Our Account Funding service allows your customers to make one-off and recurring deposits and fund their portfolios. WealthKernel supports multiple methods of payments into its client money accounts to give our tenants the flexibility of different payment methods that their proposition dictates.
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After WealthKernel receives a deposit from a user, we match it with the deposit expectation that contains the details of the source account. After it’s matched, the deposit will be marked as settled and booked against your portfolio and reflected in the balance. The funds will then be available to be invested.
WealthKernel supports multicurrency deposits in GBP, EUR and USD . All of deposits will be held at Tier 1 banks in the UK under WealthKernel Nominees. Read more about it in our FAQs.
WealthKernel supports Direct Debit payments via an integration with a relevant provider. To offer Direct Debit payments to your users, your customer-facing screens must comply with the Payment Services Regulations. For more information about the UI guidelines for Direct Debits, please refer to our API Guides.
At WealthKernel, we use Confirmation of Payee as a form of bank verification to ensure that the client's money remains in a closed loop, coming from and returning to a bank account held in their name, reducing the risk of fraud. CoP is a more reliable way of verifying an account than traditional bank verification. It also reduces the operational burden for tenants by requiring less manual intervention.
