Create Sub-Accounts

What is a Sub-Account

A sub-account is an account within Verto that is operated via another Verto account (a Parent Account). There are many different types of sub-accounts according to their KYC Level and Sub-Account Type, all with varying permissions.

How it Works

Sub-accounts enable parent entities to offer a seamless, embedded payments experience to their own users.

Parent entities can create sub-accounts for their users, giving them access to key functionality like wallets, and bank accounts.

These sub-accounts operate under the main Parent Account, allowing the partner to extend services while maintaining control and oversight.

Verto operates two models of sub-accounts under different product names - Atlas for Platform & Atlas for Fintechs.

Under Atlas for Fintech - Verto performs up-front validation of the Fintech's compliance programs by compliance to compliance checks, but operates in a reliance model for sub-account creation - meaning only KYC Data is required to be passed (Company Information, and UBO information). Ongoing monitoring and spot checks are used to ensure the fintech is following the pre-agreed conditions.

In this setup, the end customer remains legally the client of the fintech, with sub-accounts used for identification and reconciliation of funds for the fintech only.

Under Atlas for Platform - Verto performs KYC on each end customer, with documents required to validate the data passed. Once documents have been passed, and additional data points (Website, Company Descriptions ext), the information is validated by Verto's compliance team. After KYC is approved, the Director or the end company is required to accept Verto's Terms & Conditions, and approve access for the Platform to control their Verto account.

Atlas for Platform has some additional functionally - such as FX Markup available, that is not avaible to Fintech customers - who are responsible for their own PnL and markup calculation at this time.

Technical Workflow

Atlas for Fintech:

1. Create Sub-Account (including require information such as - Company Name, Company Number, Company Address and Industry)
2. Add Onboarding Data (UBO Information for any company that owns 25%+)
3. Sub-Account will be automatically approved if no sanction hits apply, and industries are within Verto risk appetite.

Atlas for Platform

1. Create Sub-Account (including require information such as - Company Name, Company Number, Company Address and Industry)
2. Add Onboarding Data (UBO Information for any company that owns 25%+ & at least one Director - can also be UBO).
3. Add Mandatory Onboarding - Company Description, Website ext
4. Add Onboarding Company & UBO Documents via Upload Link
5. Once Minimum Required information has been provided, the application is automatically sent for review by Compliance Operations team.
6. Sub-Account is approved and Terms and Conditions Link can be shared with Director Automatically for acceptance, Once accepted account is accessable via API.