Skip to main content

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​

  1. Customers provide their account and routing numbers to the sending party.
  2. The sending party (e.g., employer, payment provider, individual) sends funds to the virtual account.
  3. A webhook notification (if configured) notifies that a deposit has been initiated.
  4. The receiving wallet is credited with the deposit amount, in a pending status.
  5. Compliance checks are carried out on the transaction
  6. A webhook notification (if configured) is sent notifying that the funds have been received.
  7. 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.