Trusted Entities

Overview:

The Trusted Entities feature enables End Users to transact with bank accounts not registered in their name. This is achieved by creating verified Trusted Entities.

Process:

When you create a Trusted Entity (via the API or Dashboard), Fiat Republic initiates proper checks. Upon successful verification, Fiat Republic verifies the Trusted Entity's banking details.

After banking details verification, payees can be created using these details and assigned to the End User.

Key Characteristics:

Trusted Entities are independent entities, distinct from End Users and Payees.
A single Trusted Entity can have multiple Banking Details objects associated with it, reflecting real-world scenarios where a company might have multiple bank accounts.
Payees created from Trusted Entities Banking Details can be linked to either an End User or a Member.
Multiple Payees can be generated from a single Trusted Entity's Banking Details, regardless of the payee's owner or entity type (business or individual).