Who can open a change account?
Any person can open a change account and this is done by a tenant at the application point of creating an Ark Passport. The Ark passport cannot be issued unless the tenant has a change account.
Who creates the secure rent wallet to protect the rent?
A secure wallet can only be created by a scheme administrator. The administrator is the person/entity/agency/housing provider with the Ark ID number.
Is the wallet created by an admin logging into the tenant’s account?
Yes, the wallet has rules that identify inbound payments and allocates an agreed portion (the rent) to the wallet, the secure wallet then administers these funds to the relevant payee’s account (Landlord or Agent). These outbound payments are linked to the wallet and can only be set up by an administrator (as above) with their Ark ID number.
Account holders cannot modify the rules that capture the inbound payment or the outbound payments that are attached to a secure wallet. .A secure wallet is permanently locked and only an Administrator with the appropriate permissions can access the wallet to move funds back into the main account.
Is the wallet held inside the tenant’s account, suggesting then that admin can log into the tenant’s account?
No admin cannot enter a tenants change account. Admin only has access to the wallet that has been set up by them for a specific rent payment. Each wallet has an email address attached to it for exception notifications. A daily task checks that the inbound and payment rules are run and any exceptions are sent as an exception report to the scheme email address. The individual users are also notified if any inbound payment or outbound payment rules have failed or are due to fail.
The payment will never fail because charges have been applied, in other words, the wallet is protected from the Change Account as well as the individual, charges can only be applied by the tenant to the free part of the change account and then only when in funds.