PaaS API Docs
  • Getting Started
  • Authentication
  • Use cases
    • Remittance
      • Bonus/Discount on Remittance
    • Business Payments
    • Individual Wallet
    • Business Wallet
    • Payout
  • API References
    • Data Population
      • Spec Sheet
      • Country
      • States
      • Settlement Rates
    • User
      • User Object
        • User Verification
        • Identification Documents
        • User Verification Status
        • CIP Information Status
      • Receive User Object
      • Register a User
      • Update User
      • Business Representatives
        • Business Representatives Object
        • Add Business Representatives
        • Update Business Representatives
        • Get Business Representatives
      • Declaration
        • Declaration Object
        • Declaration
      • Initiate Verification
      • Get User by ID
      • Get Verification Status
      • Add a Receive User
      • Update a Receive User
      • Get Receive User List
    • Funds
      • User Funding Account Object
      • Funding Account Widget
        • OAuth Integration
        • Bank Verification Status
      • Wallet Object
      • Create a Wallet
      • Get Wallet Details
      • Get User Funding Account
      • Delete User Funding Account
      • Add a Receive Account
      • Update a Receive Account
      • Get Receive Accounts
    • Payout
      • Get Banks
      • Get Payers
    • Transaction (External)
      • Transaction Object
      • Create Transaction
      • Get Transaction by ID
      • Cancel Transaction
      • Transaction Delivery
      • Get Transaction Limits
    • Transaction (Wallet)
      • Wallet Transfer Object
      • Create Transfers
        • Load Wallet
        • Unload Wallet
        • Wallet to Wallet Transfer
      • Get Wallet Transfer Details
      • Get Limits
    • Transaction (Payout)
      • Payout Transaction Object
      • Create Payout Transaction
    • Webhooks
      • Subscribe
      • Integration
      • Events
    • Error Codes
  • Sandbox
    • User: Test Values
    • Funds: Test Values
    • Transaction: Test Values
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On this page
  • Integration Recommendations
  • 1. User Registration
  • 2. User KYB and Declaration
  • 3. User Tier Verification
  • 4. Create a Wallet
  • 5. Create Wallet Transfers and Transactions

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  1. Use cases

Business Wallet

Read for API integration recommendations for business wallet use case

PreviousIndividual WalletNextPayout

Last updated 2 years ago

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Business wallets allow business users to hold funds and send those funds to other wallet holders within the system or externally to a receiver.

Integration Recommendations

This section will guide you through the API endpoints for the business wallet use case such as creating wallets, loading wallets, unloading wallets and creating transfers and transactions using wallets. Please note that these are recommendations for standard flow and can be customized as per your needs.

1. User Registration

The first step in creating the user flow is to in our system. Business users who want to enable business wallet need to be registered with the business field and deposit_enabled field both set to 'true'.

Users can only be registered from the country which has been enabled for you as per your agreement with Machnet. Fields outlined as mandatory in the user object are required during registration.

2. User KYB and Declaration

Upon registration, the user will have to provide basic information on the business and details of the business representative so that necessary KYB checks can be conducted. In order to run KYB on the sender, you will have to:

  1. Know what

  2. Collect and send the required and information to Machnet

  3. UBO Declaration

User KYB is conducted using the following basic information.

  • Name of company

  • Type of company

  • Date of formation of the company

  • Registered address

  • Mailing address

  • Phone number

  • Email address

  • Nature of business

  • No. of employees

  • EIN Number

  • EIN Document

  • Business Representative Information

    • Full name

    • Address

    • DOB

    • Type

    • Email

    • Phone

    • Gender

    • Title

    • Ownership_percentage, if beneficial owner

    • SSN if US individual or Passport no. if non-US individual

    • Copy of US government issued ID if US individual or foreign passport if non-US individual

Once you have submitted the basic information, you will need to initiate KYB of the user. Once KYB has been initiated, you will need to collect the following declaration from the user.

Declaration

In order to complete verification of the user, the user must attest to the following statement and declare important information on the business.

I certify that the following information was submitted to Platform for all beneficial owners (holding 25% or more ownership) and controlling persons & executives:

  • US Person(s): SSN + US Government Issued Photo ID

  • Foreign Person(s): Tax Identification Number (if available) + Passport Number & Country of Issuance. In lieu of passport number, foreign persons may also provide an alien identification card number, or number and country of issuance of any other government issued photo ID evidencing nationality or residence.

Only when all CIP tags required for KYB verification (listed above) are verified and the declaration is completed will the KYB status of the user be verified.

3. User Tier Verification

Users may be placed in different tiers based on the user information (CIP tags) they provide. The tiers dictate the following limits for each user:

  • Load limit: Annual, monthly and daily limit for transfers from linked bank/card to wallet

  • Unload limit: Annual, monthly and daily limit for transfers from wallet to linked bank/card

  • Transfer limit: Annual, monthly and daily limit for wallet to wallet transfers

  • External transaction limit: Annual, monthly and daily limit for external transactions

  • Hold limit: Amount of funds that can be held in a wallet at a certain time

The tiers, their corresponding information requirements and eligible limits are outlined in your spec sheet. Our APIs also provide the following:

4. Create a Wallet

5. Create Wallet Transfers and Transactions

Users can create transfers from and to wallets and also use wallets as funding sources for external transactions.

  1. Load: Adding funds to the wallet from a linked bank account or card.

  2. Unload: Withdrawing funds from the wallet to a linked bank account or card.

  3. Transfer: Send funds to another VERIFIED user's wallet.

The required details for the declaration can be found . Since you will have to provide business representative IDs while using the , you will have to (account operator, beneficial owner, primary controller and compliance) before making a declaration request.

Once you have submitted the basic information, . Each information required for KYC verification is referred to as a CIP tag and each CIP tag has their own verification status.

You can submit the additional information of the user and update existing information collected from the user using the . Each time new information is submitted, make sure to on the user to ensure verification of all submitted information.

You can for a VERIFIED user to hold funds. You can view the wallet details and balances using Once the wallet status is VERIFIED, users can perform wallet related transfers and transactions.

The following are the different types of .

Along with this, users can . These are international business payments transactions. The user flow is the same as that outlined in the Business Payments use case section but in this particular case, the funding source will be the created wallet instead of a bank account or card.

here
declaration API
add the required business representatives
you check what KYC information has been provided by a user and its verification status
Current KYB status of the user
Current tier of the user
Remaining transaction limits of the user in the current tier
Submitted CIP information and verification status of the user
Transaction limits per tier and corresponding CIP information for all users of the Client
create a designated wallet
this API.
wallet transfers that users can create
create external transactions using wallet as a funding source
KYB information is required for the sender
user
business representative
initiate KYB
register the business user
Initiate verification process
Update user API