Swedish Trust Company –
Carlos runs a regulated Swedish Trust Company and manages trust accounts for both individuals and companies located all over the world.
Each time the Trust Company onboards a new customer, they execute a digital trust deed using DocuSign. The trust deed is simply a private agreement establishing the trust relationship and duties of the Trust Company (Trustee). They do not give individual trust arrangements a name but rather identifies each trust with a number. The trust number corresponds with a customer account number on his EBANQ system.
Trust clients can log in anytime to view their balances, request transfers, communicate securely using the internal messaging system, and manage their profile, notification settings, etc. They also offer access to the platform through iOS and Android mobile apps. Although the Trust Company is a regulated entity for AML/CFT purposes, it is not regulated by the Central Bank and not a direct participant in any payment system. The Trust Company cannot issue its own IBANs for example but rather depends on banking partners in order to send, receive and hold funds, just like any other business. When customers send money to their account on the EBANQ platform, they include their account/trust number in the message/reference field of the transfer. This way Carlos’ admin team knows which accounts on the platform to credit with incoming payments. They used to do this manually one by one in the beginning when the volumes were low but then changed to import/export of batch files when volumes increased. They download all transaction data from their bank on a daily basis and then upload this information to EBANQ and credit multiple accounts in batch.
They deal with outgoing bank transfers in a similar fashion. They download all outgoing wire transfer (OWT) requests once a day, at 3pm. They then upload these transfer requests to their bank as a batch file, for processing in bulk. Once processed, They import a status update CSV file into EBANQ, so that transaction statuses are changed from ‘pending’ to ‘executed’. If volumes will increase much further Carlos plans to build live API integrations between EBANQ and his banking partner using the EBANQ API. Carlos is also planning to sign up with a banking partner for virtual IBAN issuing, meaning he could provide a unique account number for each Trust Account and no longer rely on the message/reference field content for payment allocation. Fore more details about Swedish Trust Companies, please visit www.swedishtrust.se
