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A correspondent account is for a bank or regulated institution that moves USD for its own customers. You hold one account in your own name, and Augustus issues addresses on it that carry your customers’ names. A payment on any of those addresses settles against the one balance. Paying out in a customer’s name is payment on behalf of (PoBo); collecting in a customer’s name is collection on behalf of (CoBo).

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How it is built

The objects are explained under Account structure.

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Correspondent or FBO

Both products let payments carry your customers’ names. They differ in where the customer balance lives. Choose FBO when Augustus should hold and report per-customer balances. Choose correspondent when you keep the customer ledger yourself and need Augustus to move money in your customers’ names.

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Money in

Give the sender the address issued in the customer’s name: the routing number, the account number and the customer’s name as beneficiary. The credit is booked to the account and recorded as a deposit, with the sender as counterparty_id when the rail delivers the sender’s account details.

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Money out

Create a payout from the account. Today the payout is sent from the account’s default address, so it carries your name as the originator. Paying out in a customer’s name is not available yet; see below.

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Not available yet

The API does not support this product end to end today.
  • financial_addresses on an account holds one entry. Issuing further addresses, and creating or deactivating them through the API, is not available yet.
  • A payout is sent from the account’s default address, in your name. There is no field to choose another address, so paying out in a customer’s name (PoBo) is not available yet.
  • A deposit does not record which address it arrived on.
Talk to your account manager before building on this product.

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Integration

Retrieve the account and read its addresses from financial_addresses. Deposits and payouts work as on any other account.
GET /v1/accounts/{id} in the API Reference →