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Follow the steps below to open a currency account without using an account application.
Go to Persons > Search for the person who needs to get an account created.
Fill in search parameters > click the Search button.
Click on the person’s Identification number to view the Person details.
Once on the Person details page, go to the content menu Accounts > Accounts.
On the Accounts page > click the Create account button.
Fill in the > click the Create button.
You can set to restrict the options for new account parameter values. To learn more, look at enabled.
Account name
Text
Enter the name you would like to assign to the account.
Account type*
List
Select the CURRENCY account type.
Account Class
List
Select the account class.
Default currency*
List
Select the default currency of the account. Available values consist of the currencies configured for your Tuum setup.
Customer group*
List
Select a customer segmentation group. Available values consist of customer groups you have created with Tuum.
Price list type*
List
Select an account price list type within the chosen customer group. Available values consist of price list types you have created with Tuum.
Overdraft amount
Number
Non-editable field; It is available for internal accounts only.
Account holder name*
Text
Enter the actual name of the account holder.
Residency country code*
List
Select the residency country of the account holder.
Tax residency country*
List
Select the account residency country.
Interest method assignment code
List
Select the interest method assignment code. This parameter is generated when you create the account type interest. For more details, please refer to the .
There are two ways to find an account application.
If you want to perform a global search for any account application:
Go to Accounts > Search > Applications.
Fill in the search criteria and click Search.
Click on the Application identifier of the account application you are interested in to see full details.
If you need to search for any account application for a dedicated person:
Go to Persons > Search.
Fill in search parameters > click the Search button.
Click the Identification number to access the person view page.
From the person content menu, choose Account > Account applications.
Click on the Application identifier of the account application you are interested in to see full details.
After submitting an account application, the account application details page will open.
Click Confirm > Yes to confirm the account application.
After the account application is confirmed, the subsequent processing will depend on your selection for the account setup type. To find out more, find the relevant explanation for STANDARD or EXTERNAL_VIRTUAL selection options.
Account type setup
/service provider code
/account type*
List
Select your account setup type:
STANDARD/TUUM/CURRENCY,
EXTERNAL_VIRTUAL/LHV/CURRENCY,
EXTERNAL_VIRTUAL/BC/CURRENCY,
EXTERNAL_VIRTUAL/TUUM/CURRENCY,
EXTERNAL_VIRTUAL/CC/CURRENCY.
Note: you will only see the options that are relevant to your setup.
Jurisdiction country*
List
Select the account jurisdiction country.
Account class
List
Select the account class.
Account name
Text
Enter the client account name.
Default currency*
List
Select the default currency from the list.
Customer group*
List
Select a customer segmentation group. Available values consist of customer groups you have created with Tuum.
Price list type*
List
Select an account price list type within the chosen customer group. Available values consist of price list types you have created with Tuum.
Account holder name*
Text
Enter the actual name of the account holder.
Residency country*
List
Select the residency country code.
Tax residency country*
List
Select the tax residency country.
Account number type*
List
Select from the available options:
IBAN - International Bank Account Number contains the account number, bank and branch information and country code.
BBAN - Basic Bank Account Number. It represents a country-specific bank account number.
Account number*
Number
Enter the account number.
Financial institution id*
Text
Enter the identification number of the financial institution.
Financial institution id type*
List
Select the financial institution id type:
BIC - a unique eight- or eleven-digit alphanumeric code identifying a specific bank or branch worldwide.
SORT_CODE - a unique six-digit numerical code identifying a specific bank or branch in the United Kingdom and Ireland.
ABA_CODE - an ABA routing transit number (ABA RTN) is a unique nine-digit code identifying a financial institution within the United States.
BANK_CODE - a unique domestic numerical identifier for a specific bank, branch, or financial institution in most countries, excluding the United States, United Kingdom, and Ireland.
Note: The account number type IBAN allows you to select BIC, and the account number type BBAN allows you to select SORT_CODE, ABA_CODE or BANK_CODE.
Country*
List
Select the account country from the list.
Currency code*
List
Select the account currency from the list.
Add limit type*
List
Select the account limit type:
Daily,
Monthly.
Currency code*
List
Select currency from the list.
Amount*
Number
Enter the limit amount.
SSN*
List
Select representative from the list.
Account right code*
List
Select the account right code from the list:
All rights,
View rights,
Change rights.
In the account opening process, the creation of the account application is a preparatory stage before the account opening and consists of two steps.
Follow the steps below to open a currency account using the account application.
Open the person view page:
Go to Persons > Search.
Fill in search parameters > click the Search button.
Click the Identification number to access the person view page.
Create an account application for a person:
From the person content menu, choose Account > Account applications.
Click the Create application button.
If necessary, you can add account owner limits (optional).
Click the Add Limits button to open the section with parameters.
Fill in the parameters for the account owner limits.
If necessary, you can add representatives and their limits (optional).
Click the Add Representatives button to open the section with parameters.
Fill in the parameters for the representative and set their limits.
Click Submit to complete the creation of the account application.
Click Edit to change the account application details and click Save to preserve the changes.
Click Cancel to cancel the account application.
Select the reason for the status change and add a comment, if necessary.
Click Yes to confirm the cancellation.
Cancelling an account application results in the irreversible termination of the account application process.
