Who can do this:
A receiver or authorized individual acting for the receiving organization.
Bank accounts in Basefund are managed from the receiver’s transaction record. The options you see depend on your assigned role, the transaction method, and the account’s current status.
Bank-account assignment, approval, and validation are separate steps.
Before you begin
Accept the invitation to the closing or transaction.
Sign in with your individual work email.
Have your organization’s official bank instructions available.
Confirm whether the disbursement will use wire, ACH, RTP, or another available method.
Have access to the receiving account so you can locate the microdeposit used for validation.
Be prepared to complete step-up authentication, such as a passkey, before entering sensitive bank information.
Understand account statuses
No account assigned
No bank account has been connected to the disbursement. The participant record may display No Bank Account Assigned or an account action under My Actions.
Awaiting your approval
A Coordinator or Co-Coordinator has selected or entered an account for you, but you must approve its use before the workflow can continue.
Assigned, validation pending
The account is connected to the disbursement, but the bank-account validation has not been completed.
Validated
The required bank-account check is complete. Basefund displays the bank, beneficiary, masked account information, assignment details, and a validated status.
Open the account action
Open the applicable closing or transaction.
Open My Actions or select your receiver record under Disbursement of Funds.
Select the disbursement that requires an account.
Basefund will display any accounts available to you and the actions required for the selected disbursement.
Add a new bank account
Select Add New Account.
Select the appropriate account type and transaction method when prompted.
Enter the required bank information, which may include:
Bank name
Account name
Routing number
Account number
Beneficiary name and address
Contact name and phone number
Review the bank instructions carefully.
Submit the account and assign it to the applicable disbursement.
Use the routing number associated with the selected transaction method. Some financial institutions use different routing numbers for wire and ACH transactions.
Add an investment or pool account
Select Investment/Pool Account when the receiving institution requires additional routing information for a sub-account, investment fund, or pool.
Enter any required OBI, Credit To, or description information exactly as provided by the receiving institution. Confirm the instructions with the receiving institution if you are unsure. Missing or incorrect routing information can delay or misdirect a disbursement.
Select a reusable account
Basefund may display accounts you previously added, including masked account information, the beneficiary, transaction method, OBI information, validation status, and recent use.
Review the available accounts.
Select the correct account for the current disbursement.
Confirm the beneficiary and transaction method.
Assign and approve the account when prompted.
A previously validated account may be reused while its validation remains valid, but it must still be assigned to the applicable disbursement.
Approve an account selected for you
If a Coordinator or Co-Coordinator has queued an account for your approval:
Open the account action in Basefund.
Review the bank, beneficiary, masked account information, and disbursement details.
Confirm that the account is correct.
Approve its use for the disbursement.
Do not approve the account if any information is unfamiliar or incorrect. Contact the transaction’s Coordinator or Co-Coordinator before continuing.
Complete bank-account validation
When validation is required, initiate the account-validation process shown in Basefund. This sends a microdeposit of less than $1 to the receiving account and sends an email with further instructions.
To complete validation:
Check the receiving bank account for the microdeposit from Basefund.
Note the exact deposit amount.
Follow the instructions in the validation email or return to the account action in Basefund.
Enter the exact microdeposit amount.
Submit the amount.
Once the amount is confirmed, the account status changes to Validated. The transaction displays the assigned account and its validated status.
If the amount does not match, confirm that you are viewing the correct account and entering the exact deposit amount. Do not repeatedly guess the amount.
Assignment and validation are different
Assigned means the account is connected to a specific disbursement.
Validated means the required bank-account check has been completed.
An account can be assigned without being validated. Review both statuses before considering the account setup complete.
Insurance eligibility
The required identity verification and bank-account validation must both be complete for a disbursement to qualify for Basefund transaction insurance.
Security reminders
Do not send complete bank instructions by email.
Confirm routing information for the selected transaction method.
Review the beneficiary before approving or assigning an account.
Contact the Coordinator or Co-Coordinator if an account or request is unexpected.