The Wallet is a crucial component within the Account entity, designed to manage the transactional activity and funds availability for specific virtual accounts owned by the end consumer. Each Account can have one or more Wallets, offering a space for funds storage and versatile options for transferring and managing money.

Core FunctionsCopied!

A Wallet serves as the ledger that documents transactions and manages the funds that move in and out of accounts. With a Wallet, your customers can accomplish the following tasks:

• Transfer funds: Move money from one wallet to another within the same or different account holders.

• Bank transfers: Transfer funds directly from a Wallet to an external bank account.

• Add funds: Deposit money from an external payment method to a Wallet for funding transactions within your Program.

• Fund Issued Card transactions: Use the wallet to fund transactions made through cards issued against the account.

Wallet typeCopied!

There are different types of Wallets to cater to varying financial needs:

• CHECKING: A flexible wallet designed for everyday transactions.

• PREPAID: A Wallet you can preload with a set amount for specific spending limits.

• PREPAID_NON_RELOADABLE: A Wallet that can be loaded once but cannot be reloaded after the initial amount has been spent.

• SAVINGS: A special type of Wallet designed for long-term fund storage that generates yield over time.

• PASSTHROUGH: A special type of Wallet used to fund passthrough transactions on Programs that support remittance-only profiles.

Wallet fund bucketsCopied!

Within the Wallet entity, the funds object plays a crucial role in detailing the financial state of a wallet. This object comprises several key fields that represent different categories of funds, each with its unique characteristics and implications. Understanding these categories is essential for effective wallet management.

Available

• Definition: This field indicates the total amount of funds (in cents) that the consumer is authorized to use.

• Calculation:

  • For programs with prefunding: The available amount equals the sum of the balance and transit buckets.

  • Without prefunding: It is equivalent to the balance.

Balance

• Description: Represents the settled funds in the wallet, denoted in cents.

• Implication: Funds in this category are actual and exist in the underlying bank account. They are considered stable and fully processed.

Transit

• Nature: This bucket contains unsettled funds in the wallet, shown in cents.

• Characteristics:

  • Typically includes amounts authorized by consumer transactions but not yet settled from the processor.

  • These funds are counted as available as they are prefunded.

  • The system automatically moves funds from the transit bucket to the balance bucket upon settlement.

Pending

• Context: Similar to transit, it includes unsettled funds in cents.

• Differences:

  • Unlike transit, these funds are not counted as available since they are not prefunded.

  • The system shifts these funds from pending to balance once settled.

Captive

• Role: Captive funds denote the amount (in cents) held for transactions executed on the account.

• Example:

  • In cases like an ACH Debit on an account, the funds are held in this category until the transaction is executed.

  • Once settled, funds move to the relevant treasury vault.