Connected accounts overview
As a Platform, you can programmatically create connected accounts for your customers (either businesses, or individuals).
For connected account Onboarding, Airwallex runs full KYC, AML, sanction screening, and identify requirements on your customers .
Your customers will then receive access to fully functional accounts to simplify the payments experience, equipped with the full set of Airwallex capabilities.
Monetisation opportunities exist for the Platform to charge their fees through:
- Payout fees charged by the Platform to the connected account on each transaction
- FX fees charged by the Platform to the connected account on each conversion
- Issuing interchange rebates
- Platform SaaS fees or other Platform fees may also be charged by the Platform the connected account's wallet
Transacting on behalf of connected accounts
As a platform, you will be able to pass API instructions on behalf of the connected account using the respective account id of the connected account for the following APIs.
- Open 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
- Create 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
- Create 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.
- Create Connected Account Transfers API to debit your Platform wallet and move funds to the connected account’s wallet
- Create wallet-to-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 account ID using the x-on-behalf-of header. See sample request below.