Creating an investor bank account

In a typical Online Marketplace, investors must first deposit funds into the platform before they can start investing. Most often, these funds from every investor are tracked in the back-office system using a virtual account for the investor, whereas real money is physically deposited into a trust account with a bank – called the Investor Trust Account. In other words, real money from all investors is physically deposited into the Investor Trust Account whereas the back-office system tracks the individual balances of each investor in the investor’s virtual account.

To create the investor's account, you must first create a tab for Bank Accounts (CL Loan). 

Prerequisites

None.

Steps

Perform the following steps to create a bank account for the investor:

1. Log in to your Salesforce account.

2. Create the Bank Accounts tab. To do this, go to Setup, search for Tabs, and create a tab with the Bank Accounts (CL Loan) object.

3. In the CL Loan home page, click Bank Accounts.

4. Click New. The New Bank Account page is displayed.

5. Select the Account Type as Savings or Checking.

6. Specify the Bank Account Number.

7. Specify the Bank Name.

8. Specify the required investor in the Account field

9. Specify the Contact for the selected account.

10. Select the Active checkbox This is a mandatory step.

11. From the list of available options, choose the ways in which you will be using the bank account being set up. For example, select Investor Trust Account to use this account for investor transactions, and receiving related borrower payments.

12. Specify the ACH code for the bank.

13. Click Save. A bank account is created for the investor.