Customer

Each Merchant can have any number of Customers on the Finmo Platform as per its use case requirement. Each Customer will have a Unique Customer ID. One Organisation can have many Customers, but one Customer will only have one Organisation.

Merchants who wish to enable customer creation feature should contact the Finmo support team at support@finmo.net, and we will review your request promptly. Please ensure you use your registered email and include your organisation ID in the email

Customers are required to be created first to link them with Wallets. A Customer is said to be “Wallet Ready” only when all of its information is provided by the Merchant.

Examples:

Digital Currency Exchanges: 

If you run a licensed digital currency exchange and need your consumers to fund their wallets using FIAT, you can create a customer for them on Finmo and issue a static virtual account. Customers can deposit funds into the virtual account whenever they wish to load their wallets. The funds will be settled to you based on the agreed-upon settlement terms.

Wealth Management Platforms: 

Wealth management platforms typically hold a capital market license and use custodian banks to manage their customers' funds. These platforms often provide static bank account numbers to their clients, leading to lengthy processes to verify the sender's information before releasing funds. With Finmo, you can create a customer containing your customer's details and receive updates of any transaction along with sender-party information, such as Name and Account Number. The funds will still be credited to your Payin wallet and settled back to you based on your specified settlement terms.

Customer Creation Journey

When a customer is created with all mandatory fields, their status is set to UNDER_REVIEW by default. If any mandatory fields are missing, the status will be PENDING_INFO. After review, the customer will be assigned one of the two final statuses: APPROVED or SUSPENDED.

1. Create/Update – Submit customer details with mandatory fields and attach required document proofs. If mandatory fields are missing, the merchant needs to update the customer details.
2. Review Stage – Upon full submission, details and documents will be reviewed, and the respective status will be updated. This is determined by system and usually takes less than a minute except for a few unique cases.
3. Final Status – Customers will either be approved or suspended by the system upon review.

Status Flag - distinct values & meanings:

1. PENDING_INFO: Customers will remain in this state if any mandatory fields are missing
2. UNDER_REVIEW: Submitted details and documents will be reviewed, and the final status will be updated.
3. ACTIVE: Allowed to perform all operations corresponding to this customer
4. SUSPENDED: Restricted from any operations corresponding to this customer

This section of the Client Portal is further divided into sub-sections:

All Customers

The section shows a table having information on all the Customers created by the Merchant on the Finmo Platform. The table has the following primary fields:

1. Customer ID: shows unique ID of the Customer
2. Customer Type: whether it is a Company or an Individual
3. Customer Name: shows the name of the Customer
4. Is Active: whether the Customer is active on the Finmo Platform
5. Status: represents the granular status of Customer in Finmo, with four possible values: APPROVED, UNDER_REVIEW, PENDING_INFO or SUSPENDED
6. Is Enabled: whether the Customer is enabled or disabled from the Merchant's end
7. Is Wallet Ready: whether the Customer has given all the necessary information to get a wallet
8. Created At: shows the Customer creation date

Add New Customer

This section lets the Merchant to create new Customer, either Company type or an Individual type, depending on the requirement. For successful customer creation, an ID proof and address proof are required.

Sender Validation

Sender validation functionality (for local AUD transfers only), which if enabled, would allow you to specify the sender/account details from where you are ok to receive funds into the customer wallet. Please reach out to your account manager if you wish to enable it.
Once enabled, while creating a customer, you will get the option to select which sender you want to link to the customer's wallet. You can create a sender by going under Payins and selecting the Sender/Create Sender link.