Deposits
Overview
A deposit represents a movement of funds from an external source (e.g., bank account) onto the platform. Deposits are processed via a customer’s virtual account, and the balance is immediately reflected in the linked digital wallet.
Deposits are inbound transactions that increase a wallet’s balance and can be initiated through traditional banking rails like ACH, FedWire, or international wire transfers (SWIFT).
Receiving deposits
To receive a deposit, customers must have an virtual account. Refer to the create-virtual-account
endpoint.
How Deposits Work
- Customers provide their account and routing numbers to the sending party.
- The sending party (e.g., employer, payment provider, individual) sends funds to the virtual account.
- A webhook notification (if configured) notifies that a deposit has been initiated.
- The receiving wallet is credited with the deposit amount, in a pending status.
- Compliance checks are carried out on the transaction
- A webhook notification (if configured) is sent notifying that the funds have been received.
- The corresponding wallet balance is made available to the user. (in parallel).
Compliance Considerations
- All deposit transactions are monitored for AML/CTF compliance
- If a deposit is flagged:
- It may be delayed or paused
- Additional documentation (e.g., source of funds) may be requested
- Transactions are screened against:
- Sanctions lists
- High-risk geographies
- Suspicious behavior patterns
Example Flow
- A user provides their virtual account details to their employer
- The employer sends a salary payment via ACH.
- The funds are received into the virtual account and automatically reflected in the user’s USD wallet.
- The funds are now available to the user for spending, transferring or withdrawing externally.
- Webhooks can be optionally configured to receive notifications about incoming deposits to enable different use cases (e.g. notifying a user in-app, or by email).
Key Terms
- Deposit: Inbound movement of funds from an external account into a user’s virtual account.
- Virtual Account: A banking interface linked to a wallet, used to receive fiat deposits.
- Wallet: Holds the actual asset balance that the user can spend or transfer.