Sub-accounts enable you to offer a seamless, Verto-like experience to your users. You can create sub-accounts for your users and give them access to key functionality like wallets, and bank accounts. These sub-accounts operate under your main account, allowing you to extend services while maintaining control and oversight.

To carry out any operation with a sub-account, the sub-account must be approved (after KYC/KYB) has been provided.

Once a sub-account is approved, you can request a bank account for a wallet. Once created, the bank accounts can be used to receive funds in the wallets. You will receive a webhook notification for all funds sent to a sub-account's bank account.

Sub-accounts streamline your operations, allowing your platform to extend flexible banking and payment solutions to users while ensuring compliance and operational efficiency.

❗️

You can only create local bank accounts (KES and NGN), receive funds into the bank accounts and initiate a wallet-to-wallet payment using sub-accounts.

Benefits of sub-accounts:

• Expand into new markets easily.
• Keep your users happy with increased functionality without doing the heavy lifting.
• Collect in multiple markets without needing to register locally or get licensing.

Setting up a sub-account

Create a sub-account for your user.

Creating a sub-account is straightforward. You only need to give us the basic details of the business using the Create a sub-account (New)

Please provide the name of the business, subCategory (industry), country of registration, your unique id for identifying the business in your system, and the business registration number. Please make sure the sub-account name doesn't exceed 50 characters as this might be an issue while linking the Virtual Account to the wallet.

Note: While adding subcategories(industry) during creation of sub-accounts, make a selection from Verto's list of supported industries.

Please see this list for Supported Industry Classifications.

{
  "name": "B Integrated",
  "country": "China",
  "subCategory": "Agriculture and farming",
  "identificationNumber": "23453447",
  "taxIdOrEin": "112",
  "externalId": "pass_7784577",
  "accountType": "SUB_CLIENT"
}

{  
  "id": "781",  
  "externalId": "pass_1234",  
  "parentCompanyId": "525",  
  "name": "Joshua Incorporated",  
  "country": "Nigeria",  
  "category": "Law enforcement",  
  "subCategory": "Law enforcement",  
  "identificationNumber": "11233",  
  "taxIdOrEin": "112",  
  "accountType": "SUB_CLIENT",  
  "companyReference": "VU-28102024-417",  
  "companyStatus": "CREATED",  
  "linkedStatus": "ACCEPTED",  
  "linkedAt": "2024-10-28T23:17:22.000Z",  
  "createdAt": "2024-10-28T23:23:36.000Z",  
  "updatedAt": "2024-10-28T23:23:36.000Z"  
}

Once, the sub-account is created, the status of the sub-account, companyStatus is created. The response will return the sub-account id among other useful information.

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Only supported account type is sub_client

Please note that sub-accounts are for only businesses currently.

Please ensure that the identificationNumber is the company or business registration number provided by the company registry in that country. For example, the identificationNumber should be from the CAC registry in Nigeria, State Administration for Market Regulation (SAMR ) in China, Inland Revenue Department (IRD) in Hong Kong, Business Registration Service (BRS) in Kenya, etc. This data is validated by Verto and incorrect data may lead to issued with Sub-Account naming, or validation failures.

Sub-Account creation error codes

• 400 - Invalid input. Please provide a valid company sub-category
• 403 - Company KYB is not done
• 403 - SubAccount Creation not enabled
• 403 - Invalid input. Please provide a valid company sub-category.
• 400 - Pagination limit exceeded (Max: 100).
• 401 - unauthorised

To try it out, check out the API reference for Creating a Sub-Account.

Adding the KYC/KYB details to the sub-account.

After the sub-account is created, the next step is to add the KYC/KYB details to the sub-account. This process is important to get the sub-account approved.

This is the UBO information for anyone that owns directly or indirectly 25+% or more of the company. For more information on what information is required reach out to your sales manager.

You can pass these details using the Add Onboarding Data (New).

//adding onboarding details

{  
  "companyAddresses": [  
    {  
      "action": "ADD",  
      "data": {  
        "addressLine1": "1600",  
        "addressLine2": "Amphitheatre Parkway",  
        "city": "Mountain View",  
        "state": "California",  
        "country": "United States",  
        "zipCode": "94043",  
        "type": "COMPANY_ADDRESS"  
      }  
    }  
  ],  
  "company": {  
    "type": "Private Limited Company"  
  },  
  "shareholders": [  
    {  
      "action": "ADD",  
      "data": {  
        "percentOwnershipInCompany": 25,  
        "ownerType": "INDIVIDUAL",  
        "firstName": "Anirban",  
        "lastName": "Kar",  
        "nationality": "United States",  
        "isControllingOfficer": true,  
        "dateOfBirth": "2024-11-12",  
          "address": {  
          "addressLine1": "10, Workbox, Ojora Close",  
          "addressLine2": "Victoria Island, Mushin",  
          "city": "Lagos",  
          "state": "Lagos State",  
          "country": "Nigeria",  
          "zipCode": "100215",  
          "type": "HOME_ADDRESS"  
        }  
      }  
    }  
  ]  
}

Once the all required KYC/KYB details are added to the sub-account, the account will become automatically approved. The companyStatus or status field will be updated to approved.

These are the required details that are needed for your account to be approved. You don’t need to provide all the details at once, but once all the details are provided, the account will be approved.

• Company details (name, country, sub-category)
• Address (addressLine1, city, state, country, type as COMPANY_ADDRESS)
• shareholder (firstName, lastName, type as HOME_ADDRESS, addressLine1, city, state, country, dateOfBirth)