What is the Operating Account?
The Operating Account is a distinct account created exclusively for funding claims on AI Insurance. It operates independently from your existing bank accounts and provides a dedicated financial infrastructure for your insurance operations.Key Characteristics
- Separate from Your Bank Accounts: There is no connection to your existing bank account access. The Operating Account is completely independent and isolated from your other banking relationships.
- Dedicated Purpose: Designed specifically for funding claims and managing transactions within the AI Insurance platform.
- FDIC-Insured: The account is FDIC-insurance eligible, providing protection for your funds.
- Unique Account Details: You receive a distinct account number and routing number for the Operating Account.
How It Works
The Operating Account is an FBO (For Benefit Of) Account maintained by Stripe as the custodian. Funds are held at Fifth Third Bank, an FDIC-insured bank, and ACH and Wire Transfers are fully supported.Account Structure
- Custodian: Stripe manages the account as the custodian
- Bank: Fifth Third Bank (FDIC-insured)
- Account Type: FBO Account (For Benefit Of)
- Transfer Methods: ACH and Wire Transfers are fully supported
Benefits
Enhanced Security and Fraud Prevention
- Reduced Fraud Risk: Pay everything by ACH, eliminating the need for checks and reducing fraud exposure
- Isolated Account: Complete separation from your primary banking relationships provides an additional layer of security
Streamlined Operations
- One-Click Payments: Streamline your payment process with one-click payment capabilities
- Faster Processing: ACH payments process more quickly than traditional check payments
- Automated Workflows: Integrate directly with your existing accounting systems
Improved Audit Posture
- Audit-Friendly: We work directly with many audit firms, and the Operating Account improves your audit posture
- Clear Transaction History: All transactions are tracked and recorded within the AI Insurance platform
- Transparent Reporting: Easy-to-access financial records for audit purposes
Accounting System Integration
The Operating Account integrates directly with various accounting systems, including:- NetSuite
- QuickBooks
- And other major accounting platforms
Setting Up Your Operating Account
To set up your Operating Account, see Cash Management for step-by-step instructions.Note: The Cash Management feature, including the Operating Account, is only available to Premium Billing users.