Create a Wallet. Finmo supports three types of wallet infrastructure:
- Organization Wallets: Created automatically when you sign up with Finmo, these system-generated wallets include Payin, Payout, and Fees wallets.
- Person Wallets: Designed for individual customers.
- Company Wallets: Intended for business or organizational customers. These wallets also have an authorized officer linked to the company wallet.
Represents an individual Wallet designated for a client, business, or customer.
The Wallet serves as the central hub for all financial transactions. Payins are deposited into the wallet, payouts are disbursed from the wallet, facilitates and settlements to the client's bank account are processed through the wallet. It also facilitates buying and selling currencies.
Each wallet contains one or more wallet accounts, for different currency and balance.
Is Wallet a Bank Account?
A wallet functions similar to a bank account, although there are local compliance restrictions around e-money account issuance. This feature allows customers to deposit funds with Finmo, with these funds safeguarded by our banking partners.
Due to local regulations regarding account issuance, Finmo is required to collect and verify the information of the individual or entity to whom the wallet is issued.