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.
Within your Business Account, you will set up and manage the information you require in order to move money using this Business Account. This includes your 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 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 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 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.