Overview

The Customer module lets you create and manage customer records, issue wallets, and track wallet transactions for each individual or entity you onboard onto Finmo.

This module houses the following sub-modules:

• Customers
• Wallets
• Wallet Transactions

Who is a customer?

A Customer represents an end-user or entity associated with your organization for whom you want to create wallets and manage funds on Finmo. Each customer is assigned a unique Customer ID and is always linked to a single organisation. However, an organisation can create and manage multiple customers based on its business use case.

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Information

To enable the customer creation feature on your Finmo account, please contact [email protected] using your registered email ID and include your Organisation ID.

Why Create Customers?

Customers must be created before wallets can be issued to them. A customer becomes "Wallet Ready" only after all required fields and documents are submitted successfully.

Use Cases

Digital Currency Exchanges:

Licensed exchanges can create a customer profile for each user and issue them a static virtual account for FIAT deposits. These accounts allow customers to load funds into their wallets any time. The funds will be settled to the exchange based on pre-defined settlement terms.

Wealth Management Platforms:

Wealth platforms often require static bank accounts and sender validation. By creating customers on Finmo:

• You receive real-time sender-party information (Name, Account Number).
• Transactions are credited to your Payin Wallet.
• Funds are settled to your business based on your agreed 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 the 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.