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.
|Format / ENUMS
|Unique identifier of the Fiat Account.
|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.
|Owner of the Fiat Account.
|Unique identifier of the owner of the Fiat Account.
|Full balance of the account, including any pending payments.
|Available balance of the account that can be consumed.
|Total of all pending payments that have been created but not yet completed.
|Currency of the Fiat Account.
|Three-letter ISO 4217 code e.g.
|Details of the banking credentials that have been allocated to the Fiat Account.
|Name of the banking provider under which the Fiat Account has been created.
|Name of the account holder. This is the name that will appear on the recipient's statement when payments are sent from this account.
|Country where the account is held.
|Two-letter ISO 3166-1 alpha-2 country code e.g.
|IBAN associated with the account. Depending on the currency and country, account will typically have atleast an
IBAN or an
|SWIFT BIC associated with the account. Depends on the account currency and country. Not all accounts will have a BIC.
|Account Number associated with the account. Depending on the currency and country, account will typically have atleast an
IBAN or an
|One or more routing codes associated with the account. Typically used in conjunction with the account number.
|Type of the routing code.
|Value of the routing code.
|An optional label to easily identify the account on the Dashboard.
|Status of the account.
array of strings
|Tags associated with the accounts to designate their purpose.
MASTER denoting that virtual accounts have been created under this Fiat Account
|Epoch timestamp at which the object was created.
|Epoch timestamp at which the object was last updated.
|Additional data in JSON
|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
|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.
|The Fiat Account is active and can start receiving and making payments.
|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.
|The Fiat Account is closed permanently and cannot be used to make or receive payments anymore. This status is terminal.
|We were not able to assign bank details to the Fiat Account due to some error.
Each Fiat Account has 3 separate balances:
|The actual balance of an account taking into consideration all posted transactions.
|The sum of all Payments initiated from the account that are not yet completed.
|The actual balance of the account less reserved balance. This is the amount that is available for payout.
Available Balance = Actual Balance - Reserved Balance