Accounts

This section describes the use cases related to the creation and maintenance of accounts. An account is typically associated with an individual consumer or business entity and represents a bank product such as a non-interest checking account, interest-bearing savings account, or a loan. Interlace accounts can also be used to store rewards, credits, or non-monetary values.
Interlace also supports the ability to create and manage operational accounts. Operating accounts are created to manage real-time funds flow, fee splitting, and settlement processes across the bank’s partners to the bank’s general ledger.

Accounts are a central resource that store value and provide the foundational support of various money movement use cases. You can see the illustration of how different features and resources connect to an Account on the Interlace Platform and how you can use these building blocks to create various use cases.

At a summary level, our Account APIs include the ability to send account and product attributes to create a new account, fund the account, move money in and out, conduct fraud and AML validations, and maintain the account on the Interlace virtual account system. Once you have created an account, you can then associate a card to the account and perform money movement.

The Interlace Platform supports the ability to create a new account through a granular API or through an Application API which orchestrates the various customer and account creation calls.
When creating an account, a unique account number is associated with the account along with attributes that define the product type, account ownership, beneficiaries, currency and characteristics such as interest or non-interest bearing.

Account inquiries can be performed to obtain a list of customer’s accounts, an individual account’s details, and account balance. Account inquiries support attributes that are associated with the individual product types (savings, CD, loan, etc). Account balance includes current and available balance inquiries. The full list of account type parameters can be found in the API specification.

Certain product types may allow for updates to an existing account such as making a change to the account nickname. Product Type attributes, including extensions for specific products, are supported under the Account Updates API.
The account update APIs also support the ability to update account beneficiaries with the ability to add, update, or delete beneficiaries associated with an account if applicable to the product type.
In addition, the digital applications along with the Interlace Console can trigger the account activity attributes to ensure that the account properly reflects activity. This is important to track account activity or lack thereof to monitor account inactivity, dormancy and escheatment processes.

Interlace provides complete statement reporting for bank accounts. Statements include compliant on-demand statements that include customer and account information, bank information, transaction history, fees, interest reporting and disclosure information.
Infinant offers on-demand statements via API that sends a PDF back to the calling application for display. Statements are bank-compliant with program branding and bank-guided regulatory review. Physical statement mailing is supported through our print and mailing partner.
Interlace also supports our bank processes for end-of-year 1099 tax generation for accounts with interest accruing.
Our account APIs support searching for statements and retrieving individual statements.