Bank Accounts

Overview

The Bank Accounts section allows you to manage your bank details for receiving settlements from Curosa. Bank details are required for payment processing and must be verified before they can be used for settlements. You can have multiple bank details for different currencies if you receive payments in multiple currencies.

Accessing Bank Accounts

To access your bank account settings:

1. Navigate to Settings in the sidebar navigation
2. Click on Bank Accounts or Bank Details

The Bank Accounts page displays all bank details associated with your supplier account, organized as cards showing key information such as bank name, account name, currency, and verification status.

Understanding Bank Details

Each bank detail entry represents a payment method for a specific currency. You can have multiple bank details for different currencies if you receive settlements in multiple currencies. Each bank detail must be verified before it can be used for settlements.

Verification Status

Bank details go through a verification process before they can be used for settlements. The status is displayed as a colored badge on each bank detail card:

• Pending: Bank details have been added but not yet verified. They cannot be used for settlements until verified. This is the initial status for new bank details.
• Verified: Bank details have been approved and can be used for settlements. Only verified bank details will be used for payment processing.
• Rejected: Bank details were rejected during verification. Review the information and correct any errors, then contact your account manager for assistance.
• Deleted: Bank details have been deleted (soft-deleted) and cannot be used. Deleted bank details can be restored if needed.

Important: Only verified bank details can be used for settlements. Ensure your bank details are verified before expecting payments.

Viewing Bank Details

The Bank Accounts page displays your bank details as cards showing key information:

• Bank Name: The name of your bank
• Account Name: The name on the bank account
• Currency: The settlement currency for this bank detail
• Status: Current verification status (displayed as a colored badge)
• Verified By: Name of the person who verified the bank details (if verified)
• Verified At: Date and time when the bank details were verified (if verified)

Filtering Bank Details

You can filter your bank details to find specific entries:

• Status Filter: Filter bank details by verification status (Pending, Verified, Rejected) using the status filter dropdown
• Currency Filter: Filter bank details by currency using the currency filter dropdown
• Trashed Filter: View deleted bank details using the trashed filter

Tip: Use filters to quickly find bank details that need attention, such as pending verification or rejected entries.

Viewing Complete Bank Detail Information

To view complete information for a bank detail:

1. Find the bank detail card you want to view
2. Click the View icon (eye) on the bank detail card
3. A modal window will open showing all bank information organized into sections:

Bank Information Section

• Bank Name: The name of your bank
• Account Name: The name on the bank account
• Settlement Currency: The currency for this bank detail
• Verification Status: Current status (Pending, Verified, Rejected, Deleted)
• Verified By: Name of the person who verified the bank details (if verified)
• Verified At: Date and time when the bank details were verified (if verified)

Account Details Section

• Account Number: Your bank account number
• Sort Code: Your UK sort code (for UK/GBP accounts)
• SWIFT Code: Your SWIFT/BIC code (for international transfers)
• IBAN: Your International Bank Account Number (for European and international accounts)
• BIC: Bank Identifier Code (optional, for international transfers)

Adding New Bank Details

To add new bank details for receiving settlements:

1. Navigate to Settings > Bank Accounts
2. Click the Create button at the top of the page
3. A modal window will open where you can enter your bank information

Required Fields

Fill in the following required information:

• Bank Name (Required): Enter the full name of your bank as it appears on your bank statements
• Account Name (Required): Enter the name as it appears on the bank account. This should match exactly with your bank records.
• Settlement Currency (Required): Select the currency for settlements. This is typically set to your supplier's default currency and cannot be changed after creation. If you need a different currency, create a separate bank detail entry.

Account Details

You must provide at least one of the following payment methods, depending on your currency:

For UK Accounts (GBP Currency)

• Sort Code (Required for GBP): Enter your 6-digit UK sort code in the format ##-##-## (e.g., 12-34-56)
• Account Number (Required for GBP): Enter your 8-10 digit UK account number

For European Accounts (EUR Currency)

• IBAN (Required for EUR): Enter your International Bank Account Number (IBAN). Must be 15-34 characters and start with a 2-letter country code (e.g., GB82WEST12345698765432)

For Other International Accounts

You can provide either:

• IBAN: Enter your International Bank Account Number (IBAN), or
• SWIFT Code + Account Number:
  • SWIFT Code: Enter your 8 or 11 character SWIFT/BIC code
  • Account Number: Enter your account number (8-10 digits)

Optional Fields

• BIC: Bank Identifier Code (8 or 11 characters). Optional but recommended for international transfers to ensure faster processing.

