Reference accounts

To be able to withdraw cash from a user account’s cash balance, a reference bank account must be registered with the Investment API.

This guide lines out how to register and manage reference bank accounts for a user on the Investment API.

Currently at least one reference bank account per user is required. In the future, you will be able to register more than one reference bank account.

How reference bank accounts work

A reference bank account is an account at a bank other than Upvest. This account serves as a destination for cash withdrawals from the user’s available cash balance at their Upvest account. Currently, we allow registering Euro SEPA (Single European Payments Area) bank accounts only. The reference account owner must match the user on the Investment API.

We ask you as our clients to verify and validate the bank account details (matching IBAN and BIC) before submitting them via the Investment API. To register, exchange or delete a reference bank account, we require our clients to apply any approved multi-factor authentication.