New in July: Expanded Ledger Controls, New Inbound Wire Endpoint, KYC Updates and More
It’s been a hot one on the East Coast these past few weeks. Luckily, we shipped some cool new features, including the ability to close ledger accounts via the API and an improvement in the way ledger wires are processed. Additionally, we launched an update to our /statements endpoint in Sandbox, a new /incoming_wire endpoint, and KYC improvements.
Close Ledger Accounts Through Our API
We released an update to our API to allow fintechs leveraging our ledger at Piermont Bank to initiate account closures via the API. For now, the feature is only available for use on accounts with $0 balances. Future updates will include a process to close accounts with negative or positive balances. Typically, an account closure should be initiated by an end-user who submits a request to their fintech to close their account. If there’s a concern around fraudulent activity, fintechs should continue to lock an account, rather than close it.
Closing an account must be done via a PATCH request to the /account endpoint and requires additional permissions within the Treasury Prime API. Permissions will be granted in collaboration with Piermont Bank.
Ledger Wire Updates to Improve Customer Support
We launched ledger wire updates that improve how we communicate wire details between fintechs and their banks. This update will smooth the customer support process and streamline ledger wire creation. Fintechs will no longer receive any extra webhooks and the wire details will contain a fintech’s end-user information, matching 1:1 with their banking partner. The update is available at Grasshopper Bank, but will soon be rolled out across our other bank partners.
/Incoming_Wire Endpoint Launched
We launched a new /incoming_wire endpoint to give fintech’s greater information about wires flowing into their Treasury Prime ledger accounts, including sender bank and ID, originator, OBI (Originator to Beneficiary Information), and more. The update also creates an incoming wire ID for all new ledger transactions coming from an incoming wire, making it easier than ever to reference these types of transactions.
We made important updates to our /KYC endpoint that enables fintechs to separate KYC from the account application process. By leveraging this updated feature, fintechs are able to perform KYC without creating a new account or application. You have 30 days to reuse KYC evaluation responses, eliminating redundancy and duplicative costs. Here are a few great uses for this new feature:
- Validate if an end-user will pass KYC before submitting an application, allowing fintechs to create a better experience for their end-users
- Add an authorized cardholder to an existing account
- Enable an existing end-user to access a new product or feature that requires another pass through KYC
ACH Simulation Improvements
Last month, we launched ACH simulations in Sandbox to allow for more accurate testing of how ACH transfers are originated, processed, and settled on the Treasury Prime ledger. This month, we launched improvements to simulate the entire ACH workflow, which includes holds and hold releases for credit and debit ACH transactions.
Updates to Our /Statement Endpoint in Sandbox
On the second of every month, statements are automatically generated for every ledger account. The monthly statement lists the transactions, the change in balance, and any interest accrued. Now, our /statement endpoint in Sandbox makes it easier to test this feature. You can stipulate the statement month and quickly locate the corresponding monthly statement URL.
For more information about how to best use these new features, please reach out to your CSM to learn more and if you want to get more updates like this one delivered directly to your inbox, be sure to subscribe to our newsletter. Not a customer yet? Start building in Sandbox within seconds.