After getting set up to make authenticated requests against the Prime Trust API the next logical step is to create an account. Most resources in the PT API live under an account bar a few.
Note that webhook configurations (callback configurations) also live at an account and should be configured when creating an account to receive notifications on non real time processes.
There are multiple account types that can be opened via the Prime Trust API including custodial and IRA accounts.
All accounts have policies that dictate what the account can and cannot do. You should review your relevant account policy with your Sales Engineer as it can affect your integration.
A custodial account is the most basic account offered by a trust company that can hold assets and cash. To open a custodial account the owner of the account must clear Prime Trust's Know Your Customer (KYC) process. See KYC Requirements for more information on clearing KYC.
Steps to create an account for an individual
The individual must do the following:
- Agree to Prime Trust custodial agreement the authorized signature must match the name of the person on the account.
- Clear the Prime Trust KYC process. Agreement previews can be used to show the relevant agreement to the end user.
Upon creation the custodial agreement will be signed by the end user using the authorized-signature field. The PII of the owner must also be passed in on creation of the account.
Steps to create an account for an entity
To open an account for a non natural person:
Agree to custodial agreement. The authorized signature must match the name of one of the natural persons who has authority over the account who must be listed within the KYC process.
The company/non natural person must pass Prime Trust's KYC process along with its ultimate beneficial owners, associated and authorized persons.
Must fill out the account-questionnaire on account creation.
Agreement previews can be used to show the agreement to the end user. Answers to the account questionnaire can also be passed in on account creation.
Opening an account
After the account has been created and the owner contact's KYC has been approved, the account can be opened. The account can be opened in sandbox as follows.
Once the account has been opened a countersigned agreement can be retrieved via agreements and electronic signatures via electronic signatures. A non countersigned agreement can be retrieved prior to account opening.
Once an account has been created funds and assets can be deposited into the account. Note that the account does not have been opened yet for funds or assets to be deposited but must be opened for them to be transferred out of the account unless the funds are being refunded.
- Electronic Signatures
- Account Policies
- Account Aggregate Policies
- Webhook Configs