Account Servicing Entity
An Account Servicing Entity provides and maintains a payment account for a payer and payee, and is a regulated entity in the country/countries it operates.
In the context of Rafiki, an account servicing entity will run an instance of Rafiki and integrate it into their internal systems.
The functions of the account servicing entity include:
- Provide channels for account holders (people or businesses) to interact with their accounts (mobile apps, websites, etc)
- Onboarding account holders as required under regulations (KYC, sanctions screening, etc)
- Maintaining the ledger of accounts of account holders
- Handling deposits and withdrawals into accounts via external payment methods (cards, bank transfers, etc)
- Authenticating account holders
- Getting consent from account holders to grant access to their accounts
- Keeping a record of the public keys used by account holders to access the Open Payments APIs