An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, revenue, or expense. These records increase and decrease as the business events, like credit and debit, occur throughout the accounting period. Each individual account is internally represented as an accounting ledger.
In a real-world, once the application to create an Account holder is approved, she or he is assigned an account. This Account, in fusion world, is issued around the construct of Bundles. A bundle refers to the construct wherein the Issuer defines the configuration and features/attributes of the account that shall be issued to the fintech’s users as a part of their program.
For example: For a fintech working for a pocket-money app, they would want to create a Liability Account and issue a general purpose reloadable card. These two attributes are captured in a bundle. At the time of onboarding, the fintech hence, issues this bundle to their users that creates a Liability Account and issues a General Purpose Reloadable Cards to them, with the IFI.
Read on the further sections to get a descriptive insight to the process!