This endpoint lets you create a Savings Account for a customer on Woodcore.
Important
Mandatory Fields
clientId,productId,createdDate,activate.
Optional Field:isPool
Key Considerations
If the isPool parameter is set to true, a Pool account is created, and if set to false, a Normal Savings account is created.
Differences between a normal Savings account and a Pool account
Normal Savings Account
This is the standard savings account. It can process up to 200 transactions of a single transaction type (either debit or credit), with completion times ranging from 2 to 6 minutes, depending on the existing transaction volume. However, simultaneous debit and credit transactions may result in one being rejected.
It processes transactions within 2 to 9 seconds, ideal for general banking activities. However, as the volume of transactions increases, processing times may extend.
We recommend considering our new Pool Account for enhanced efficiency for clients engaged in high-volume transactions.
Pool Account
It is the same as the Savings account above, BUT with some modifications to help you process high-volume transactions. Designed for high-speed, high-volume BAAS transactions, the Pool Account processes transactions in under a second, regardless of the number of transactions. This allows for rapid and seamless processing even at scale.
Unlike Normal Accounts, Pool Accounts do not require or support linked features such as nominal interest, interest calculations, tax, or charges. This makes them highly efficient for rapid transactions. It’s important to note that once a Pool Account is enabled, all interest, charges, and associated tax-related features will be rendered inactive.
Pool Accounts are not suitable for backdated transactions and cannot be linked as a savings account to a loan or a fixed deposit. Additionally, if the Pool Account functionality is disabled, the account can again be linked to other products like loans and fixed deposits.