The Rize Terminology

The terms below are referenced in our API documentation and endpoint definitions. If you have any questions about these terms or how they are used or represented when building your application, please contact us at [email protected].

Customer: The end user of your application and the owner of the assets held by the Custodian(s) participating in your Program.

Custodian / Custodial Partner: A regulated entity legally allowed to hold assets (Chartered Bank, Brokerage, etc.).

Custodial Accounts: Where assets are held at the Custodian participating in your Program.

Program: The Program is custom tailored to your offering and purpose built to enable financial products on your application. The Program defines what Custodian(s) and Synthetic and Custodial Account types and Transactions are available for you to utilize. The Program configuration is defined with you, Rize, and the Custodian(s) based on your use case.

Product: Products represent the financial product available to your Customers. The Product object contains the account, compliance, and customer profile responses necessary for your Customer to gain access to the financial product.

Synthetic Accounts: How Rize represents the assets held by your Customers. These are the accounts that Customers view and interact with on your application. Synthetic Accounts can be made up of different assets (stocks, bonds, cash) held at different Custodians (banks, brokerages, 529 providers, etc…). Synthetic Accounts are also used to manage external accounts that your Customers will likely use within your application.

Partner: Any infrastructure partner or Custodian integrated within the Rize Platform.

Pool: Container for one or more Synthetic Accounts, with Assets owned by one or more Customers. Pools allow for shared assets and flexibility in ownership and transfer of assets.

Transfer: The movement of assets from one Synthetic Account to another Synthetic Account. The majority of asset movement initiated by your application will result in a Transfer. When Transfers result in the movement of assets between Custodial Accounts, Custodians may institute some limitations (e.g., a daily Transfer limit of $10,000). These limits will be defined with you, Rize, and the participating Custodian(s) when your Program is created. A successful Transfer will result in at least one transaction.

Transaction: Transactions are created based on how you instruct Rize to move assets (a Transfer) or how assets are moved or spent outside of your application (ATM withdrawals, debit card purchase, wire transfers, etc…). The Transaction contains the amount, origin, and destination of assets. Rize categorizes Transactions into types to assist in their classification and representation.

Transaction Events: The steps taken to complete the Transaction. These can be used to view the progress of an in-flight Transaction or see the history of a completed Transaction.

Service Offering: The financial product offered by the Custodians. These can be (but are not limited to) checking, saving, brokerage, or retirement accounts.