Overview

The Merge's API allows our customers to provision fiat accounts for managing their operations and of their end users. The relationship between these entities is demonstrated in the diagram below.

A client of Merge has a Main account for each currency. The business could use the main account for daily operations, including sending and receiving money. in addition, a client can provision more accounts(Sub Accounts) for its business purposes or each of its end users. These accounts can operate independently of the main account as the balance is maintained for each sub-account.

The main or sub-accounts are addressable bank accounts (meaning they have unique IBAN, or an account number and sort code ), but Merge’s customers may choose to present these to their end customers in the required format, including a fiat wallet.

Customers

The Merge's customers are businesses that are active on the platform. Customers have access to dedicated fiat accounts and can issue multiple sub-accounts for managing its many operational needs or to their end users.

Accounts

An account on Merge is a bank account and sort code (or an IBAN) assigned to a customer. Every account (including sub-accounts) is an addressable bank account, meaning that money may be transferred directly into or out of the accounts. Merge tracks and reconciles transactions at the level of individual accounts and sub-accounts.

Sub Accounts

The sub-accounts are accounts issued by Merge's customers to manage their own operations or manage their end user's payments. The sub-accounts have the same features as accounts, meaning they are fully-fledged bank accounts. In addition, sub-accounts are reconciled in real-time to reflect the latest transactions and available balance in the account.

Recipients

A recipient represents an entity, like a business or a person, to whom payment is made or from whom the payment is received. A recipient encapsulates the entity's name and bank account details like and sort code or IBAN.

Transactions

A transaction on Merge is defined as any action that changes the balance of an account. Simply put, transactions consist of incoming and outgoing payments. For example, Incoming payments are funds received in the account and, when processed, increase the account's available balance. Incoming payments could be deposits received from end users. Likewise, outgoing payments are payouts from the account and decrease the account's available balance when processed. Outgoing payments could be payouts made to the vendor, salary payments, or the fee for Merge services.

Linked Individuals

The Customer can create linked bank accounts for its end-users who are individuals. The KYC of the individual is verified, and if approved the Customer can create accounts in the name of the individual, i.e. John Smith. This linked individual account can hold fund balance, accept deposits and issue payouts to registered beneficiaries.

Linked Businesses

The Customer can create linked bank accounts for its end-users who are businesses. The KYB of the business is verified, and if approved the Customer can create accounts in the name of the business, i.e. Acme Corp LTD. This linked business account can hold fund balance, accept deposits and issue payouts to registered beneficiaries.