Accounts Lifecycle
XYB Accounts is the engine behind every financial account created through your platform. Whether you're onboarding a new customer, setting up a savings wallet, or integrating with a ledger, this is the system doing the heavy lifting.
1. Define an Account in Product Configuration
Product Configuration capability in our XYB Console provides a no-code way to define what your account product looks like.
For example, a product configuration might define:
Which wallets the account should have (e.g. EUR, USD)
What ledger provider to use (XYB, TM, etc.)
Whether banking coordinates (IBAN, BIC) should be created
If the account should support interest, statements, or multi-currency
What the jurisdiction is, and which attributes to track
This configuration ensures that every account matches the needs of your business whether you’re building for retail customers, businesses, or niche fintech use cases.
2. Creating the Accounts
Based on the product configuration for accounts, an account is created (usually via API or onboarding flow):
The customer entity is attached to the account
A unique reference (ID) is assigned
Product rules are applied:
A default wallet (or multiple wallets) is created
Ledger mappings are initialized
Optional banking coordinates are generated
Custom metadata and tags are saved
This process is automated and fast. Accounts can be created programmatically or through a user interface, and everything is tracked.
3. Account Management
Once created, the account becomes active and can be used across the platform. From here, teams and systems can:
View the account in the console dashboard
Search for accounts using reference, name, ID, or tags
Monitor balances for each wallet linked to the account
Add banking details like IBAN or account number
Update account attributes, like risk profile or visibility settings
Pause or close the account when needed
Each account has a status (Open, Suspended, etc.) which controls how it behaves.
4. Ongoing Sync: Ledgers, Balances, Events
The account system stays in sync with:
The ledger service: to keep balances up to date
The wallets service reflect currency-specific balances
The payments service to route transfers using coordinates
Kafka events: so other services know when changes happen (e.g., account created, state updated, wallet balance changed)
This ensures real-time accuracy across your platform.
Typical End-to-End Flow
Let’s look at a real-world example:
Customer Onboarding
A customer signs up for your product The system creates an account Wallets for EUR + GBP are automatically added A ledger account is mapped IBAN is generated Account appears in your UI dashboard and is ready to use
Or...
Risk Scenario
A suspicious transaction occurs Ops team suspends the account All wallets are frozen A Four-Eye approval workflow is triggered Account is reactivated after review
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