---
title: Create Stripe Financial Accounts to store money - CreatorPlatform.xyz - Part 9
slug: create-stripe-financial-accounts-to-store-money-creatorplatform-xyz-part-9
published_at: 2022-09-15 11:14:46 +0000
updated_at: 2026-03-04 20:13:11 +0000
summary: 
description: In this episode, we'll handle webhook events related to our connected account onboarding flow to create a new Financial Account (store of funds). Then, we'll show how to access the ACH account and routing number for the Financial Account. Finally, we'll use our new Financial Account's account and routing number to create an External Account so that creators can receive payouts from our Stripe Payments balance.   00:00 Introduction 00:34 Handle the treasury capability enabled webhook event 04:57 Create a new Financial Account with the Stripe API 08:00 Test webhook event processing 12:41 Handle the financial account features status update webhook event 16:28 How to retrieve the ABA ACH account number for a Stripe Financial Account 19:33 Create an External Account using the ACH details from the Financial Account 22:15 Conclusion  Financial Account API Reference: https://stripe.com/docs/api/treasury/financial_accounts Treasury Docs: https://stripe.com/docs/treasury/examples/financial-accounts#creating-a-financialaccount Playlist: https://www.youtube.com/playlist?list=PLS6F722u-R6IJfBrIRx3a2SBkAL4vUp2p  Code: https://github.com/cjavdev/creators.dev/  Follow me on Twitter: http://twitter.com/cjav_dev  #rubyonrails #ruby #rails
tags: [cjav_dev, web development tutorials, web development for beginners, vim, ruby, rails, javascript, ruby on rails, active record, ruby on rails tutorial, stripe treasury, stripe financial accounts, store of funds, store and send, baas, banking as a service, create a stripe financial account, treasury, treasury capability, webhooks, treasury webhooks, stripe connect tutorial, stripe connect, stripe payments, stripe connected account, stripe connect demo, stripe connect custom account]
views: 1513
author: CJ Avilla
url: https://www.cjav.dev/videos/create-stripe-financial-accounts-to-store-money-creatorplatform-xyz-part-9
youtube_url: https://www.youtube.com/watch?v=ZDF1DdWIl18
youtube_id: ZDF1DdWIl18
embed_url: https://www.youtube.com/embed/ZDF1DdWIl18
thumbnail_url: https://i.ytimg.com/vi/ZDF1DdWIl18/hqdefault.jpg
type: video
---

# Create Stripe Financial Accounts to store money - CreatorPlatform.xyz - Part 9

*Published: September 15, 2022*
*Views: 1513*

## Watch

[Watch on YouTube](https://www.youtube.com/watch?v=ZDF1DdWIl18)

[![Create Stripe Financial Accounts to store money - CreatorPlatform.xyz - Part 9](https://i.ytimg.com/vi/ZDF1DdWIl18/hqdefault.jpg)](https://www.youtube.com/watch?v=ZDF1DdWIl18)

## Description

In this episode, we'll handle webhook events related to our connected account onboarding flow to create a new Financial Account (store of funds). Then, we'll show how to access the ACH account and routing number for the Financial Account. Finally, we'll use our new Financial Account's account and routing number to create an External Account so that creators can receive payouts from our Stripe Payments balance. 

00:00 Introduction
00:34 Handle the treasury capability enabled webhook event
04:57 Create a new Financial Account with the Stripe API
08:00 Test webhook event processing
12:41 Handle the financial account features status update webhook event
16:28 How to retrieve the ABA ACH account number for a Stripe Financial Account
19:33 Create an External Account using the ACH details from the Financial Account
22:15 Conclusion

Financial Account API Reference: https://stripe.com/docs/api/treasury/financial_accounts
Treasury Docs: https://stripe.com/docs/treasury/examples/financial-accounts#creating-a-financialaccount
Playlist: https://www.youtube.com/playlist?list=PLS6F722u-R6IJfBrIRx3a2SBkAL4vUp2p 
Code: https://github.com/cjavdev/creators.dev/ 
Follow me on Twitter: http://twitter.com/cjav_dev

