Finmo Wallet is designed to be a powerful financial hub for your business. When combined with other Finmo API calls, Finmo Wallet makes it possible for you to accept payments, fund payouts, and buy and sell currencies all from your Finmo Wallet account.
Each wallet holds one or more wallet-accounts, each with its own currency and balance.
Wallet Types
Finmo supports 3 kinds of wallet infrastructure today:
Organization - These wallets are created when you signup with Finmo. These are system generated and are called as Payin, Payout and Fees.
Person - This wallet is for an individual consumer.
Company - This wallet is suitable for a business or organization customer. There is also an authorized officer linked to a company wallet.
Is Finmo wallet a bank account?
Finmo wallet acts like a bank account although there are local compliance restrictions around e-money account issuance in general. Wallet feature will allow your customers to deposit funds with Finmo and these funds are safe-guarded with our banking partners.
Due to local regulations around account issuance, Finmo is required to collect and verify the information who the wallet is issued for.