Introduction

Welcome to the gateway of traditional finance, io.flow the Payments-as-a-service (PasS) solution that gives you direct access to a network of partner payment-service-providers (PSPs). This suite of functionalities is crafted to streamline the financial transactions and account management processes, ensuring efficient and secure operations for your organization.

Key Concepts

• Underlying Customer: This is the entity (legal or individual) you are trying to service..
• Pay-in: The funds an underlying customer has provided you; a deposit..
• Payout: The funds an underlying customer has requested from their account; a withdrawal..
• Real Account (RA): This is the account where all funds wind up. All RA's funds are held at a sponsor bank.
• Virtual Omnibus Account (VOA): An account maintained by an MSB at a chartered bank for your underlying customers.
• Virtual Receiving Account (VRA): Virtual receiving account (VRA)- unique accounts assigned within traditional, physical bank accounts which are used to receive funds from underlying customers. The VOA's balance is affected by the VRA's activities.
• Money Service Business(MSB): A term used by financial regulators to describe financial businesses that transmit, receive, or convert money.
• Standard Settlement Instruction (SSI): Refers to an entity's bank, account number and account name. The SSI is used to send payments to and from the respective account.

Note: VOAs have their own bank details, but are attached to a RA at a partnered chartered bank.

Payins & Payouts: Fast Local & Global Payments

Payins and payouts enable your organization to send & receive funds efficiently to & from customers or other external entities both locally and globally. With one single integration, connect with our vast network of PSPs and EMIs.

• Key Features:
  • Create, view, and track payins & payouts across accounts.
  • Various statuses for detailed payout tracking.
  • Sweep payout functionalities for automated fund consolidation.

Accounts: Your Financial Control Center

Accounts in io.flow serve as the central hub for your financial operations, providing two primary types: Virtual Accounts and Virtual User Accounts. Each type is tailored to specific operational needs, ensuring robust and flexible financial management.

• Key Features:
  • Virtual Accounts for main currency ledger operations.
  • Virtual User Accounts for individualized financial management.
  • Single currency focus with multi-currency support across the platform.

Transfers: Streamlining Internal Fund Movements

Transfers within io.flow are essential for internal fund reallocation, enabling movement of funds between accounts within the same or different PSPs. Our transfer functionalities are designed to be intuitive and cost-effective, aligning with your PSP contract rates.

• Key Features:
  • Account-to-account transfers within the same PSP.
  • Sweep configurations for automatic fund transfers.
  • Transparent charge structures based on PSP agreements.

Onboarding with our Partner Money Service Business (MSBs)

A partner MSB is a Banking-as-a-Service (BaaS) Platform that Io FINNET has partnered with to enable the ability to:

• Hold balances in multi-currency bank accounts
• Sending money in multi currencies
• Receive money into bank accounts locally in selected currencies
• Make domestic and cross border transfers

You will need to apply to use each currency by reaching out to us.

Further MSBs will be available soon along with additional currencies being supported.

What do you need to do to onboard with a MSB?

You need to complete the onboarding pack and send it back to our onboarding team. This will help to set up your main real account and currency omnibus accounts.

Sub accounts will be set up in the different currencies ready for payments to be processed.

Your pay in credentials will be provided to you once the accounts are set up. The credentials should be used to deposit funds into your account.