Accounts

External accounts

External account statuses

In the Orum system, an external account can have one of the following statuses, indicated by the status field:

  • Created - An external account was created. The external account is not able to send or receive funds.
  • Verified - An external account passed verification. The external account is able to send or receive funds.
  • Rejected - An external account did not pass verification. The external account is not able to send or receive funds.
  • Restricted - An external account was matched against a sanctions watchlist. The external account is not able to send or receive funds.
  • Closed - An external account has been soft deleted from Orum’s platform. The external account is not able to send or receive funds. This status is terminal and once an external account enters this state they are unable to change statuses even after PUT or PATCH updates. This status is only assigned via a manual request.

Note: If you are using your own account verification provider (BYO-AVS), all external accounts you create will automatically have a Verified status, and the POST API response will return the external account with a status of “verified”.

The diagram below shows how an external account can move through the above statuses. Note that an external account can move from Verified to Restricted if an external account matches a sanctions list anytime after its initial verification.

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Sample webhook payload

Momentum will send webhooks to notify you of changes to an external account's status.

{
    "event_id": "317c6916-6518-4492-be67-91fac4637629",
    "event_type": "external_account_verified",
    "created_at": "2022-08-26T18:50:27.671Z",
    "event_data": {
        "external_account": {
            "id": "4c8f7e72-092e-4621-8cf8-4774915eaf01",
            "account_reference_id": "ab76d-9363bd-s27d",
            "account_type": "checking",
            "account_number": "012345678",
            "routing_number": "1234567890",
            "account_holder_name": "John Doe",
            "status": "verified",
            "created_at": "2022-08-26T18:49:14.622818Z",
            "updated_at": "2022-08-26T18:50:02.399925Z"
        }
    }
 }