Creating an External Synthetic Account
External Synthetic Accounts represent accounts from external financial institutions that belong to Customers. These accounts can be used to move assets into or out of the Customers' Rize accounts. A Synthetic Account type with a category of external or plaid_external may be used to create an external Synthetic Account. Currently up to one active Synthetic Account with the external or plaid_external category can exist per Customer, and that Synthetic Account must be tied to a primary Pool.
Note that for the Synthetic Account type in the external category, account_number and routing_number must be provided. For Synthetic Account Types in the plaid_external category, a plaid_processor_token must be provided.
External Accounts Using Plaid
Rize supports external account connections through Plaid using the Synthetic Account type with the category of plaid_external.
For a Synthetic Account type in the plaid_external category, POST /synthetic_accounts requires a plaid_processor_token. The process for obtaining a plaid_processor_token from the Plaid /processor/token/create endpoint is available in the Plaid documentation here.
Clients will exchange a Plaid access_token for a Rize processor token once an end-user authenticates into the corresponding financial institution's system using Plaid Link. Instructions for implementing Plaid Link are available in the Plaid documentation here. An explanation of this token exchange and how to implement Plaid Link is also available on the Rize <> Plaid Partnership page, which can be found here.
After Rize receives a POST for a Synthetic Account Type with the category plaid_external, the returned Synthetic Account object will have a status of initiated. Rize will use the provided processor token to obtain the account and routing numbers from Plaid and finalize the Synthetic Account upon successful retrieval. Once the account becomes available for Transfers to/from the connected external account, the status will be updated to active.
If Rize fails to retrieve the necessary information from Plaid to enable the plaid_external Synthetic Account, the status of the Synthetic Account will be updated to failed. Clients must send a new request to POST /synthetic_accounts with a different external_uid value to retry creation of the plaid_external Synthetic Account.
If Rize fails to retrieve the necessary information from Plaid to enable the plaid_external Synthetic Account, the status of the Synthetic Account will be updated to failed. Clients must send a new request to POST /synthetic_accounts with a different external_uid value to retry creation of the plaid_external Synthetic Account. Rize will communicate the error codes and error descriptions returned by Plaid through Rize Message Queue events. For details on the possible error codes, see the Plaid error page documents here. For instruction on how to subscribe to the Rize Message Queue, please reach out to your product integration contact or contact us here.
Archiving External Accounts
Customers can archive and reconnect external accounts with some restrictions. A Customer can have no more than 5 unique external accounts over their lifetime. If a Customer reconnects an external account that was connected previously, it will not count towards their 5 account maximum. Rize only allows 1 archive and reconnect per 30-day period.