#rubyonrails #ruby #rails

## Transcript

foreign hey what's up welcome back in this episode we're going to talk about how we onboard and create Financial accounts which are similar to bank accounts but they are not technically bank accounts they are a store of funds and we've already got a custom connect onboarding flow so if you haven't seen that yet head back and watch the previous episode in this series and otherwise let's jump in all right so at this point our payouts are still disabled they're not enabled for this connected account and so what we need to do is create a financial account and then we're going to use the details of that Financial account to create an external account where we're going to have money flow into so if we head over to the dashboard here we can go into stripe connect and find the connected account that we just created this is for test test now underneath the dashboard we can see all kinds of details about this account if we go to the from this account logs and view the account logs then we can open up the stripe dashboard sort of as uh as this connected account what's nice about this is we can inspect the event that are firing on this account and one of them that's really important is this treasury capability has new requirements or status so the event type that we're going to listen for is capability.updated and what we want to know is when the treasury capability has become active so the status is now active once the treasury capability on the account is activated that means that they have agreed to the terms of service and provided enough kyc information during onboarding once that is active we know that we can then create a financial account so what we want to do is inside of our Handler here we want to add a new event type called when capability.updated we're gonna handle uh capability to update it okay so here handle capability.updated and this is going to say the capability is stripe event.data.object now inside of there we're going to check to see if the ID is treasury so if capability the ID is Treasury then we know that or and capability.status is active so if the ID is Treasury and the status is active then we know that this is activated so if the treasury capability is activated then we want to create a financial account for for the connected count so the way this works is again we're going to use our stripe account Helper and add some methods in there that will make API calls so in order to make sure that we're using the right account we want to find the account by the capability.account which should be here so that's the the account that the capability just was updated on so we're finding the account by that capability and then what we want to do is say Ensure Financial account so I'm going to call it ensure rather than create because it's possible for some reason that it might already have a financial account but we're just going to call it insure Financial account so this or actually no what we want to do here is say um we want to say service is stripe account dot new for account and then we're going to call service.insure Financial account so now let's head back over to the service and here is where we're going to say insure uh Financial account so in order to ensure the financial account yeah we want to return if um this is all right you're getting ahead of me you're getting ahead of me return if the financial account is uh present so in this case what I think we want to do is actually store the ID of the financial account on the account object itself so um we'll say Financial account ID and then what we want to do is generate a migration that will add a new column to the account table for tracking the financial account ID so rails G migration ad Financial account ID to accounts Financial Financial account I.T all right let's see if we got this right uh uh Financial accounts to accounts all right that looks good rails DB migrate okay so now we should have that new column on the account so we can go back to stripe account we're inside of a insurer so if the account ID um if it's not nil then what we want to do is call we want to create a new Financial account so let's look at the API reference for financial account so we want to create a financial account this is inside of stripe Treasury so this is how we create a financial account Financial count so we want to pass in the number or the supported currencies in this case USD we also want to pass in some features that we want to enable so in here what I'm going to do is pass in a bunch of features this is very similar to capabilities on the connected account but this is the features of the financial account so we're going to say card paint or card issuing is requested and then deposit insurance I mean sure we'll request it uh requested okay what else do we got we've got Financial addresses ABA requested so here it's gonna be something Financial so by requesting Financial addresses this is going to give us access to an account and routing number the same way that you might have an account and routing number on your bank account that you use for checking and savings and whatever what's really cool about this is you can use these ABA routing numbers from anywhere right so like you could use this to uh res to send payments for like your mortgage or things like that outside of outside of stripe all right so now we also sure yet we want inbound transfers so we want inbound transfers the uh ACH I think this is going to be requested yep okay what else do we want interest stripe flows yeah sure we want to request interest rate flows um and what else do we want maybe oh yeah we want outbound payments and outbound transfers we will do outbound payments um using ACH requested true and Via also via US domestic wire requested true and we also want to do uh transfers outbound transfers and it looks like we can do that with yep the same stuff so we'll just grab those okay so ACH and U.S domestic wire that all makes sense Okay so we've got our features set are there any platform restrictions we want to restrict inbound or outbound flows I don't think so so this is a good place to call that good now what we want to do is we want to update our account our underlying account model in the database and set the financial account ID to financial account.id and that should create our financial account so again this is happening inside of our web hook Handler right so we're going to say as soon as we have the capability updated where we now have the treasury capability and it's active we are going to ensure that we have a financial account all right so what we can do is jump into the rails console and we can find a capability.updated event that has um the treasury capability so capability.updated and the ID there was card issuing capability.updated and this one was treasury okay so we want event 42 so we'll say e is event.fine 42 and then handle event job dot perform now for E okay so now uh we should be able to say account.last and I thought it would have a financial account ID it does not I'm going to drop in a buy bug here just so that we can experiment and see what's going on handle event job.perform now event dot find it was 42. okay we don't have buy bug installed so let's exit bundle add Buy bug group development because we only want by bog in the development group so that it's not available everywhere we'll see handle again okay capability.id is Treasury did I spell that right status is inactive oh okay so I found the wrong event apparently all right so let's do this again so we want to find the event.where the data's type is equal to capability the updated okay now we want to find dot where data object ID is treasury all right let's say we want to find an event where the capability is updated and where the data objects ID so data uh data object um ID is equal to Treasury that should give us back all of the objects where those things both match so event 54 is the one that we care about so what we want to do is handle we want to re-handle this perform now for event.find 54. now this is going to reprocess the event we can see if the capability.status is active and it is and so what we should do now is find the account and we do and now it should actually ensure and create that Financial account so it hit the API and it says creating your own Financial accounts via the API is not supported right okay so we're very close very very close so inside of this stripe account class for insurestripe account or ensure Financial account we are passing in all the arguments here but we need to create this on behalf of the connected account so here we need to pass in the stripe account header for the connected account that we're creating this financial account for so let's take out buy bug reload the terminal and then run this again for event 54 and that should create a financial account it looks like it did update the account and it set this new Financial account ID on the account object so if we look at account.last we now have a financial account ID set great Okay so now what's interesting is that by creating that Financial account it also caused a bunch of events to fire so there's a bunch of new event types that are related to this financial account so what I want to do is I want to select the list of event types that just fired so what I want to do is say something like event.pluck the data for the type but this is like not secure because you can't pass a raw SQL string into pluck so instead what we need to do is tell rails that we know what we're doing and use arel.sql and pass that in directly and then it'll let us start messing around so here we have Financial account created our treasury dot Financial account created and treasury.finaldaccount feature status updated so what is this event.last what does this actually look like well the feature status updated we can look at the previous attributes and we see that it had a bunch of different things on it when the treasury Financial account feature status updated event fires that tells us that there are some active features on that Financial account that are now available one that we care a lot about is this financial addresses.aba because this tells us that we are now able to access the routing and account number for this financial account that was just created so we want to set up a new a web hook Handler for this event type so we're going to do that now so we're going to jump over to our handle event job we're gonna we're gonna say when we get this event we're going to handle Financial account feature status updated yeah sure it's a long one but we can we can we can deal with it all right so handle Financial account feature status updated gosh it's almost like we're writing Objective C or something how long that is okay so then what we want to say is that the I believe this is a financial account right the object type yeah so the object type here we're getting back is a financial account so the financial account is striped updated object good now we want to say something like if Financial account features um include so if we if the active features if it includes the financial addresses.aba then what we want to do is create an external account with those uh with the account and routing number on this thing so we're going to go through a similar process to this so we need to see if the financial account does it have the account ID on here so the account ID is available on the event object so here we can just say stripe event dot account that should find the proper account then we're going to new up a stripe account service and then we're going to say insure external account so from inside of our service here we're going to say insure external account this is going to again return if there's no account.external count ID so inside of ensuring the external account what we need to do is we're going to fetch the financial account then we're going to use the um the ABA addresses on the financial account to create an external account so the first thing we need to do is fetch the ex the financial account and this requires passing along the financial account ID which we have on the account and also the account header so we're going to say stripe account is account.stripe ID this should give us back a financial account now by default if we retrieve a financial account um I don't believe we get back the financial address let's let's take a look at this really quick so I'm actually going to extract this into a helper method called Financial account that will just return this okay so if we open up the rails console again and we say stripe account dot new count uh first then we say a DOT Financial account that will make a get request to the stripe API to retrieve the financial account that we just created so this is the treasury Financial account we see here's all the active features it includes this financial addresses.aba now if we look at the financial addresses we see that it has ABA it has the account holder name the last four of the account the bank