Two accounts
Every transfer touches two accounts:
| Account | Where it is | What it holds |
|---|---|---|
| Activity account | Your own core system, GL or DDA | Account holder funds from the moment a transfer starts, settled or not |
| Prefunding (FBO) account | At the sponsor bank (The Bancorp Bank, N.A. or MVB Bank), held for your benefit | The cash that settles transfers with the payout networks |
"FBO" means For Benefit Of: the sponsor bank holds the account for you. PayMitto doesn't hold the funds.
The same transfer hits the two accounts at different times. Your activity account moves when the transfer starts. The prefunding account moves when the transfer settles with the network, often the next business day.
There's no automatic sweep between the accounts. The prefunding account only changes when you fund it, or when settled transfers and cancellations post at the bank. Most clients fund it from the activity account.
Funding the account
Send funds by wire (or ACH, where your sponsor bank supports it) using the instructions from your Implementation team.
| The Bancorp Bank | MVB Bank | |
|---|---|---|
| Wire | Cutoff 4:30 PM ET, Monday to Friday (excluding federal banking holidays). Use a wire when you need same-day funds. | Incoming cutoff 6:30 PM ET, Monday to Friday (excluding federal banking holidays). Later wires post the next business day. |
| ACH | Same-day ACH accepted. Window about 2:00 PM ET. | Not supported. Use a wire. |
Keeping enough in the account
- You manage the balance and top-ups in your sponsor bank's portal: Total Cash Manager (TCM) for Bancorp, or Online Banking for MVB.
- Keep enough to cover weekends and holidays. Plan for up to four days of volume; many clients keep about a week as a buffer.
- PayMitto can email your finance contacts when the balance is getting low. See "Prefund balance alerts".