Currency account

For currency accounts, Tuum can be configured in three ways:

  1. Standard (Account type setup code: STANDARD enabled): The Tuum system generates account numbers.

  1. External (Account type setup code: EXTERNAL_VIRTUAL enabled): Account numbers are generated by an external account service provider such as LHV Bank (LHV), Banking Circle (BC), or CurrencyCloud (CC).

  1. Hybrid (Account type setup code: STANDARD and EXTERNAL_VIRTUAL enabled): Both the Standard and External options are used simultaneously. The decision about which option to use is made at the account opening.

Depending on the configuration, two different account opening processes exist for currency accounts.

  1. Opening a currency account without an account application applies to standard configuration.

  2. Opening a currency account with an account application applies primarily to external and hybrid configurations but can also be used for the standard configuration if preferred.

Please ensure you are familiar with the setup your company uses to access the appropriate explanations.

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