Create customer profile to save the payment methods a customer can use, facilitating recurring transactions and track their payment history. A customer object is beneficial to store a card token for subscriptions or create a Finmo customer wallet to manage their funds.
To issue a wallet to a customer, Finmo must collect additional information to comply with regulatory requirements for account creation. For individual customers, the necessary details typically include Name, Nationality, Address, Identification Type, Identification Number, and Date of Birth. Finmo is responsible for collecting and verifying this information. For business customers, information such as Company Registration Details and the nature of the business is required.
If a Finmo wallet is not needed for a customer then basic information like Name, Email, and Country is sufficient.
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 object for them on Finmo and issue a static virtual account. Consumers can deposit funds into the virtual account whenever they wish to load their wallets. Finmo will send a PAYIN_COMPLETED webhook, to update their wallet balance accordingly. 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 object containing your customer's details and receive webhooks 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.