Bank Account is Linked to Electronic Wallet #
Emails:
- wallet/bank_account_connected.pug - Required by Law/SEC
- wallet/bank_account_disconnected.pug - Required by Law/SEC
flowchart TD A{{Wallet is created and verified}} --> B[User initiates Bank Account Linking] B[User initiates Bank Account Linking] --> C(User provides Bank Account Details and Submits) C --> D{Bank Account Verification Instant/Deposits} D -->|Failed| E[/ERROR/] D -->|Successful| F[Bank Account Linked to Wallet] F --> G{{Wallet is being used}} G --> H[User initiates Bank Account Linking] H --> K[Bank Account UNLinked from Wallet] F --> L([LAW REQUIRED EMAIL: BANK ACCOUNT LINKED]) K --> M([LAW REQUIRED EMAIL: BANK ACCOUNT UNLINKED])
The investor initiates the process to create an Electronic Wallet by passing Identity verification on the platform, which is the SEC requirement prior creation of an investment account. It requires the user to fill in personal information (name, email, address, phone number, etc) necessary for wallet setup. Once identity verification is approved by KYC provider, the information is securely forwarded to Customer’s verification system of Electronic Wallet provider. Depending on the user’s details, the verification may be instant (for individual investment profiles) or require manual review.
The user initiates the bank linking process by selecting an option like “Link Bank Account” in the Wallet section. The platform provides a bank selection interface where users can either manually enter bank details or use a bank-linking service, such as Plaid, for instant verification. The user may need to verify the linked bank account, often by confirming small test deposits sent by payment provider.
Once verification is complete, required by law email notificaiton confirms that their bank account is successfully linked to their Wallet and now available for transfers. The platform updates the user’s wallet to reflect the linked bank account, ready for fund transfers.
In compliance with FINRA guidelines, we follow the NIST 800-63B standards for handling sensitive data. While this standard provides general recommendations for data security, it leaves some ambiguity regarding the exact requirements for storing sensitive information. In the event of a data breach or improper handling of sensitive data (such as unauthorized access to banking information), there could be significant legal and financial consequences for the platform. To mitigate such risks, we never store sensitive data directly on our platform. Instead, we rely on trusted third-party partners to handle and secure payment information, ensuring both compliance and the protection of investor data.
Our email-service has integration with the trusted delivery and marketing platform which ensures security, compliance, and deliverability. It obust encryption and regulatory compliance (FINRA), protecting sensitive financial data and minimizing the risk of phishing or email spoofing. Additionally, third-party providers handle scalability, uptime, and automation, ensuring timely communication during high traffic periods and streamlining customer notifications.
Notice: Provider Variability and Compliance Assurance
Please be advised that, depending on customer preferences, the specific providers involved in the investment and related processes, including identity verification, accreditation checks, electronic wallet provision, email communications, and other related services, may vary. However, rest assured that all such providers are carefully selected to meet the highest standards of security, compliance with applicable laws and regulations, and user experience best practices.
Each provider undergoes a rigorous vetting process to ensure they align with our commitment to safeguarding your personal and financial information. We prioritize full adherence to regulatory requirements, ensuring that your investment experience remains secure, compliant, and seamless.
Test Cases
All processes on our platform are thoroughly documented, including detailed test cases, which are especially critical whenever changes are made. Test cases ensure that every feature functions as intended, identify potential issues early, and maintain the platform’s reliability, security, and compliance for our investors.
Related Use-Cases: