How it all works

Accounts are entities which hold balances. These can have multiple routing options related to them (account numbers, IBANs, sort codes), be assigned to users or organisations and have multiple payment devices attached to them.

Payment device in Syllo can be a physical card, virtual card, wearable, token or anything that can be used as a device to initiate payment. As already described, payment devices get their configuration from their products. Payment devices can be related to a single account or a single user.

Any process of moving funds from one to another account is considered a transaction. Transactions in Syllo are the main building block of Syllo's ledger, as they are used to determine the balance on accounts and to decide whether new transactions can be authorised or not.

All accounts, payment devices and transactions are eventually related to a user or an organisation

6. Organisation is an entity that holds information about any type of corporate entity in the system. It groups multiple users with flexible roles (which affect data access, spending and configuration) but also enables Syllo to onboard a corporate, track the KYB process and control account and card issuance for it.