Validation Rules

The system validates bank details to ensure they are correct:

• IBAN: Must be valid format with correct checksum
• SWIFT/BIC: Must be 8 or 11 characters in correct format
• Sort Code: Must be exactly 6 digits
• Account Number: Must be 8-10 digits
• Uniqueness: Account number must be unique for each currency (you cannot have duplicate account numbers for the same currency)

4. Click Create to save the bank details

After creating bank details, they will be set to Pending status and you will receive an email notification requesting verification. The bank details cannot be used for settlements until they are verified.

Important: Double-check all information before saving, as errors can delay verification and payment processing. Ensure account names match exactly with your bank records.

Editing Bank Details

You can edit bank details, but the process differs depending on their verification status. Editing verified bank details requires re-verification.

Editing Pending Bank Details

To edit bank details that are in Pending status:

1. Find the bank detail card you want to edit
2. Click the Edit icon (pencil) on the bank detail card
3. A modal window will open with editable fields
4. Update any fields as needed
5. Click Save to update the bank details

Note: The Settlement Currency cannot be changed after creation. If you need a different currency, create a new bank detail entry.

Editing Verified Bank Details

If you need to change verified bank details (for example, if your account details have changed):

1. Find the verified bank detail card you want to edit
2. Click the Edit icon (pencil) on the bank detail card
3. A confirmation modal will appear warning you that:
   • Changes will require re-verification
   • The verification status will be reset to Pending
   • The bank details cannot be used for settlements until re-verified
4. Review the warning message carefully
5. Click Yes, Update Bank Details to proceed, or Cancel to keep the current details
6. If proceeding, make your changes in the form
7. Click Save to save your changes

After saving, the bank details will be reset to Pending status and you will receive a notification email requesting verification of the changes. The bank details cannot be used for settlements until they are re-verified.

Warning: Editing verified bank details will temporarily disable them for settlements until re-verification is complete. If you have pending settlements, contact your account manager before making changes.

Verification Process

After adding or editing bank details, they must be verified before they can be used for settlements. The verification process typically takes 1-2 business days.

Verification Steps

1. Notification Sent: You will receive an email notification requesting verification of the bank details
2. Review: Review the bank details shown in the email to ensure they are correct
3. Verification: Your invoicing contact (if configured) or account manager will verify the bank details
4. Approval: Once verified, the status changes to Verified and you will receive a confirmation email
5. Ready for Use: Verified bank details can now be used for settlements

What Happens During Verification

• The system automatically sends a notification to your invoicing contact (if configured in your account settings)
• If no invoicing contact is available, the notification is sent to your account manager
• The bank details are reviewed and verified by an administrator
• Once verified, you receive a confirmation email with the verified bank details
• The status badge on the bank detail card changes from "Pending" to "Verified"

If Bank Details Are Rejected

If your bank details are rejected during verification:

1. You will receive a notification email explaining the rejection and the reason
2. Review the bank details and correct any errors (common issues include incorrect account numbers, invalid IBAN format, or mismatched account names)
3. Edit the bank details with corrected information, or create a new entry if needed
4. Contact your account manager if you need assistance understanding the rejection or have questions

Note: Rejected bank details can be edited and resubmitted for verification. The rejection reason will help you identify what needs to be corrected.

Deleting Bank Details

To delete bank details that are no longer needed:

1. Find the bank detail card you want to delete
2. Click the Delete icon (trash) on the bank detail card
3. A confirmation dialog will appear
4. Confirm the deletion

Important Notes:

• Deleted bank details cannot be used for settlements
• You can restore deleted bank details if needed (see Restoring Bank Details below)
• Deleting verified bank details may affect pending settlements—contact your account manager before deleting verified bank details
• If you have active settlements using the bank details, consider waiting until settlements are complete before deleting

Restoring Deleted Bank Details

If you accidentally deleted bank details or need to restore them:

1. Use the Trashed filter dropdown to show deleted bank details
2. Find the deleted bank detail card you want to restore
3. Click the Restore icon on the deleted bank detail card
4. The bank details will be restored with Pending status and will require verification again before they can be used for settlements

Note: Restored bank details must go through the verification process again, even if they were previously verified. This ensures the information is still current and accurate.

Security and Notifications

Email Notifications

You will receive email notifications for important bank detail events:

• Bank Details Added: When new bank details are created and need verification
• Bank Details Changed: When bank details are modified (especially if changed by an administrator)
• Bank Details Verified: When bank details are approved and verified, confirming they can be used for settlements
• Verification Required: When bank details need your review and approval
• Bank Details Rejected: When bank details are rejected during verification, with reasons for rejection

Tip: Always review email notifications about bank details promptly to ensure payments are not delayed. Check your spam folder if you're not receiving notifications.

