Account Types
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TxB supports three different account structures / service types. In general, TxB APIs behave the same regardless of account / service type.
| Account / service type | Description |
|---|---|
| Payments-only service | Allows a Client to instruct TxB to move money from their existing non-TxB bank account to effect a payment to a beneficiary's bank account globally. No need to open a deposit account with TxB to take advantage of our payments stack |
| Deposit account | A commercial bank account, which allows a Client to hold money with TxB and access our Payments services. Virtual accounts can be added to most TxB demand deposit accounts, so you can instantly scale up and down the number of virtual accounts you need |
| For Benefit Of ("FBO") deposit account | An FBO account is a segregated (client money) deposit account structure that enables 'embedded banking' by allowing the account holder to organize underlying virtual accounts for its eligible customers. Please get in touch to learn more about how an FBO account can enable banking as a service |
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