How connected accounts work
As a platform, you can programmatically create connected accounts for your customers, whether businesses or individuals. During the onboarding process, Airwallex conducts comprehensive KYC (Know Your Customer), AML (Anti-Money Laundering), sanction screening, and identity verification.
Once onboarded, your customers receive access to fully functional accounts designed to streamline their payments experience, complete with the full set of Airwallex capabilities. See Onboard connected accounts.
Monetization opportunities for the platform include charging fees through:
- Payout fees on each transaction, charged by the platform to the connected account
- FX fees on each currency conversion, charged by the platform to the connected account
- Issuing interchange rebates
- Platform SaaS fees or other platform fees may also be charged by the platform from the connected account's Wallet
Transacting on behalf of connected accounts
As a platform, you will be able to provide API instructions on behalf of the connected account using the respective account id of the connected account for the following APIs.
- Global Accounts API to equip your customers with virtual currency account numbers in each jurisdiction where Airwallex supports collections, for your customer to receive funds via local clearing systems or via SWIFT, in their name.
- Conversions API to debit the connected account’s wallet in one currency, convert funds to another currency and credit funds to the connected account’s wallet in the target currency.
- Transfers API to debit the connected account’s wallet to payout to an external bank account. End users can trigger payouts through the platform's interface.
- Connected Account Transfers API to debit your platform wallet and move funds to the connected account’s wallet.
- Charges API to debit the connected account’s wallet to move funds to your platform wallet.
To call APIs on behalf of the connected account, simply specify the connected account ID using the x-on-behalf-of header. See sample request below.