Accounts

An account in Canopy is more than just a financial record—it's the central hub where a borrower's entire financial relationship with a lender comes to life. Think of it as a comprehensive container that can hold multiple financial products, unified by the individual borrower's identity.

The Borrower-Centric Approach to Account Management

Imagine a small business owner who needs different financial products to support their growing enterprise. They might require a charge card for day-to-day expenses, a term loan for equipment purchasing, and a line of credit for working capital. Traditionally, these would be separate, fragmented relationships. In Canopy, these can all exist within a single account, creating a holistic view of the borrower's financial journey.

Borrower Onboarding: A Streamlined Process

Creating an account is now a more straightforward process:

1. Create a new borrower
2. Select an appropriate account policy template
3. Create a new account and associate a borrower
4. Finally add financial products to the account
   1. Line of credit
   2. Installment loan

Account properties

Event Processing: The Account as a Central Hub

Every financial event—a payment, a draw, an interest accrual—is processed at the account level. This centralized processing ensures consistent, predictable behavior across all associated financial products.

Multiple Products, One Identity

The account serves as a unifying layer that connects:

• Different financial products (charge cards, term loans, lines of credit)
• Various financial interactions
• Comprehensive borrower history

This approach allows lenders to have a 360-degree view of a borrower's financial relationship, while providing the flexibility to support complex lending scenarios.

Configuring Account Behavior: Account Policy Templates

While accounts provide a flexible container, their specific behaviors are defined through account policy templates. These templates are powerful configuration tools that determine how the account will process events, handle notifications, and manage financial products.

For instance, an account policy template might define:

• How payments are distributed across multiple loans
• Notification triggers for critical events
• Account freeze conditions
• Specific event processing rules

During account creation, a lender selects an appropriate policy template, instantly configuring the account's operational parameters.