type of account designed to hold your customer funds. Your FBO account is used as the parent account of your sub accounts

Deposit Account Products

When integrating with Anchor's API to create deposit accounts, you can choose from two types of deposit account products: SAVINGS and CURRENT.

• Savings Account: A savings account product is designed for individual customers who aim to save and accumulate funds over time. To create a savings account using Anchor's API, follow the designated procedures and ensure that you include the necessary parameters specific to savings accounts.
• Current Account: A current account product is typically meant for business customers to run day-to-day transactions, offering flexibility and accessibility.