Accounts: How It Works in Lorum

An account is a single-currency account within Lorum that represents where funds are held and where financial activity is performed. Accounts can be used to receive and send funds, initiate payments, perform internal transfers between accounts in the same currency, and exchange funds between different currencies.

Each account is associated with a single currency and has its own account details, such as an IBAN or account number, which can be used to receive and send payments through the relevant payment schemes supported for that currency.

Accounts belong to customers, and customers belong to your organisation. A customer can hold multiple accounts across different currencies, but an account can only be opened once the customer has been approved and successfully onboarded to the relevant currency.

There are two account types:

• Primary account - your organisation's main operating account for a specific currency. Primary accounts are provisioned by Lorum during onboarding and can be used to manage funds at the organisation level, including as the source account for fee collection where configured.

• Virtual account - a customer-named account opened for a specific customer. Virtual accounts allow customers to receive funds into accounts held in their own name and can be used to initiate outbound payments, internal transfers, and foreign exchange transactions on their behalf.