Share Account Setup

You must use the Mbanq Admin Console to create a Share account product. When you create a new Share account product, you will be required to supply a number of attributes.

Key Features:

Our platform is designed to support NeoBanks and fintech companies in their go-to-market strategies by providing essential functionality and benefits. Share products define the rules, default settings, and constraints for a financial institution, such as a Credit Union, to set up Share accounts for deposit and checking activities. A Share product provides a template for multiple accounts that are or will be held by the financial institution's clients.

Setup and Parameters

Note: All red colored asterisk mark are mandatory fields.

Savings Product Details

Below are the main defining elements for the Share product.

Parameter	Mandatory	Definition
Share Product Name	x	This is the human-friendly name for the Share product
Share Product Short Name	x	This is a short unique Share product name
Share Product Description		A short description of the Share product, its purpose, etc.

Share Currency

All savings accounts have to be originated in a specific currency. This section allows you to specify the Share account's currency.

Parameter	Mandatory	Example
Currency	x	Canadian Dollar
Decimal places		2
Currency in multiples of		1 - This is to provide total amount rounding off.

Terms

Share accounts typically are bound by specific terms and conditions which are specified in this section.

Parameter	Mandatory	Detail
Total Number of Shares	x	Total number of shares authorized
Shares to be issued	x	Total number of shares currently issued
Nominal Price	x	Price per share (typically 1)
Capital Value	NA	Computed based on the above.

Settings

Parameter	Mandatory	Detail
Minimum Shares per Client	x	How much money has to be in the account in order to activate it.
Default Shares per Client	x	Default shares for an account
Maximum Shares per Client	x	Maximum shares
Lock-in period Range		Number of Days, weeks, months, years
Allow dividends for inactive clients		Allow dividends to accrue even if the account is inactive

Market Price

For cases where the value of the Shares varies and is determined by market forces (vs. set as 1 unit of the local currency), you can specify what the share price will be within a given time frame. You can add as many rows as you like.

Parameter	Notes
From Date	The date when the market price rate becomes active
Nominal/Unit Price	The price per share

Charges

You can create and define charges for the savings account. Just click on add to create a new charge.

Accounting

You can specify if there is an accounting treatment, and if so, if it is cash or accrual based.