Individual Wallet
Read for API integration recommendations for individual wallet use case
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Read for API integration recommendations for individual wallet use case
Last updated
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Wallets allow you to hold funds of your users and the users are able to send those funds to other wallet holders within the system or externally to a receiver.
This section will guide you through the API endpoints for the individual wallet use case which includes 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.
The first step in creating the user flow is to in our system. Individual users need to be registered with the business field as false. 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.
You will have to provide user information so that necessary KYC checks can be conducted on the sender. In order to run KYC on the sender, you will have to:
Know what
Collect and.
User's KYC verification is conducted using the following information:
Name
Date of birth
Gender
Address
Phone number
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 eligibility limits are outlined in your spec sheet. Our APIs also provide the following:
Users can create transfers from and to wallets and also use wallets as funding sources for external transactions.
Load: Adding funds to the wallet from a linked bank account or card.
Unload: Withdrawing funds from the wallet to a linked bank account or card.
Transfer: Send funds to another VERIFIED user's wallet.
Once you have submitted the information, . Each information required for KYC verification is referred to as a CIP tag and each CIP tag has their own verification status. Only when all CIP tags required for KYC verification (listed above) are verified will the KYC status of the user be verified.
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 remittance and business payments transactions. The user flow is the same as that outlined in the and 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.