io.flow is a payment aggregator solution enabling enterprises to access a network of payment providers to process multi-currency transactions through local and international payment rails.
1.1 Technology background
io.flow users are provided the ability to process first and third payments through one single point API to access multi-currencies with several payment providers.
This approach allows io.flow users to have access to redundancies in terms of various payment avenues as well as greater flexibility to support your business needs and wants.
1.2 Currencies and Corridors
The currencies that we currently support are:
| Corridors | Pay In (deposits) | Payout (withdrawals) |
| ACH |
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| ABA (FedWire) |
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| CHAPS |
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| UK Faster Payments |
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| SEPA |
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| SEPA_Instant |
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| SWIFT |
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Please Note - We are constantly adding new currencies and corridors to our product to widen the options for our clients if required. |
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1.3 Concepts
| Concepts | Breakdown |
| Pay-In | Deposit transfer |
| Payout | Withdrawal request |
| Real account (RA) | This is the account where all funds wind up. All RA’s funds are held at a sponsor bank. |
| Electronic Money Institution (EMI) | A term used by financial regulators to describe financial businesses that transmit, receive, or convert money. |
| Virtual Omnibus Account (VOA) |
An account maintained by an EMI at a chartered bank for your underlying customers. VOAs have their own bank details, but are attached to a RA at a partnered chartered bank. |
| Virtual Receiving Account (VRA) | The VOA’s balance is affected by the Virtual Receiving Account’s (VRA) activities. |
| Standard Settlement Instruction (SSI) | Refers to an entity’s bank, account number and account name. The SSI is used to send payments to and from the respective account. |
| Sponsor Bank | The underlying financial institution an EMI uses to store, convert, and transfer funds |
| API keys | Authentication access token |
1.4 io.flow Pay In (Deposit)
io.flow uses various payment rails to enable your underlying customers to send funds in desired currencies. We are integrated with overseas and local payment rails to facilitate USD, EUR and GBP pay ins.
Virtual Receiving Accounts (which contain the SSI your underlying customers send funds to) can have the following statuses:
| Virtual Receiving Account Status | Explanation |
| Open | The account is active and can receive deposits. |
| Closed | The account is inaction and cannot currently accept deposits. |
| Pending | The account is being created but cannot accept deposits. |
| Suspended | The account under review. |
| Requested | Account creation sent. |
Below is a diagram for a pay-in’s flow of funds from the perspective of an underlying customer. io.flow helps route the funds from the underlying customer’s local bank account’s funds to your respective currency’s Virtual Omnibus Account.
1.5 io.flow Payout (Withdrawals)
With io.flow, you can process payout requests of USD, EUR, GBP currencies through Virtual Omnibus Accounts (VOA). Below is a diagram for a payout’s flow of funds from the perspective of an underlying corridor. io.flow ensures your customers get the funds they request in the fastest and most cost effective manner.
