| ❗️ Incoming breaking change |
|---|
We will be implementing the UNBLOCKING status for the Fiat Accounts to streamline the process of account blocking.
UNBLOCKING status will be displayed, when a BLOCKED account is in the process of being unblocked.
As this is a breaking change, it will be implemented on the 29th May. Please keep in mind that not implementing this change will render account unblocking impossible.
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 |
| 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, ABA, WIRE |
| 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 |