Create Wallets

Wallets are components of the Fondy Flow solution that enable platforms to manage funds for their partners, such as merchants, sellers, or freelancers. After onboarding your partner, you can create a wallet for them to handle transactions.

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Access the Create Split Account and Onboarding and Managing Profiles pages to learn more about the onboarding process.

With this solution, you can assign wallets to partners to streamline payment splitting and payouts. The created wallets are directly tied to a partner’s profile and bank account, ensuring accurate fund allocation. In addition, you can monitor and manage the wallets using the API.

Prerequisites

Before creating a wallet, ensure the following data is available:

• Platform Wallet ID: The default wallet ID associated with your platform.
• Partner's Profile ID: The unique identifier for the partner you create the wallet for.
• Partner's Payee Bank Account: The bank account where funds from the wallet will be transferred.
• Default Payment Reference: A description to be included with all wallet payments (if not otherwise specified during transactions).

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A wallet cannot be created without an associated Profile ID and Payee Bank Account.

Wallet Creation and Usage

To create a new wallet, submit the required details as outlined in the Requirements section. Access the Create Wallet Under the Split Account guide for complete API specifications, including detailed request and response examples.

Upon successful creation, the wallet will be assigned the status:

• Active: The wallet is ready for transactions.

Wallets have only two possible statuses:

• Active: The wallet is open, operational, and ready for transactions.
• Closed: The wallet has been deactivated and cannot be used for any transactions.

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Closing a wallet

Wallets can only be closed by submitting a request to the Fondy support team.

Next Steps

After creating a wallet, you can begin performing transactions. Refer to the following guides for more details:

• Make Payouts: Learn how to transfer funds from a partner's wallet to their bank account.
• Transfer Wallet Funds: Discover how to transfer funds between wallets. with best practices.