Account Ownership

Orum's Ownership endpoint enables you to verify account ownership, in addition to account status, by confirming that an end user (a person or business) has access to a given account. To note, verifying ownership of an account also verifies that the account is open and valid.

Orum verifies account ownership by pushing a four character code to the bank account statement of your end user. Once the user locates this code on the account statement, there are two ways in which we can confirm that the code Orum sent to a specific account is in fact the code that the user located on their statement. You can either send back the code via the Ownership endpoint (API-Based solution), or if you provide the end users email address, Orum can automatically send them an email with instructions to provide the code to us directly via a website that Orum hosts (Email-Based solution).

If using the Email-Based solution, Orum will send an email based on the following logic:

• If the bank account is RTP or FedNow-eligible, the email is sent once a verify_account_updated webhook event returns a verification_status of valid.
• If the bank account is not RTP or FedNow-eligible, the email is sent in the evening that day or the morning of the next business day (if not a bank holiday).

Ownership Status

Regardless of whether you choose to use the API-based Ownership solution or the Email-based Ownership solution, the Ownership Statuses and webhook events remain the same.

Note: the maximum number of attempts currently defaults to three.

Sample Webhook Event

{
    "created_at": "2023-11-17T20:10:06.173Z",
    "event_data": {
        "account": {
            "id": "2b610cd7-0366-47a0-94c7-923dc0472bc5",
            "account_number": "12345678910",
            "routing_number": "102001017",
            "account_holder_name": "John Doe",
            "estimated_verification_date": "2023-11-17T00:00:00Z",
            "verification_status": "valid",
            "ownership_status": "valid",
            "created_at": "2023-11-17T20:09:58.356657Z",
            "updated_at": "2023-11-17T20:10:05.351604Z"
        }
    },
    "event_id": "562eec7a-b6e7-489a-bbaa-2f04c137b3d1",
    "event_type": "verify_account_updated"
}