# Business banking

Self-custodied multisig accounts with bank transfers, vendor payments, invoicing, and accounting

**Business banking** on Splits is a workspace's own [accounts](https://splits.org/docs/accounts) plus opt-in [banking](https://splits.org/docs/banking). Each account is a multisig smart account that the workspace's signing keys control. Banking moves money between those accounts and bank accounts after entity verification.

## Splits versus Coinbase Business and Fireblocks

[Coinbase Business](https://www.coinbase.com/business), like a crypto-friendly bank, holds the funds for you. [Fireblocks](https://www.fireblocks.com/) splits MPC key shares with the customer. A Splits account is a contract that the workspace's own keys control:

| Property | Coinbase Business | Fireblocks | Splits |
| --- | --- | --- | --- |
| Custody | Coinbase | Key shares split between the customer and Fireblocks. A transaction needs the customer's signature | The workspace's own signing keys |
| Approvals | Set in Coinbase, offchain | Policy Engine rules: block, approve, or require more signers | M-of-N signers per account, onchain |
| To open | A legal entity in the US or Singapore | Self-serve signup on the Essentials plan | An email. Verify a business or an individual to add bank transfers |
| Pricing | [Fees](https://www.coinbase.com/business) per payment and per conversion | [Subscription](https://www.fireblocks.com/pricing) from $999 per month | A [per-transfer fee](https://splits.org/pricing/) on bank legs |

## How it works

* **Accounts are self-custodied and multisig by default.** The workspace sets an M-of-N [threshold](https://splits.org/docs/accounts/thresholds) for every account. The workspace sets the Treasury's threshold at [setup](https://splits.org/docs/workspaces#the-setup-steps). [Recovery signers](https://splits.org/docs/workspaces/recovery) can reset any account's signers.
* **Fiat moves by bank transfer.** After entity verification, money comes in by ACH, wire, or SEPA. Money goes out to the workspace's own bank accounts. The fee and jurisdictions are on [Banking](https://splits.org/docs/banking).
* **The workspace pays vendors and contractors in fiat from stables.** A [vendor's bank account](https://splits.org/docs/banking/paying-vendors) gets a deposit address. To pay the vendor, the workspace sends stablecoins to that address, and the account's signers approve the send at its threshold. [Compliance](https://splits.org/docs/contacts/compliance) collects tax forms from payees.
* **Payroll is a [schedule](https://splits.org/docs/transactions/schedules).** Each occurrence is a draft that the signers approve.
* **[Invoices](https://splits.org/docs/invoicing) reconcile automatically** when the payer pays onchain through the invoice page. For a bank transfer, you mark the invoice paid manually: see [Tracking payments](https://splits.org/docs/invoicing/tracking).
* **The books export.** In [Accounting](https://splits.org/docs/accounting), you can filter every transaction across every account and export it to CSV, with tax lots and realized gains. An accountant joins as a [read-only member](https://splits.org/docs/workspaces/roles#read-only-members).
* **Core tools are free.** Accounts, accounting, invoicing, payments, and swaps are free. Bank transfers and fiat payments carry a per-transfer fee: see [Pricing](https://splits.org/pricing/).

## Opening an account

Prerequisites: a [passkey](https://splits.org/docs/members/keys) saved in a password manager.

:::steps
### Create a workspace

Run [workspace setup](https://splits.org/docs/workspaces#the-setup-steps). Setup takes a name, your passkey, the Treasury's threshold, and recovery signers.

### Add accounts per purpose

Create an [operating account](https://splits.org/docs/accounts#operating-accounts) for each revenue source, program, or partner. Each account is its own sub-ledger.

### Verify the entity for fiat

Complete [entity verification](https://splits.org/docs/banking#getting-verified) as a business. Before you incorporate, you can verify as an individual: see [No entity needed](https://splits.org/docs/introduction/personal-usage#no-entity-needed).

### Connect banks and vendors

Add the workspace's bank accounts for [onramps](https://splits.org/docs/banking/onramping) and [offramps](https://splits.org/docs/banking/offramping). Add vendors' bank accounts for [paying vendors](https://splits.org/docs/banking/paying-vendors).

### Schedule payroll and invite the accountant

Create [schedules](https://splits.org/docs/transactions/schedules) for payroll. Invite the accountant as a [read-only member](https://splits.org/docs/workspaces/roles#read-only-members).
:::

## Limits

* Fiat legs are available in the [jurisdictions](https://splits.org/docs/banking#jurisdictions) that Bridge supports. Each workspace verifies one entity.
* [Bank settlement](https://splits.org/docs/banking/offramping#settlement) follows ACH and SEPA windows.
* Cards come through the [Rain](https://splits.org/docs/integrations/rain) integration. Rain controls issuance, limits, and fees.

## Next steps

* [Create a workspace](https://app.splits.org)
* [Pricing](https://splits.org/pricing/)
* [Banking](https://splits.org/docs/banking), [Paying vendors](https://splits.org/docs/banking/paying-vendors), [Invoicing](https://splits.org/docs/invoicing), [Accounting](https://splits.org/docs/accounting)
* [Splits Treasury](https://splits.org/treasury/): the product overview

## Programmatic access

Via the [Splits CLI / MCP](https://splits.org/docs/introduction/agents):

* `splits accounts list`: all accounts in the workspace (**Read** scope)
* `splits transactions list`: the books, filterable by account, direction, amount, date, and memo (**Read** scope)

Banking (onramps, offramps, vendor payments) and invoicing are web-only today.