For currency accounts, Tuum can be configured in three ways:
Standard (Account type setup code: STANDARD enabled): The Tuum system generates account numbers.
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).
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.
The explanation below applies when you have selected the EXTERNAL_VIRTUAL as the Account setup type when creating the account application.
After confirming the account application, the Tuum system automatically sends it to the Account service provider for AML review.
The account service provider will review the application and respond with acceptance or rejection.
In case the AML review takes longer, the Account service provider sends a response with a pending status.
When the Tuum system receives a response with the pending status, it means the AML review process with the Account service provider is still ongoing.
Next, the Tuum system sets the account application to PENDING status. The application stays in this intermediary status until the Account service provider sends the message about accepting or rejecting it.
When the Tuum system receives the response with acceptance, it means the application has met all the account opening criteria of the Account service provider. The response then also contains the assigned account number.
Next, the Tuum system sets the account application to the ACCEPTED status and starts fully automated account opening processing with the account number assigned by the Account service provider.
If successful, the account application gets the status PROCESSED, and the primary account number of the opened account will be visible on the account application details page.
When the Tuum system receives a rejecting response, it means the application has not met the required criteria for opening an account with the Account service provider.
Next, the Tuum system sets the account application to the REJECTED status, which is the final status and ends the application's processing.
The explanation below applies when you have selected STANDARD as the Account setup type when creating the account application.
The account application will go through a manual approval process after the account application confirmation.
Click Accept if the application meets all the account opening criteria.
Click Reject if it does not meet the required criteria for account opening.
Click Mark for review if additional due diligence about the applicant is required to decide whether to accept or reject the application.
After clicking the Accept, Reject, or Mark for review button, the confirmation modal will open. In this modal, you can:
select the status change reason and
fill in a comment.
Click Yes to confirm the application status change.
Clicking the Mark for review button sets the account application to PENDING status. In this intermediary status, the decision to accept or reject the application must be made.
Once you have finished the additional due diligence, click the Accept or Reject button to change the application's status.
Clicking the Accept button sets the account application to the ACCEPTED status and starts fully automated account opening processing.
If successful, the account application gets the status PROCESSED, and the primary account number of the opened account will be visible on the account application details page.
Clicking the Reject button sets the account application to the REJECTED status, which is the final status and ends the application's processing.
.
.
Confirmation of the account application initiates the account opening process. Depending on the , the account will be assigned either an externally provided or internally generated account number.
Fill in the main .
You must to start the account opening process.
After clicking Submit, Tuum creates a draft account application with the status INSERTED. You can or the draft application until you confirm it and start the account opening process.
You must to start the account opening process.
applies to standard configuration.
applies primarily to external and hybrid configurations but can also be used for the standard configuration if preferred.
For more information, refer to the explanations about .
For more information, refer to the explanations about .
These account application statuses apply if the Tuum configuration for accounts is .
INSERTED
The INSERTED status indicates a draft account application has been created.
You can edit or cancel the application at this stage.
The application needs to be confirmed to proceed with application processing towards account opening.
PREPARED
After confirmation, the application becomes uneditable and enters the PREPARED status. The account application is ready for a manual approval process to change its status to PENDING, ACCEPTED, or REJECTED.
CANCELLED
The CANCELLED status indicates the draft account application was cancelled.
PENDING
The PENDING status indicates that the application processing is on hold until additional due diligence is complete. It is intermediary status before the account application gets ACCEPTED or REJECTED status.
ACCEPTED
The ACCEPTED status indicates the account opening due diligence has successfully completed and the process will proceed with the account opening.
REJECTED
The REJECTED status indicates the account opening due diligence has failed. It is the final status and terminates the account application's processing.
PROCESSED
The PROCESSED status indicates that the Tuum system has completed the account opening process. The application also includes the assigned account number by Tuum.
ERROR
The ERROR status indicates that the account application processing has encountered a technical error during the account opening process. You can manually retry the failed part of the process for failover.
INSERTED
The INSERTED status indicates a draft account application has been created.
You can edit or cancel the application at this stage.
The application needs to be confirmed to proceed with application processing towards account opening.
PREPARED
After confirmation, the application becomes uneditable and enters the PREPARED status. The Tuum system automatically sends the account application to the account service provider for account opening due diligence and account number assignment.
CANCELLED
The CANCELLED status indicates that either:
the draft account application was cancelled or
the confirmed application was cancelled before the subsequent processing steps were finished.
PENDING
The PENDING status indicates that the Tuum system received a response from the Account service provider notifying Tuum that its AML review process is ongoing.
ACCEPTED
The ACCEPTED status indicates that the Tuum system has received a message from the account service provider stating that the AML review process has been successfully completed. The message includes the assigned primary account number. The Tuum system will proceed to the account opening.
REJECTED
The REJECTED status indicates that the Tuum system has received a message from the account service provider stating that the AML review process has failed. It is the final status and terminates the account application's processing.
PROCESSED
The PROCESSED status indicates that the Tuum system has completed the account opening process. The application also includes the assigned account number by the account service provider.
ERROR
The ERROR status indicates that the account application processing has encountered a technical error during the account opening process. You can manually retry the failed part of the process for failover.
These account application statuses apply if the Tuum configuration for accounts is .
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