Business Models for Members

Fiat Republic offers distinct models for Members to extend fiat services to their clients. These models ensure regulatory compliance while enabling a range of payment and account functionalities.

Linked Business (LB)

A Linked Business is a business client of a Fiat Republic Member that needs to make third-party payments (3PP)—for example, to suppliers, partners, or other beneficiaries.

Purpose

Members use the Linked Business model to enable their business clients to send compliant B2B payments to external parties.

Onboarding

Fiat Republic’s Sales and Compliance teams coordinate the onboarding process for each Linked Business. This involves comprehensive due diligence before access is activated.

Benefits

• For Members: Support clients with broader B2B payment needs.
• For Linked Businesses: Gain access to direct B2B payment capabilities through their Member.
• Compliance: Ensures the entire payment flow remains fully compliant with regulatory standards.

Setup Flow

1. Initiation: The Member initiates an onboarding request for the prospective Linked Business with Fiat Republic.
2. Approval & Account Creation: Once Fiat Republic approves the Linked Business, the Member uses the POST /fiat-accounts endpoint (Create Fiat Account API), including the Linked Business’s unique businessId in the request.
3. Dedicated Account: Fiat Republic creates a dedicated Fiat Account specifically for that Linked Business, under the Member.
4. Payment Processing: The Member can then begin sending third-party payment instructions via API through this newly created Fiat Account on behalf of the Linked Business.
5. List LINKED Businesses: Members can list their associated businesses by calling the List Member Businesses endpoint, with relationship: LINKED parameter.

Linked Member (LM)

A Linked Member is a licensed Crypto Asset Service Provider (CASP) or Virtual Asset Service Provider (VASP) that operates as a business client of a Fiat Republic Member. This model is designed to support nested fiat flows, enabling the Linked Member to serve its own end customers using the primary Member’s banking access.

Purpose

Members utilize the Linked Member model to connect other regulated crypto firms to fiat rails. This empowers these firms (Linked Members) to efficiently manage fiat deposits and withdrawals for their own customer base, particularly crucial under regulatory frameworks like MiCA (Markets in Crypto-Assets Regulation).

Onboarding

The onboarding of each Linked Member is managed by Fiat Republic’s Sales and Compliance teams. This process includes rigorous verification of licenses and ensuring complete regulatory alignment before the setup is activated.

Benefits

• For Members: Extend their fiat service offerings to other regulated crypto firms.
• For Linked Members: Enable their own end-users (both individuals and businesses) with compliant fiat deposit and withdrawal capabilities.
• Regulatory Alignment: Facilitates adherence to evolving crypto regulations for all parties involved.

Setup Flow

1. Initiation: The Member submits an onboarding request for the prospective Linked Member to Fiat Republic.
2. Approval & Master Account: Upon approval by Fiat Republic, the Member uses the POST /fiat-accounts endpoint (Create Fiat Account API), providing the Linked Member’s unique businessId. This creates a master Fiat Account for the Linked Member.
3. End-User Creation: The Member then onboards each of the Linked Member’s end-users by calling the appropriate Create End User API:
   • POST /end-users/individuals for individual end-users (Create Individual End User )
   • POST /end-users/businesses for business end-users (Create Business End User ).
4. Virtual Account Creation: Finally, for each onboarded end-user of the Linked Member, the Member creates Virtual Accounts. These Virtual Accounts are nested under the Linked Member’s master Fiat Account, enabling segregation and proper fund management for the Linked Member's clientele.