Better Tomorrow Ventures reposted this
Today we're announcing Wallets. Wallets are the third account type on Unit, in addition to deposit accounts and credit accounts. Like other account types, they: - Carry a balance (example: $50) - Contain transactions (example: two ACH credits of +$25 each) Why do companies open wallets for their end-customers, instead of bank accounts? 1. Depending on the use case, wallets can be faster and easier to set up, with streamlined onboarding flows (subject to bank approval). 2. They can be a good fit for end-customers who don’t need the full suite of services that come with a traditional bank account. 3. They can be a good fit for use cases that limit how and where the money can be spent (e.g., closed-loop payments, FSA accounts). All Wallets use cases and onboarding requirements are subject to approval by your bank partner. How do Wallets work? Historically, banks partnered with companies by letting them manage a single FBO (For Benefit Of) account and requiring them to build a large number of processes / tools to manage it well. Including: ledgering, reconciliation, security, limits, statements, terms, oversight and more. These are very complex tasks that are achieved differently by every partner the bank works with. Unit’s implementation of wallets introduces standards that reduce the complexity. Wallets already include a lot of the important controls and features (example: wallets have a balance and transactions through one ledger, each wallet has associated limits and terms, and the bank has real-time access & oversight of all activities). This design benefits both sides. It helps companies work with safer and more intuitive entities like wallets, payments, transactions and cards. It helps the bank be in full control and have real-time oversight into every activity, across any program, in ONE place, with audit logs and permissions. You can find the links to guide + docs in our announcement: https://lnkd.in/eWXQ3gpv