Bank products are an entity in the Griffin platform that hold all of the behaviour for bank accounts associated with them. When you open a bank account, it is related to a bank product, and that product determines what properties that bank account has (e.g. notice period, interest rate).
Our dedicated and pooled models only apply to safeguarding accounts and client money accounts.
We've designed three onboarding models — Verify, Reliance, and Outsourced — to fit different business needs. Each model offers a different level of control, responsibility, and tooling for customer onboarding and ongoing financial crime compliance.
When you open a bank account with Griffin, you need to tell us who has what rights and permissions regarding that account.
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There are three main categories of bank accounts you can open with Griffin:
Your primary account is your first bank account with Griffin. It is opened automatically when we set up your organization, and will stay open for as long as you're a Griffin customer. It is the basis of your banking relationship with us and has some unique features, in addition to acting as a standard operational account.