Fiat Account

Fiat Accounts are payment accounts that have bank details associated with them and can be targeted by external payment rails such as UK Faster Payments, SEPA etc depending on the currency of the account. Fiat Accounts can be created in multiple currencies and are used to receive fiat money and make payouts.

You can also create multiple Virtual Accounts for End Users linked to a Fiat Account owned by a Member. Any Fiat Account that has one or more virtual accounts linked to it can be identified by the MASTER tag on it.

The creation of Fiat Account is asynchronous as it requires the generation of bank details with the underlying banking provider. Therefore, upon creation Fiat Accounts have the status CREATED which is then updated to ACTIVE once bank details are assigned. The process usually takes no more than a few seconds.

The best way to be informed of when a Fiat Account becomes Active is to create a Webhook that listens to the event FIAT_ACCOUNT.STATUS_UPDATED

Fiat Account Statuses

Fiat Account Status

Description

CREATED

The Fiat Account has been created on Fiat Republic and is awaiting allocation of bank details from the underlying banking provider. The account cannot be used at this stage.

ACTIVE

The Fiat Account is active and can start receiving and making payments.

BLOCKED

The Fiat Account is blocked temporarily and no payments to/from the account can be created. A Fiat Account could be blocked by Fiat Republic for compliance reasons, but you can also block fiat accounts via the API for your own risk management purposes.
It is highly recommended that you create a Webhook to monitor for this status change to ensure you can update your end users.

CLOSED

The Fiat Account is closed permanently and cannot be used to make or receive payments anymore. This status is terminal.

ACTIVATION_FAILED

We were not able to assign bank details to the Fiat Account due to some error.

Fiat Account Balance

Each Fiat Account has 3 separate balances:

Balance Type

Description

balance.actual

The actual balance of an account taking into consideration all posted transactions.

balance.reserved

The sum of all Payments initiated from the account that are not yet completed.

balance.available

The actual balance of the account less reserved balance. This is the amount that is available for payout.
Available Balance = Actual Balance - Reserved Balance

"balance": {
        "actual": "1000.00",
        "available": "800.00",
        "reserved": "200.00"
    }

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