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Create Accounts

Setting up new accounts with Fondy requires all requests to be sent through the Encrypted Endpoint for security. Newly created accounts will initially have a 'Pending' status until approved. Once approved, the status will change to 'Active'.

By following these guidelines, you can efficiently create new business accounts, ensuring a seamless onboarding experience and quick access to Fondy's services. For API-specific encryption, signing, and request formats, refer to the How to Integrate Fondy API page.

Step 1: Encrypt and Sign the Request​

Before sending the request, ensure that:

  1. The request payload is encrypted using AES encryption.
  2. The AES key is encrypted using Fondy's RSA public key.
  3. The request is digitally signed with your private RSA key.

Step 2: Send the Encrypted Request​

Use the Encrypted Endpoint to initiate account creation. Ensure all required fields are included in the payload:

  • Business name
  • Contact information
  • Additional necessary details specific to your account type

Once the encrypted object is created, send it as a POST request to the Encrypted Endpoint.

Step 3: Account Status 'Pending'​

After submitting the encrypted request, the new account will automatically enter a 'Pending' status. This status indicates the account information is under review and awaiting approval.

Step 4: Review and Approval Process​

During the 'Pending' phase:

  • The submitted information is reviewed for accuracy and compliance.
  • Additional documentation or details may be requested to complete the verification process.

Step 5: Status Updates to 'Active'​

After a successful review, the account transitions to 'Active' status. An 'Active' status enables full access to all features and services.

Step 6: Decrypt and Verify the Response​

Once the account is created, the response will be encrypted. To process it:

  1. Decrypt the AES key using your private RSA key.
  2. Decrypt the response payload using the AES key.
  3. Verify the response integrity using digital signatures.

Refer to the How to Integrate Fondy API for decryption and verification steps.

Notifications and Communication​

Notifications will be sent at key stages of the process:

  • When the account enters the 'Pending' status
  • Once the account is approved and becomes 'Active'

Any additional documentation requests or rejection details will be communicated via:

  • Email
  • The account dashboard

Additional Information​

Key Features of the Create Accounts Endpoint​

FeatureDetails
EndpointEncrypted Endpoint
DescriptionAllows the creation of new Standard or Master and Wallet accounts
Use Case ExampleAutomatically creating a dedicated wallet for a new provider
Required FieldsType, currency, and alias for the new account

Special Notes on Wallet Creation​

  • When creating a Wallet Account, ensure a Master Account exists beforehand.
  • A Master Account ID is required to create Wallet Accounts.
  • Wallet accounts bypass the 'Pending' status and are immediately created with an 'Active' status.

Handling Rejections​

If an account is not approved:

  • It will not transition to 'Active'.
  • A notification will be sent with the reason for rejection.

Steps for resubmission or appeal are provided in the rejection notification.

Support and Assistance​

If you encounter issues or have questions during the account creation process, contact our support team at our contact page. We're here to assist with any part of the setup process.