An entity represents a legal being - entities are the parent of Bank Account.
You will create entities for each of your customers or users. In most situations, these entities will need to be verified through KYC (Know your Customer/Client) or KYB (Know Your Business). We can handle KYC/KYB for you or you can build your own KYC/KYB flow. If you choose to use a separate provider, we'll need to approve processes and 3rd party providers.
There are also flows of funds where you won't need to verify an entity (e.g. you're building a bill pay utility or you're not actually holding funds for your customer). If you think this applies to you, send us an email and we'll help you out!
Root entities are a special type of entity where the underlying entity is you or your business. These entities have special properties - such as the ability to be parents of special account types. Accounts under a root entity hold your company's money. Special accounts include reserve accounts for fraud, holding accounts for overdrafts, and operating accounts for funding customer rewards. See Root Accounts for more information.
Only one root entity is allowed per platform in live/sandbox environment. We will create a root entity for you in live environment when live access is enabled.
Column does have the capacity to support non-US entities, trusts and other non-business or non-consumer entities, however they are not currently supported through our self-serve flow. Extra fees do apply to serving these entities - email us at firstname.lastname@example.org if you are interested!