Customer Overview

A Customer can either be a Business or an Individual who engages with a financial institution to access various financial products. Braid enables these customers to interact with the institution through an intuitive and flexible system that supports a variety of products and services, including treasury management, payment processing, and virtual accounts.

Customer Types

Business Customer

• A Business Customer refers to an entity like a corporation, small business, or fintech that uses the institution’s services.
• Business customers often need multiple financial products to manage operations, such as virtual accounts for cash management, ACH processing, and wire payments.

Individual Customer

• An Individual Customer is a person who directly engages with the financial institution for personal or business purposes.
• Individuals can access products like savings accounts, payment services, or participate in fintech programs facilitated by the institution.

Products Offered by a Financial Institution

A customer, whether a Business or Individual, can access a range of products managed through the Braid Payment Core. These products include:

Deposit Accounts

• Checking or savings accounts, including FBO (For Benefit Of) accounts for fintech programs.
• Virtual accounts that can represent sub-accounts or grouped financial products for more granular cash management.

Payment Products

• ACH Payments: Customers can send and receive ACH payments for payroll, vendor payments, and other transactions.
• Wire Transfers: The ability to send and receive domestic and international wires.
• Virtual Accounts: Sub-accounts that allow businesses to manage multiple cash flows under a single relationship with the institution.

Treasury Management

• Customized cash management solutions that allow businesses to optimize liquidity and control inflows and outflows through tools like landing accounts, liquidity accounts, and revenue accounts.

Compliance Products

• Tools for ongoing OFAC screening at onboarding, during transactions, and on a daily basis to meet compliance and risk management requirements.

Customer Access to Multiple Products

Both Business and Individual customers can access multiple products within their relationship with the financial institution. For example:

• A Business Customer might use a virtual account for cash flow management, ACH processing for payroll, and wire payments for international transactions.
• An Individual Customer could have a savings account, participate in a fintech program through an FBO account, and use ACH for personal transactions.

Customers Through Fintech Partnerships

Braid enables financial institutions to establish fintech partnerships, which serve as a significant channel for customer acquisition. Through these partnerships:

• Fintechs can offer seamless financial services to their end-users by utilizing the institution’s banking infrastructure, supported by Braid’s technology.
• Financial institutions benefit from increased deposit volume, transaction revenue, and new customer segments through these partnerships, effectively modernizing their customer base.
• Fintechs gain speed and flexibility, as they can onboard customers faster, access compliance tools, and offer diverse products (like virtual accounts, ACH, and wire transfers) under a compliant infrastructure.
• Customers who come through fintech partnerships often engage with specialized financial products that align with the fintech’s core offering, creating a mutually beneficial relationship between the institution, fintech, and customer.

Managing Customer Relationships in Braid

Each customer profile within Braid includes:

• Customer Information: Basic details like name, address, UBO (Ultimate Beneficial Owner) information for businesses, and other identifying data.
• Product Access: A clear view of which products the customer has access to, such as accounts, payments, and compliance tools.
• Account Structures: For businesses, multiple sub-accounts or virtual accounts can be managed under a single relationship, ensuring granular control over funds.