Overview and Guide

Experience the convenience of a single account that allows you to effortlessly accept and send funds in multiple currencies. With this product, you no longer need to juggle multiple accounts or navigate complex currency conversions. Simplify your financial operations by seamlessly transacting in various currencies through a single, versatile account. Say goodbye to the hassle of managing separate accounts and embrace the efficiency and flexibility of a unified multi-currency account.

🏦 Connected Accounts

To leverage the full potential of Decentro's products for building payment and fintech flows, every company is required to create a connected account with Decentro. While multiple connected accounts are allowed for one company, it is recommended to maintain one connected account per company.

Accessing a connected account involves a simple two-step process:

1. Creating the connected account: Any company can easily create a connected account by providing their business email, registered business name, business registration country and agreeing to the terms & conditions. This is facilitated by Decentro's platform onboarding flow on the dashboard.
2. Activating the business account: Once the connected account is created, the next step is to submit the company's KYC documents. Decentro simplifies this process with its platform's KYC verification flow on the dashboard.

After successfully creating and activating the connected account, the company can immediately begin utilising Decentro's products and leveraging its capabilities to drive payment and fintech operations.

💸 Multi-Currency Virtual Accounts

• Decentro's Multi-currency virtual account is an ingenious solution that harnesses the power of aggregation. Decentro empowers companies to select their preferred currencies for their virtual accounts by aggregating single-currency virtual accounts from various banks across countries.
• With Decentro's banking partners, Decentro creates individual virtual accounts for each chosen currency. Then, it aggregates all single-currency virtual accounts against one multi-currency virtual account ID and shares it with the company.
• The underlying single-currency virtual accounts are called currency accounts, which possess actual bank details like account number, IBAN, and SWIFT code.

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Note:

1. Virtual accounts do not posses actual bank details like account number, IBAN or SWIFT code.
2. Only the underlying currency accounts posses actual bank details and are unique for each currency.
   1. Example: When a company creates a virtual account with three currencies, Decentro's system generates three distinct currency accounts in the backend, each with its unique set of account details for the respective currency.
3. All the transactions via all the currency accounts associated with the virtual account can be seamlessly conducted by specifying virtual account id and currency account id

💰 Currency Accounts

• Currency accounts are individual virtual accounts dedicated to specific currencies maintained by Decentro in collaboration with its banking partners worldwide. When combined, these currency accounts form a multi-currency virtual account.
• When a company creates a virtual account to facilitate payments across multiple currencies, say SGD, USD, and INR, Decentro creates three separate currency accounts in the backend. These accounts are held in local banks within Singapore, the USA, and India, each with unique banking details, including account number, IBAN, and SWIFT code.
• Decentro consolidates and associates these three currency accounts with a single virtual account ID. This unified account ID becomes the gateway for executing payment-related actions in all three currencies.

🌐 Accounts Workflows

Decentro provides two integration models for companies looking to integrate: Direct Merchant Flow and Payment Processors Flow.

1. Direct Merchants

• In this flow, the company is onboarded as a Connected Account which sits on top of Decentro's platform account provided by the banking partners to Decentro.
• This flow is suitable for companies who wish to power their merchant collections directly and for themselves.
• Please note that this flow is strictly for those companies who do not have an intermediary layer between the company and the merchant.
• The hierarchy will be: Platform Account (Decentro) → Connected Account (Company) → Virtual Account (Merchant)

2. Payment Processors

• In this flow, the company is onboarded as a Platform Account parallel to Decentro. This account sits directly on top of Decentro's banking partners.
• This flow is suitable for companies who wish to process payments for their customers' merchants and not directly for themselves
• Please note that this flow is strictly for those companies who have an intermediary layer between then company and the merchant who is collecting.
• The hierarchy will be: Platform Account (Company) → Connected Account (Company's Customer) → Virtual Account (Merchant)