Wallets

Wallets are multi-currency accounts that can store funds for different purposes. You can setup as many wallets as you want, and use them to manage your own business finances, store the funds that are owed to your vendors or use them as escrow accounts.

When signing up to ComplyPay you will receive two wallets (also referred to as 'accounts' in this documentation), namely a split wallet and treasury wallet. Each of these wallets will have a unique Virtual IBAN tied to it, which is used for both making payments in to the accounts and for paying out. In addition to these wallets, you can create Vendor Wallets (also referred to as Vendor Accounts) for each of your vendors, to store the funds that belongs to your vendors. This enables you to separate your vendor’s funds from your own, keeping your accounting clean and clear.

Split Wallet
This wallet is used for receiving payments and splitting the funds between your vendor wallets and your treasury wallet. In most cases these funds are coming from an acquirer.

Treasury Wallet
This wallet stores funds that belongs to your business. From this wallet you can make transfers to other wallets, and you can top-up the account directly via the attached virtual IBAN.

Vendor Wallet
Also referred to as Vendor Accounts. These wallets store funds that belong to your vendors, until they are paid out to their bank.