About RocketKOR Accounts
What Are RocketKOR Accounts?
The RocketKOR platform uses different types of accounts to identify your organization, the companies and individuals you do business with, and the financial accounts used when moving money. The following sections explain the purpose of each type of RocketKOR account.
A Business Account was created for your organization during the onboarding process. RocketKOR uses this Business Account to identify and manage your organization on the platform. You will use your Business Account to set up and manage the information you require in order to move money and manage your organization.
The RocketKOR platform is designed with enterprise grade flexibility that allows your organization to scale on demand. For this reason, your Business Account is configured as a Parent Business Account with one or more Child Business Accounts, as determined during onboarding. For example, you may have separate Child accounts for different divisions, branches, or lines of business. Because these Child accounts are grouped under a single Parent Business Account, you can access and manage all of your accounts using a single set of login credentials.
Within each Child Business Account, you can configure your RocketKOR solutions, Business Financial Accounts, Recipient Accounts, and Recipient Financial Accounts. You can also manage transaction limits, roles and permissions, and RocketKOR Portal users (called Team Members).
Note A Child Business Account may contain its own Child Business Accounts.
Note When using the APIs, you will typically interact with a Child Business Account. To keep things simple, Parent and Child accounts are referred to simply as Business Accounts in the API documentation.
RocketKOR Account Structure
The RocketKOR account structure is shown in the following diagram. This hierarchy starts with the Parent Business Account, which contains one or more Child Business Accounts. Each Child Business Account contains Business Financial Accounts, Recipient Accounts, and Recipient Financial Accounts.
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A recipient is a person or business with whom you wish to conduct transactions.
You must create a Recipient Account for the person or business; this contains the recipient’s profile information (name, contact information, date of birth, and so on). Recipient Accounts are created within a Child Business Account.
In RocketKOR, the accounts used in transactions are called Financial Accounts. There are two types of Financial Accounts: Business and Recipient.
Business Financial Accounts
Business Financial Accounts are the accounts owned by your organization, such as bank accounts and debit cards. You will have a separate Business Financial Account for each of these accounts. Business Financial Accounts are created within a Child Business Account.
Recipient Financial Accounts
Recipient Financial Accounts are the accounts owned by a recipient, such as bank accounts and debit cards. You must create a separate Recipient Financial Account for each of these accounts. Recipient Financial Accounts are created within a Child Business Account and are linked to a Recipient Account.
The RocketKOR platform currently supports bank accounts and card accounts such as Mastercard and VISA debit cards and eligible Discover cards.