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An Entity represents an organization with separate and distinct legal rights. In the Fintoc data model, Entities are the parent object of Account. An entity can have multiple accounts, each with one or more account numbers. Depending on your use case, you may create an Entity for each of your customers or users. In most cases, these Entities must go through a KYC (Know Your Customer) process. Fintoc will review and approve your verification processes and third-party providers.

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Root Entity

The Root Entity is a special type of Entity that represents your own business. Any Accounts under a Root Entity hold your company’s money. (See Root Accounts for more information.) Each organization can have only one Root Entity, both in sandbox and live environments. A Root Entity is created automatically in live mode when you register and complete onboarding with Fintoc.