Accounts

Overview

Once you've approved a borrower onto your lending program, borrower onboarding into Canopy is typically a two-step process that forms the first programmatic touchpoint with Canopy in your borrower journey. This two-step process consists of customer creation and account creation. This section is focused on helping you understand account creation and management.

Accounts are the primary computational vehicle in Canopy. They are managed via the Accounts API.

Account Attributes

At the point of account creation, you have already communicated a significant amount of information to Canopy relevant to managing the borrower lifecycle. While the specifics of this information are primarily encoded in your create product and create account payloads, this information can conceptually be organized into four main groups:

General cycle structure for the account

This includes billing cycles, due dates, promotional timelines, an autopay schedule, and any fixed dates for pure installment loans.

Computational rules

This includes minimum payment and interest formulas, interest grace entrance and exit criteria, credit limits, delinquency entrance and exit criteria, fee structures, and more.

Static information

This includes contextual metadata and documents.

Information about how to communicate with third parties on behalf of the account

This includes payment methods, card details, and metro2 reporting information.

Account Policies

Policies in Canopy are specific rules that are enforced throughout an account's lifecycle. These can influence calculations - for example, the formula by which minimum payments are calculated. In Canopy,

The specific policies enforced for a given account follow a hierarchical structure: Template policies are set by the product under which the account is enrolled. At the point of account creation, these policies are instantiated for the account, along with all policies defined in the create account payload. Once onboarded, many policies can be later updated via the update request for account policies.

At any point in time, the active policies configured for an account are used to determine how its state responds to events. For example, the interest calculation policies for an account dictate how much interest is accrued, on which frequency.

Check out our account creation recipe for a more in-depth look at account creation

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Create an Account

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