The Fiat Account Object

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

Fiat Account Object

Attribute	Description	Format / ENUMS
id string	Unique identifier of the Fiat Account.	e.g. `fac_ov8jkx67ndy1dbglam`
businessId string	Unique identifier for the Business that owns the Fiat Account. A Business represents a Member's legal entity with which it has signed up with Fiat Republic. A Member can have several businesses.	e.g. `biz_emv4j231821oaz56yx`
owner.type string	Owner of the Fiat Account.	`MEMBER`
ibanCountry string	Depending on your agreement you can choose IBAN country, from the available list. Required field for all currencies, except GBP and USD	`DE`, `DK`, `GB`, `LU`
owner.id string	Unique identifier of the owner of the Fiat Account.	e.g. `mbr_emv4j231821oaz56yx`
balance.actual string	Full balance of the account, including any pending payments.
balance.available string	Available balance of the account that can be consumed.
balance.reserved string	Total of all pending payments that have been created but not yet completed.
currency string	Currency of the Fiat Account.	Three-letter ISO 4217 code e.g. `GBP`, `EUR` , `USD`, `AUD`
bankDetails object	Details of the banking credentials that have been allocated to the Fiat Account.
bankDetails.bankName string	Name of the banking provider under which the Fiat Account has been created.
bankDetails.accountHolderName string	Name of the account holder. This is the name that will appear on the recipient's statement when payments are sent from this account.
bankDetails.country string	Country where the account is held.	Two-letter ISO 3166-1 alpha-2 country code e.g. `GB`
bankDetails.iban string	IBAN associated with the account. Depending on the currency and country, account will typically have atleast an `IBAN` or an `accountNumber`.
bankDetails.bic string	SWIFT BIC associated with the account. Depends on the account currency and country. Not all accounts will have a BIC.
bankDetails.accountNumber string	Account Number associated with the account. Depending on the currency and country, account will typically have atleast an `IBAN` or an `accountNumber`.
bankDetails.routingCodes object	One or more routing codes associated with the account. Typically used in conjunction with the account number.
bankDetails.routingCodes.type string	Type of the routing code.	`SORT_CODE`, `BSB`
bankDetails.routingCodes.value string	Value of the routing code.
label string	An optional label to easily identify the account on the Dashboard.
status string	Status of the account.	`CREATED`, `ACTIVE`, `ACTIVATION_FAILED`, `BLOCKED`, `UNBLOCKING`, `CLOSED`
tags array of strings	Tags associated with the accounts to designate their purpose.	e.g. `MASTER` denoting that virtual accounts have been created under this Fiat Account
createdAt integer	Epoch timestamp at which the object was created.	e.g. `1637593856104`
updatedAt integer	Epoch timestamp at which the object was last updated.	e.g. `1637593856104`
metadata string	Additional data in JSON `key:value` format.	See Metadata for more information.

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

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`