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Fixed Accounts

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Fixed Accounts is a feature available on the Bloc API and dashboard that allows you to create and issue compliance-backed NUBAN accounts to your customers.

This works exactly like your average bank’s savings account. You can receive money via bank transfer, spend and withdraw your money from this type of account.

They do not expire. It remains valid for as long as you or the customer keeps it open.

To create a Fixed Account, you need to:

  1. Create a customer
  2. Create a Fixed Account

Features & Benefits

  1. You can create unlimited Fixed Accounts for one customer.
  2. Every Fixed Account created is tied to a customer. You cannot create a fixed account without a customer owning it.
  3. Every Fixed Account requires KYC verification for every customer it is assigned to. See how to provide KYC here.
  4. All deposits sent to a Fixed Account are reflected on the account balance.
  5. Transfers can be made directly out of a Fixed Account with our Transfers API.

How to Create a fixed account

You can create a Fixed Account with our API or on our dashboard. Bloc dashboard allows non-technical organizations to issue account numbers without needing to code.

Step 1: Create a customer(account holder)

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The email, phone number, first name, last name, customer type, and bvn parameters are required to create a customer for Fixed Accounts. They are not optional.

https://api.blochq.io/v1/customers

{
    "email": "[email protected]",
    "phone_number": "0908888882",
    "first_name": "Townsend",
    "last_name": "Saint",
    "customer_type": "retail",
    "bvn": "22303288888"
}

{
    "success": true,
    "data": {
        "id": "62e658b6c557c3d49f95b232",
        "first_name": "Townsend",
        "last_name": "Saint",
        "phone_number": "0908888882",
        "organization_id": "62dacaa6b6e229d3b7e264ff",
        "environment": "test",
        "email": "[email protected]",
        "address": "",
        "date_of_birth": "0001-01-01T00:00:00Z",
        "bvn": "22303288888",
        "created_at": "2022-07-31T11:25:58.159454+01:00",
        "updated_at": "0001-01-01T00:00:00Z",
        "status": "pending kyc",
        "customer_type": "retail",
        "archived": false,
        "kyc_tier": "0"
    },
    "message": "Customer Created"
}

Step 2: Create a fixed account

To create a Fixed Account for the customer created, send a POST request to our Fixed Virtual Accounts API as demonstrated below:

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For compliance reasons, all Fixed Accounts created are at the lowest KYC tier required by law to exist. We use the customer information in naming the bank account when it is created.

https://api.blochq.io/v1/accounts

{
    "customer_id": "62e658b6c557c3d49f95b232"
}

{
    "success": true,
    "data": {
        "id": "6321fa49a00b93589281d21c",
        "name": "Townsend Saint",
        "bvn": "00030394839",
        "kyc_tier": "3",
        "created_at": "2022-09-14T15:59:05.295381977Z",
        "updated_at": "2022-09-14T15:59:05.295382036Z",
        "deleted_at": "0001-01-01T00:00:00Z",
        "status": "Open",
        "environment": "test",
        "organization_id": "62dd44d4518bf50e06cd24de",
        "balance": 0,
        "currency": "NGN",
        "meta_data": null,
        "customer_id": "62e024dcb42d99d95efd7ed4",
        "customer": {
            "id": "62e024dcb42d99d95efd7ed4",
            "first_name": "Townsend",
            "last_name": "Saint",
            "phone_number": "0908888882",
            "organization_id": "62e02493b42d99d95efd7ec5",
            "environment": "test",
            "email": "[email protected]",
            "country": "Nigeria",
            "address": "33 Eastwest Rd Ajah Lagos",
            "date_of_birth": "1992-03-30T00:00:00Z",
            "place_of_birth": "Port Harcourt",
            "gender": "Male",
            "identity_url": "https://banc-corp-kyc.s3.us-west-1.amazonaws.com/EppMobile/Saint-Townsend-62e024dcb42d99d95efd7ed4/Saint20221608113800Townsend2022160811380062e024dcb42d99d95efd7ed4.png",
            "image_url": "https://banc-corp-kyc.s3.us-west-1.amazonaws.com/EppMobile/Saint-Townsend-62e024dcb42d99d95efd7ed4/Saint20220908082053Townsend2022090808205362e024dcb42d99d95efd7ed4.png",
            "bvn": "00030394839",
            "means_of_identity": "Drivers license",
            "means_of_identity_url": "https://banc-corp-kyc.s3.us-west-1.amazonaws.com/EppMobile/Saint-Townsend-62e024dcb42d99d95efd7ed4/Saint20221608113747Townsend2022160811374762e024dcb42d99d95efd7ed4.png",
            "created_at": "2022-07-26T17:31:08.62Z",
            "updated_at": "2022-08-16T11:38:04.122Z",
            "status": "active",
            "customer_type": "retail",
            "archived": false,
            "kyc_tier": "3"
        },
        "account_number": "2081089247",
        "bank_name": "Banc Corp",
        "type": "Virtual",
        "collection_account": false,
        "hide_account": false,
        "external_account": {}
    },
    "message": "account created"
}

Account naming

When the customer attempts to make a transfer to the created account number, the account name will be in one of the following formats:

  1. Zenith Bank - Organization Name / Customer Name
  2. Banc Corp MFB - Organization Name / Customer Name

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Account Limit

There is no limit on the number of accounts that you can create. You can generate as many Fixed Accounts as possible.

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Testing Fixed Accounts

You can test Fixed Accounts using your test API credentials. You can confirm that it works by simulating credit and debit transactions using our Simulation API.

Introducing Alias

Alias is a Fixed Accounts feature that allows to the creation of more than one virtual account tied to the same customer. An alias is any name the account holder chooses to attach to the end of their account name.

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Example:

Tolu Osimhen is a customer. If he owned a virtual account issued with Bloc, his account name would be “Tolu Osimhen”.

But Tolu can choose to create sub-accounts on his main account. He could decide to create an expense account for his cars. All he needs to do is to pass us an alias called “car”, and he’d have an account with the name, “Tolu Osimhen - car”.

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Please note

Every alias created has its own unique account number. However, all KYC and compliance requirement is borne by the main account holder.

Creating an Alias

You can create as many aliases as you may want. To create an alias:

https://api.blochq.io/v1/accounts

{
    "customer_id": "62e658b6c557c3d49f95b232",
    "alias": "car"
}

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Aliases are optional in creating a Fixed Account. You don’t have to pass them, if you don’t need them.

Use cases

This is a great feature if:

  1. You are building a kid's account feature. Parents can create the main account and provide all the required KYC details. Then you can enable them to create different accounts for their kids by passing it as aliases.

    So if a parent’s account name is “Anthony Olokpo”, his child’s account name (with Alias) will be “Anthony Olokpo - Barbara”.

  2. You are building an expense management app. Each alias created is an expense account tied to main account holder.

Updated 2 months ago