Ask HN: Create business bank account with API?

3 points·aketchum··6 comments

Has anyone found a way to create business bank accounts with an API? Or know any banks that would allow for large number of bank accounts? Our company needs to set up a new account for each customer for accounting purposes and it would simplify our flow a lot if we could spin up a new bank account whenever a new customer signs up.

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Are you sure you need to create a "bank" account? Not just internally "account" for customers, as in, have an internal "account" against which you account for expenses related to each customer, as in standard accounting.

Or is it a kind of banking subaccount?

We are getting paid with direct deposit from peoples paychecks. This means that multiple customers paying the same amount from the same employer would have the exact same incoming bank account (the employers bank account) and there would be no way to identify who didn't pay if we got 9 payments and were expecting 10. Our current thinking is to create a new business bank account for each customer to direct deposit into. Id love a different solution if you think of anything.

Have you tried https://treasuryprime.com ? I think they allow you to create an account via API.

For anyone that finds this question in the future, the solution that it looks like we are going with is called an FBO account. synapsefi.com offers exactly what we are looking for but a lot of companies offer an FBO product.

That rationale seems off, I don't know of any accounting requirements for bank account creation / tracking for customers.

And like other poster said, KYC and financial regulation. This sounds sketchy from the outside.

KYC laws are going to make this a lot harder, perhaps impossible.

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