Rules-based Deposit Handling


#1

There’s one banking idea I’ve come across a couple of times in fiction and immediately thought ‘Why is this not already a thing?’; The ability to define rules for how to handle incoming deposits.

One of the simplest examples would be defining a percentage of each deposit that should be ‘set aside’. e.g. for each deposit 10% should go into account A and the other 90% into account B. Other examples would be splitting the deposit at a defined amount, so that the first $X of a deposit goes to account A and any remainder goes to account B, having deposits that are larger than $X go into account A and smaller than $X that go into account B, or having deposits from certain people/sources go into different accounts.

This could either be an optional extra to handle deposits on an existing transaction account, or possibly a completely separate ‘drop’ account, which would only accept deposits and apply the defined rules to re-route the money to it’s final destinations.


#2

This is a super interesting idea!!

Would be interesting to see this explored this further.


#3

Hi @falcon1988 & @yogi
Absolutely, sounds like what we call virtual accounts. A method of ring-fencing money into multiple pots for different purpose - this is most definitely on our roadmap for our bank accounts launch (pending receiving our full license, expected mid year).
Watch all our channels for announcements here.
Thanks for your suggestion! Keep them coming
@nanoxinja
:_ninja_emojis_turq_03::_ninja_emojis_purple_02::ninja_emojis_pink_01:


#4

Keen to see how this plays out @nanoxinja - definitely an interesting concept.

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