Bank Account Opening Process

Introduction

The Bank Account section of the Reluna platform provides information about the types of bank accounts available, terms and conditions for opening and using accounts, and information about fees. To create a bank account, you must have Bank Account, Account, and Custodian view rights.

Click here to learn more on profile configuration.

Bank Account is an object of a real bank account in one of the Custodies. A bank account can belong to both Account type Individual and Entity.

One Account can have several Bank Accounts.

Key Terminologies

Create a Standard Bank Account

Before Bank Account creation please unsure that Account is added to the Platform.

See How to create and Manage Account

To create Bank Account:

• Go to Accounts → Bank Accounts and click on the + icon.

• Fill in the information and fields marked “*” are required.

Field Details here:

Fields	Type	Required	Description
Name	text value	+	Bank account name
External Name	text value	+	Used in integration mechanisms. External Name shall always correspond to real bank account name without extra symbols
Type	Selection: [ Standard, Virtual ] OR Selection: [ PROP, Omnibus]	+	General Information. Available types of bank account depend on Account attribute “Company Account”. If “Company Account”=YES, the platform gives options to select creation of PROP or Omnibus bank account. If “Company Account”=NO, the platform gives options to select creation of Standard or Virtual bank account. Check terms to get information on bank account’s types
Currency	Selection of Currency	+	Bank account currency
Usage Type	Selection: [ DMA, OTC, Cash Holding]		“DMA”/ “OTC” options are available for trading bank accounts (settings are made on Custodian. Reed more https://help.lunawealth.com/kb/how-to-set-up-autofill-of-trading-orders-with-exec). “Cash Holding” refers to a bank account that is specifically used for storing cash. It is possible to select multiple options.
Status	Selection: [ Active, Non Active, Closed, Deactivated]	+	Bank account status is used in orders, positions, reports
Opening Date	Date	+	Date when the bank account was opened Affects collection of data for reports
Closing Date	Date		Date when the bank account was closed

Opening date is one of the required field of a bank account which affects also collection of data for reports in the platform.

5. Click Save if a Bank Account is configured correct. You can make changes by clicking on the Edit switch.

Create Omnibus Bank Account

An Omnibus Bank Account contains the combination of all Clients accounts.

To create Omnibus Bank Account:

1. Select “Omnibus” type of the Bank Account.

4. Select “Custodian” and fill in the information. Fields marked “*” are required.

Field Details here:

Fields	Type	Required	Description
Name	text value	+	Bank account name
External Name	text value	+	Used in integration mechanisms. External Name shall always correspond to real bank account name without extra symbols
Type	Selection: [ Standard, Virtual ] OR Selection: [ PROP, Omnibus]	+	General Information. Available types of bank account depend on Account attribute “Company Account”. If “Company Account”=YES, the platform gives options to select creation of PROP or Omnibus bank account. If “Company Account”=NO, the platform gives options to select creation of Standard or Virtual bank account. Check terms to get information on bank account’s types
Currency	Selection of Currency	+	Bank account currency
Usage Type	Selection: [ DMA, OTC, Cash Holding]		“DMA”/ “OTC” options are available for trading bank accounts (settings are made on Custodian. Reed more https://help.lunawealth.com/kb/how-to-set-up-autofill-of-trading-orders-with-exec). “Cash Holding” refers to a bank account that is specifically used for storing cash. It is possible to select multiple options.
Status	Selection: [ Active, Non Active, Closed, Deactivated]	+	Bank account status is used in orders, positions, reports
Opening Date	Date	+	Date when the bank account was opened Affects collection of data for reports
Closing Date	Date		Date when the bank account was closed

5. Click Save if a Bank Account is configured correct. You can make changes by clicking on the Edit switch.

Create a Virtual/Virtual TTCA Bank Account

Omnibus Bank Account has additional tab with child bank account which are virtual.

It is possible to add manually new virtual Bank Accounts for Omnibus Bank Account:

• Open the Omnibus Bank Account → Sub Accounts tab.

• Сlick on the Edit switch.

• Click + icon locate on the right side

• If clicked on + icon, the following pop up appears. Fill in the fields.

• Or, select “Account” to be associated to Client.

• Fields marked “*” are required,

• Click Save if a Bank Account is configured correct. You can make changes by clicking on three dots → Edit.

Create a Prop Bank Account

A Prop Bank Account is a company-owned bank account. The creation process is the same as for an Omnibus Bank Account, except that the Type field must be selected as Prop.

Virtual Bank Accounts cannot be created under a Prop Bank Account.