Account holds, sends, and receives money. This page explains the Account data model: the root Account, additional Account objects, statements, and balance. For the API fields, see the Account object reference.
Account objects have three constraints:
- They are available only to businesses.
- They do not support overdrafts.
- Each
Accountbelongs to exactly oneEntity.
Root account
When Fintoc creates your rootEntity, Fintoc also creates a root Account for your company’s money. You can’t modify or delete the root Account.
Multiple accounts
You can create additionalAccount objects under your own Entity to separate balances by product line. You can also create Account objects under your customers’ Entity objects for per-client sub-accounts. See Create more accounts.
Cost centers
Businesses in Mexico use the term cost center, or “centro de costo”, for a balance they track separately. In the Business Accounts API, a cost center is anAccount. Create one Account per cost center, whether that cost center holds funds for one of your product lines or for one of your clients.
A cost center is not an Entity. An Entity is the legal account holder that owns Account objects, so creating an Entity does not by itself create a balance you can send money from. Create an Entity only when the balance must belong to a different legal name, such as a client’s. Then create the Account under that Entity. See Entity.
Account statements
Fintoc generates a monthly statement for everyAccount. You can list and download statements using GET /v2/accounts/{account_id}/statements. See Account statements for details.
Balance
EveryAccount has an available_balance. Fintoc immediately deducts pending outbound transfers from this balance. If a transfer fails, Fintoc restores the funds.