Tutorial: Opening an Account and Making a Fund Transfer

This tutorial provides a step-by-step guide for creating a new account and performing a fund transfer using Mbanq Cloud. By following the instructions below, you'll learn how to authenticate, create a user, activate clients, and execute various actions related to payments and transfers.

Before You Begin

Make sure that you have Set Up Your Sandbox environment, created your platform instance and downloaded the Postman collection to guide you in making your calls.

Authenticate API User:

This step involves authenticating an API user with the MBanq Cloud platform. To authenticate as an API user, you need to make a POST request to the authentication endpoint. By making a request to the authentication endpoint with the necessary credentials, such as username and password, you obtain an access token. In this command, you provide your username and password as parameters in the request body. Upon successful authentication, the response will include an access token, which you'll use in subsequent API calls. This token will be used for subsequent API calls to authorize and authenticate the user.

{
  "scope": "all",
  "access_token": "<ACCESS_TOKEN>",
  "token_type": "bearer",
  "refresh_token": "<REFRESH_TOKEN>",
  "expires_in": 1084,
  "required_password_reset": false,
  "required_terms_and_conditions_check": false
}

📘

API Endpoints

Request Access Token

Create a Client:

Creating a client refers to the process of adding a new person or business entity to the MBanq Cloud platform. It involves providing details such as the client's personal information, contact information, and other relevant data. This step allows you to establish a client record within the system, which can then be used for various banking operations.

📘

API Endpoints

Create Client

Upload KYC Documents:

KYC (Know Your Customer) documents are essential for verifying the identity and background of clients. In this step, you upload the necessary KYC documents, such as identification proofs or financial statements, to the MBanq Cloud platform. This ensures compliance with regulatory requirements and enables us to validate the client's information.

📘

API Endpoints

• Create Identifiers for the Client
• Attach documents to a Client Identifier
• Verify KYC
• Get Verification Status

To upload KYC documents, such as a client identifier photo, you can send a POST request to the client_identifiers endpoint. Here's an example using cURL:

Example Request

curl --request POST \
  --url {{ apiDomain }}/v1/client_identifiers/{{ clientIdentifierId }}/documents \
  --header 'Authorization: Bearer <ACCESS_TOKEN>' \
  --header 'Content-Type: multipart/form-data; boundary=---011000010111000001101001' \
  --header 'instance: default' \
  --form 'name=some file' \
  --form 'file=@/Users/souphorn/Documents/ssn.png'

Activate Client:

Activating a client means transitioning their status from a pending or inactive state to an active state within the MBanq Cloud platform. This step typically involves reviewing and verifying the client's information, conducting necessary checks, and approving their application. Once activated, the client can access and utilize the banking services provided by the platform.

In the MBanq API, activating a client refers to the process of transitioning a client from a pending state to an approved state within the financial institution. When a client is created, they are initially in a pending state, meaning they have applied for an account but have not yet been fully approved as a member of the institution.

The purpose of the client activation API is to facilitate the transition of a client from the pending state to the approved state. This typically involves completing any necessary verification processes, reviewing the client's information, and ensuring compliance with regulatory requirements. Once activated, the client becomes a fully approved member of the financial institution and gains access to the relevant services and features provided.

To activate a client, you can send a POST request to the clients endpoint with the activation command. Make sure to provide the correct client ID in the URL.

📘

API Endpoint

Activate Client

Create Account:

In the account creation API, you can additionally approve and activate the account or create an account in a pending state which can subsequently be approved and activated

Creating a account involves setting up a new (current/money market/savings) account for a client within the MBanq Cloud platform. This step is based on predefined product offerings provided by the bank. By specifying the client ID and product ID, you initiate the creation of an account application. You can customize various parameters and properties of the account or rely on default settings defined at the product level.

An account application is initiated based on a specific account (current/money market, savings) product. These products are pre-defined within the system and contain information such as the interest rate, terms, and other properties that govern the account. When creating a new account application, you have the flexibility to override many of the properties defined at the product level if required. However, if you do not explicitly override them, the default values defined in the product settings will be applied.

By providing the the client ID and product ID, you can initiate the creation of a new account for a client. The flexibility provided by the API enables you to tailor the account application to meet the specific requirements of the client.

📘

API Endpoint

Create Account

[Optional] Approve Account:

If an account is created in a pending state, the account can then be approved when any required dependencies are met. Once approved, the account is ready for activation.

📘

API Endpoint

Approve Account

[Optional] Activate Account:

Activating account means making it active and available for use by the client. This step finalizes the account setup and enables the client to start depositing and withdrawing funds. Activation can be done immediately or scheduled for a future date, allowing flexibility based on the client's preferences or specific requirements.

📘

API Endpoint

Activate Account

Fund the Account

The quick and easy way to fund a new account in the sandbox is to log into the dashboard and create a cash deposit into the new account. This would be similar to a consumer walking into a branch office and giving a banker cash currency to be deposited in their new account.

🚧

Important:

In practice, in a virtual financial services world, this would never actually happen. Instead, you would employ one of the many electronic funds transfer methods as detailed in the TRANSFERS & PAYMENTS section to fund the account.

Create an ACH Transfer:

This step enables the client to send funds from their account to another account, either within the same financial institution or externally. By specifying the transaction details, such as the payment type, amount, and account information of the sender and recipient, you facilitate the movement of funds securely and efficiently.

Customers within the MBanq Cloud system want to transfer funds into an external account. For Example: A customer wants to transfer funds from their account within the MBanq Cloud platform to their savings account at an external bank. They initiate the transfer, specifying the recipient's account details, and the funds are credited to the external account.

📘

API Endpoint

Create ACH Transaction

Congratulations! You've now completed the tutorial on opening an account and making a fund transfer (internal book transfer) on Mbanq Cloud. What will you build next?