Security Features

The platform includes several security features to protect your bank information:

• Change Detection: Notifications are only sent when critical payment fields are changed (account number, sort code, IBAN, SWIFT, BIC, account name)
• Change History: All changes to bank details are logged with timestamps and user information for audit purposes
• Masked Data: Sensitive information (like account numbers) is masked in email notifications for security
• Verification Required: Bank details must be verified before use to prevent fraud and ensure accuracy
• Access Control: Only authorized users from your supplier account can view and edit bank details

Admin Changes

If an administrator makes changes to your bank details:

• You will receive a notification email showing what was changed
• The changes will be clearly marked as made by an administrator
• Review the changes carefully and contact your account manager immediately if you did not request these changes

Security Warning: If you receive a notification about bank detail changes that you did not request, contact your account manager immediately to verify the changes are legitimate.

Best Practices

Keeping Bank Details Current

• Regular Reviews: Review your bank details regularly to ensure they are current and accurate
• Update Promptly: Update bank details immediately if your account information changes (e.g., bank merger, account number change)
• Verify Accuracy: Double-check all information before saving to avoid delays in verification and payment processing

Verification and Usage

• Verify Before Use: Only verified bank details can be used for settlements. Plan ahead and add bank details before you need them
• Multiple Currencies: If you receive settlements in multiple currencies, create separate bank details for each currency
• Backup Options: Consider having multiple verified bank details for the same currency as a backup option

Security and Communication

• Review Notifications: Always review email notifications about bank detail changes promptly
• Contact Support: If you're unsure about any bank detail requirements or need help, contact your account manager
• Report Suspicious Activity: If you notice any unauthorized changes, contact your account manager immediately

Before Making Changes

• Check Pending Settlements: Before editing or deleting verified bank details, check if you have pending settlements using those details
• Plan Ahead: If you need to change bank details, add the new details first and wait for verification before deleting old ones
• Coordinate with Team: Inform your team when bank details are being updated to avoid confusion

Common Questions

Can I have multiple bank details for the same currency?

Yes, you can have multiple bank details for the same currency, but each bank detail must have a unique account number for that currency. This allows you to have multiple payment methods for the same currency if needed (e.g., different accounts for different purposes).

Why can't I edit the Settlement Currency?

The settlement currency is set when creating bank details and cannot be changed to maintain data integrity and prevent errors. If you need a different currency, create a new bank detail entry with the correct currency.

What happens if I delete verified bank details?

Deleted bank details cannot be used for settlements. If you have pending settlements using those bank details, contact your account manager before deleting to avoid payment delays. Consider waiting until all settlements are complete.

How long does verification take?

Verification typically happens within 1-2 business days. You will receive an email notification once verification is complete. If verification takes longer, contact your account manager to check the status.

Can I edit bank details that are verified?

Yes, but editing verified bank details will reset them to Pending status and require re-verification before they can be used for settlements again. This ensures accuracy and security. Plan accordingly if you need to make changes.

What payment methods are required?

The required payment method depends on your currency:

• GBP (UK): Sort Code + Account Number (both required)
• EUR (European): IBAN (required)
• Other currencies: IBAN OR (SWIFT Code + Account Number)

Can I use the same bank details for multiple currencies?

No, each bank detail entry is for a specific currency. If you receive settlements in multiple currencies, you need separate bank detail entries for each currency.

What should I do if my bank account details change?

If your bank account details change (e.g., account number, bank merger, etc.):

1. Add new bank details with the updated information
2. Wait for verification
3. Once verified, you can delete the old bank details if no longer needed
4. Contact your account manager if you have pending settlements using the old details

Troubleshooting

Bank Details Not Verified

Issue: Bank details remain in "Pending" status for more than 2 business days.

Solution:

• Check your email (including spam folder) for verification requests or notifications
• Ensure your invoicing contact information is up to date in your account settings
• Contact your account manager to check the verification status
• Review the bank details for any errors that might be delaying verification

Cannot Edit Bank Details

Issue: Edit button doesn't appear or doesn't work.

Solution:

• Ensure you have appropriate permissions to edit bank details
• Refresh the page and try again
• Check that the bank details are not deleted (use the Trashed filter to check)
• Contact support if the issue persists

Bank Details Rejected

Issue: Bank details were rejected during verification.

Solution:

• Review the rejection email for specific reasons
• Check that all information matches your bank records exactly
• Verify that account numbers, sort codes, IBANs, and SWIFT codes are correct
• Edit the bank details with corrected information
• Contact your account manager if you need help understanding the rejection

Payment Not Received

Issue: Settlements are not being paid to your bank account.

Possible causes and solutions:

• Bank details not verified: Ensure your bank details are in "Verified" status
• Wrong currency: Verify that the bank details match the settlement currency
• Incorrect account information: Double-check that account numbers and other details are correct
• Deleted bank details: Check if bank details were accidentally deleted
• Contact your account manager to verify which bank details are being used for settlements