This object represents the customer/consumer of your business. It allows you create a profile (or a Finmo ID) for your consumers and help them to do recurring transactions as well as track the payments made by them.
A customer object is useful in situations when you wish to save a card token for subscriptions or even create a Finmo customer wallet to store their funds.
Note that to issue a wallet to your customer would require Finmo to capture certain extra pieces of information to meet our regulatory requirements for account issuance. Typically the details required to issue a wallet for an individual customer are Name, Nationality, Address, Identification Type, Identification Number and Date of Birth. This information is required to be collected by Finmo and verified. For business customers, we need information about the company such as company registration details, nature of business etc.
If Finmo wallet is not required for a customer, then just the basic information like Name, Email, Country would suffice.
Popular Use-cases
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Digital Currency Exchanges: If you operate a licensed digital currency exchange and need your consumers to load their wallets using fiat, you can create a customer object for them on Finmo and issue them a static virtual account. The consumer can fund the virtual account everytime they wish to load their wallet with you. Finmo will send you a
PAYIN_COMPLETEDwebhook and you update their wallet balance on your end. Finmo will settle the funds to you as per the agreed settlement terms. -
Wealth Management Platforms: Wealth Management platforms typically hold a capital market license and use a custodian bank to hold funds for their customers. Most of these platforms provide a static bank account number to their customers and spend days to identify if the sender party matches with the information on their account and release the funds. With Finmo, you can create a customer object with the details of your customer and receive a webhook with the sender-party details like Name, Account Number etc. The funds are still credited to your Payin wallet and settled back to you based on your settlement terms.