Flexible Funds Movement with Highnote

Jun 14, 2023
Highnote Team

Highnote brings unparalleled flexibility to card issuance. How? It goes beyond our cutting-edge technology. In fact, it begins with the first platform feature we built: our Advanced Ledger capability.

Financial Accounts, More than a Balance

Unlike other card-issuing solutions, Highnote revolutionizes how funds are stored by offering full-featured financial accounts. With our innovative infrastructure, funds aren’t tied to the payment card itself. Instead, funds are securely attached to an underlying financial account. Highnote’s unique approach allows you to effortlessly move funds between cards or deactivate one card and replace it with a new card, all without the hassle of transferring funds. We’ve made card issuing and funds management a breeze, ensuring a flexible and intuitive experience for you and your customers.

Multiple Funding Sources

Many card products issued using the Highnote platform have complex configurations that benefit from sophisticated funding organization. To support your needs, the Highnote platform provides a card funding account – a powerful tool that sits hierarchically above your financial accounts. Card funding accounts allow you to categorize and distribute funds effortlessly, giving you ultimate control and flexibility.

Let’s explore a real-world example to illustrate the benefit of having multiple funding sources. Consider a disaster relief organization responding to several events, each with earmarked funds. To easily consolidate funds for specific purposes, funds are seamlessly distributed from the card funding account to subsidiary financial accounts linked to victims or relief workers.

Move Funds within your Product

Highnote enables you to create card products while offering seamless ledger transfers between accounts. Imagine the convenience of having full control over your organization’s debit, credit, and fleet card products, all with the flexibility to transfer funds between accounts.

The benefits of using Highnote extend far beyond simple fund transfers. By effortlessly moving funds between different card products, you unlock the ability to support peer-to-peer payments and inter-office transfers.

Moving Funds On-Demand

When it comes to managing your accounts, Highnote offers unmatched flexibility. Not only does the Highnote platform provide versatile options for structuring your accounts, but it also revolutionizes the movement of funds. Highnote’s on-demand funding feature enables real-time funds transfers during authorization. Instead of funding numerous financial accounts associated with cards individually and carrying balances on each card, cards can effortlessly draw from an on-demand funding account when a transaction is authorized. This feature provides unprecedented control over pooled funds, effectively eliminating the need to maintain dormant accounts.

Set Limits on Spend

When it comes to funding your financial accounts on-demand, Highnote gives you the power to set spending limits. This feature is a safeguard, ensuring no individual cardholder exceeds their spending on payment cards associated with a financial account.

To illustrate this further, let’s consider the example of gift cards. To issue gift cards, you could issue thousands of cards with financial accounts, each with its own lifetime limit. You have unparalleled peace of mind and security that each card cannot be utilized beyond the designated spend limit.

Connecting to External Bank Accounts

At Highnote, we understand the importance of seamlessly integrating with the larger banking system. Using Plaid and Finicity, cardholders can securely link their external bank accounts to your card product. Once linked, cardholders can effortlessly transfer funds into and out of your card product, enabling them to conveniently manage their financial accounts.

From external funding sources to individual account controls, Highnote drives efficient money movement and provides unmatched control. We continuously strive to support cutting-edge use cases that meet the evolving needs of companies. One example is our advanced authorized user capabilities, which empower you to extend payment capabilities beyond the account holder to family members, employees, drivers, and more. Specific parameters such as duration, amount, and expense type can be easily managed within the platform, providing ultimate ease of use.

Furthermore, Highnote extends its innovative platform to revolutionize employee compensation. Whether businesses aim to offer early access to wages or load restaurant tips onto a card, our platform simplifies the management process.

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