Vaults

Overview

Vault is an interest-bearing bank account that has a pre-configured maturity date. The money must remain in the account for a fixed period of time in order to earn the stated interest rate.

The Vaults tab provides the list of all Vault accounts created and allows to edit and create new accounts manually.

In most of the cases, Vault accounts are created in the Web Interface by the end-user. The following article defines the configuration process performed by an Administrator. See Banking Web Interface for the configuration process performed by the end-user.

Related pages

Price lists
Accounts
Persons

Opening the item

Follow the steps below to access vault details:

Navigate to the Admin Panel.
Click Banking on the left sidebar.
Go to the Vaults menu item to open the Vaults list.
Click Show in a vault account line to open its details.

How to create a Vault account

The following guide on Vault creation is designed for Administrators and should be used in testing and exceptional cases.

To create a Vault account

Navigate to the Admin Panel.
Click Banking on the left sidebar.
Go to the Vaults menu item.
Click Add new to open the account creation form.
Select an account owner from the Client drop-down menu.
Type in the account name in the Name field.
Select an account type from the Type drop-down menu.
Select a currency from the Provider currency drop-down menu.
Set the Base amount parameter to define the notional sum bearing the interest rate.
Set the Percent parameter to define the annual intereset rate paid to the account holder.
The parameter is defined automatically according to a Price list, when creating Vaults via the Web Interface. See Price lists for additional details.
Set the Lock up days parameter to define the period of how long the money must remain in the account.
The parameter is defined automatically according to a Price list, when creating Vaults via the Web Interface. See Price lists for additional details.
Set the On demand parameter to define whether the Vault should remain active after the Lock up period.
Click Create to confirm the account creation.
The account is ready to be deposited.

Component parameters

Parameter	Description
Number	The column demonstrates internal account numbers. At the same time, internal account numbers are used as entity IDs that are available in Activity log of the Administartion section. Click a number to open Vault account details.
Client	The column includes Client names the accounts are assigned to. Click a client name to open profile details.
Name	The Vault account name set by the end-user or Administrator.
Type	Two account types are available for opening: Standard accounts are checking accounts for everyday tasks. Crypto accounts record individual coin ownership. The Finance account type is not supported for Vaults.
Status	Vault account status is closely related to the client verification status. The following statuses are possible: New (recently opened, waiting for Identification) Active (fully functioning account, Identification is complete) Suspended (outgoing transfers are temporary blocked until document submission; once the required documents are provided, it is possible to activate the account again) Awaiting provider number (the provider is processing the IBAN generation, the status usage depends on the external provider settings) Waiting for approval (temporary inactive, document verification is processing) Rejected (permanently blocked, no outgoing transfers allowed) Closed (the account is closed)
State	The parameter defines whether the account is functioning: Accruing—the Vault account is provided with funds and the interest rate is accruing. Waiting for funds—the Vault account is not provided with funds yet. Idle—the Vault account is not accruing any more: the lock up period is over and the On demand parameter is not set.
Currency	Account currency.
Actions	Click Show to open account details. Click Edit to open account details in the editing mode. Click Deposit to add funds to the account. The functionality is implemented for testing purposes. Click Activate to enable a new account. Click Reactivate to activate a closed account. Click Delete to remove an account.
Add new	Create a Vault account manually. See the How to create a Vault account section for details.
Help	Click to access the current page right from the Admin Panel.

Configuring the component

Vault account details is the main panel of account information display and editing.

Most of the parameters correspond to the main parameters used in Accounts. Though, there are a few special parameters that should be mentioned.

Parameter	Description
Details
Last charge date	Defines the last date a fee was charged from the account.
Fee activated at	Defines the first date a fee was charged from the account.
Vault
Base amount	The notional sum bearing the interest rate.
Percent	Annual intereset rate paid to the account holder. See Price lists for configuration details.
Locked up	The date when the account was opened. The parameter defines the start of the fixed period when the money must remain in the account.
Maturity date	The day when the deposited funds can be retrieved after the Lock up period.
Begin accruing	The first day when the interest rate is paid. The accruing period starts the next day after the account opening date.
End accruing	The last day when the interest rate is paid. The next day, the money can be retrieved. See Price lists for configuration details.
On demand	Defines whether the Vault remains accruing after the Lock up period. If the parameter is set, the account operates as follows: The money still must remain in the account till the end of the Lock up period. The interest rate remains active after the Lock up period. The client can manually withdraw (completely or partially) the deposited amount at any moment once the Lock up period is over. The client can manually withdraw (completely or partially) interest at any moment once the Lock up period is over. The client can top up the account after the Lock up period is over.
State	The parameter defines the account state: Accruing—the Vault account is provided with funds and the interest rate is accruing. Waiting for funds—the Vault account is not provided with funds yet. Idle—the Vault account is not accruing any more: the lock up period is over and the On demand parameter is not set.
Statement
From	Set the starting date for the transactions list.
To	Set the ending date for the transactions list.
Format	Select the required format (pdf or xls).
Download	Click Download to see the account statement
Provider
Provider Name	The name of a service provider attending the account.
Provider Currency	The account currency set in the provider system.
Provider External Id	An ID set for the account in the provider system.
Provider Number	An IBAN provided for the account.
Balances
Currency	Balance currency.
Current	Total balance including holds.
Reserved	Hold transactions.
Available	Account balance available for transactions.
Top sidebar
Help	Click to access the current page right from the Admin Panel.

Calculations

Annual percent rates are calculated every calendar day according to the annual interest rate set in the Percent parameter. The reward calculation is preformed daily for the end-of-day balance as follows.

For example, if the Percent parameter is set to 0.5, the daily calculation is performed according to the following formula:
CODE
```
0.5*(end-of-day balance)/100/365
```
At the end of the period, the end-of-day calculations are summarized and Client is charged/rewarded for all days in the period.
For example, if the Percent parameter is set to 0.5, the Period is set to Month, and the account balance has not changed for the whole period, the fee/reward for a month having 30 days is calculated as follows:
CODE
```
0.5*(end-of-day balance)/100*30/365
```

Useful tips

Remember to create a Price list to define interest rates for Vault accounts opened in the Web Interface. See Price lists for additional details.