There are currently two types of accounts in Pave Bank:

• Accounts
• Nominal Accounts

Accounts

Accounts (/accounts) are normal accounts with a single currency. Clients are able to create sub accounts to segment, organise, or group funds within the account.

Each Account and Sub Account will have their own unique IBAN

Nominal Accounts

Nominal Accounts (/nominal-accounts) can be used by our clients to assign their end clients a unique IBAN. This allows them to send and receive payments in the end client's name (POBO, COBO).

The funds remain legally owned by the customer at Pave Bank under the Nominal Account.

Nominal Accounts require key information in order for Pave Bank to perform KYC. Nominal Sub Accounts can be created for either individuals or businesses and require their own respective key information in order for the Nominal Sub Account to be created. Specific implementation details, such as what these key information fields are in order to create the Nominal Sub Account, can be found in the Nominal Sub Account documentation page

Each Nominal Account and Nominal Sub Account will have their own unique IBAN