name which is stripe test Bank in test mode the routing number but it doesn't have the account number it has the routing number but it does not have the account number that's because when we make this request to retrieve the financial account we need to expand the account number so expand is a feature of the API where you can specify certain fields that you want to be sort of um included or additionally sort of like polymorphically expanded to include so when we're working with issuing and we want access to certain numbers we might need to use expand or when when we're working with a checkout session for instance we don't get the line items back by default we have to expand those when we're working with a financial account when we if we want the account number the actual account number we have to use expand in order to get access to that so here we're going to say retrieve and instead of just passing a string we're going to pass ID is equal to this ID now we're going to pass expand which takes an array and we're going to pass in financial addresses dot Aba and we might need to pass DOT account number um okay reload retrieve the financial account and now we see the account number so that is that's what we want to see all right so now every time we retrieve the financial account it's coming back with the account number let me clean this up a little bit um okay so because most of these requests are going to include this header where we pass the stripe account ID I'm just going to make another helper method here at the very bottom called um header and it's going to return stripe account is account.stripe ID and that way we can just pass header here as the second argument to all of these okay that'll just simplify things a little bit all right so now we have the financial account um and we can access like the financial addresses and that will give us back a list of financial addresses the first Dot um ABA Dot account number so we want to use basically the First Financial addresses ABA information so um Financial addresses um the first.aba and this is going to be like account info all right so now we want to use this account info to create an external account so to create an external account we're going to call it a bank account and the way this works is we actually this is a method on the account object where we call create external account and we're going to pass in the external account and we're going to pass these raw details so the object is a bank account the account number is going to be the account info dot account number the routing number is account info dot routing number we also want the country and the currency and I think that might be it okay we're also going to set this as the default for that currency as true so this is going to become the new default external account for any USD payments that end up in our connected accounts balance all right let's store this off so we're going to say account.update and then the external account ID is going to now be bank account dot ID all right so now what we should be able to do let's look back at our handle event job this is going to happen when the treasury Financial account feature status updated event fires so let's reload rails console and we're going to say event.last hopefully it's still yeah okay so now we can say handle eventjob.perform now for this thing okay includes it should be include I get this wrong every single time all right reload handle now okay method missing undefined method external account ID okay did we not add that let's see open up the schema counts and yeah we don't have an external account ID yet so rails G migration add external account ID to accounts so this is going to be external account ID there's a lot of accounts right um that looks right rails DB migrate okay now we should be able to say we're going to see uh handle that event job on the last thing what happened here crashed and burned all right error from sidekick in no implicit conversion from hash into string okay so when we create the external account the first argument we have to pass is the ID of the stripe account and then we pass all of the other stuff so then should look something like this let's try this again and promising promising promising boom okay that looks like a bank account that is an external account um okay so now what have we what have we actually done we have connected a stripe a new stripe account so now our platform allows creators to onboard when they onboard they're given a brand new custom connect account that custom connect account underneath it has a financial account we just created an external account which is which means that we can move we created an external account for our connected account so that we can move money from our connected account into our financial account which is now considered the external this it's so confusing um it can be kind of confusing right but the way that we have it set up now is we should be able to accept payments into our account in fact if we refresh this look at that payouts is now true that's because our account now has an external account so let's go update this counts index view so that we have a few more at least like little debugging details so we're going to say um that we have reference to the financial account ID current user.account.financial account ID let's also give it the external account ID all right so at this point we should be able to go through this flow as a brand new user on board and um as the result of those events we should have charges be enabled and payouts be enabled for us and we should end up with a financial account and an external account so at this point I think we are looking pretty strong in terms of onboarding and creating our financial accounts so let's call that good for today in the next episode what we're going to do is I'm going to make this page a little bit more interactive so we'll say as soon as you've created the X the stripe account we're going to hide this button and then we'll make this just be account singular and then let's use turbo or something to automatically update some of the page so that should be fun so if you have made it this far I appreciate your time and attention hopefully this is useful if you were trying to add embedded Finance to your application we're sort of building like a a little bit of a Neo bank for creators as part of this process so so thank you so much for watching and we will see you in the next one [Music]

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