👥Account Onboarding

Government regulations require companies to collect and verify information from users. This can be especially challenging for companies to manage because regulations vary widely across the world. Wyre's Account Onboarding API offers an easy way to comply with local rules and regulation with needing to integrate a wide variety of partners.

The onboarding API is only available for individuals. Business onboarding should be released to the public later in 2020.

Outside a few payment types, Wyre requires fully approved accounts before transacting. Within this section of the API, you'll be able to find out the best approach in achieving this requirement.

Specifically, Wyre offers 2 integration approaches:

• Onboarding Widget is a web form hosted by Wyre that takes care of collecting identity verification information from users.

• Onboarding White Label API is a full API to onboarding your users without needing your users to go through Wyre's UI.

There are many factors that go into choosing the best type of account to use. The table below lists many of these factors, but integration effort and user experience are particularly important. For example, if you don’t want to spend a lot of time building onboarding flows, the Onboarding Widget might be easier to implement. Or, if you need more control over the connected user’s experience, the API might fit your needs.

Integration Comparison

Criteria	Onboarding Widget	API
Integration effort	Lowest	Significantly higher
Integration method	OAuth integration	API-only
Fraud and dispute liability	Wyre	Company
Onboarding	Wyre	Wyre
Identity information gathering	Wyre	Company
User support provided by	Company and Wyre	Company
Automatic updates for new compliance requirements	Yes	No
Support new countries without integration changes	Yes	No
Ideal for users that are	Experienced online businesses	Able to dedicate significant engineering resources
Price	Free, unless you request user's data*	$2.50 per completed user onboarding

* We understand that some merchants require to capture verification data on their users as part of their business. please reach out to us at [e-mail] to discuss pricing and implementation.

Understanding Accounts

Beyond identity, each account may maintain a ledger balance with Wyre. Crypto deposit addresses are provided for depositing into these ledger balances and payment methods, like a user's bank account, are connected to an account.

Accounts undergo a compliance approval process which can be best explained within the Account Approval Flow and to understand the compliance requirements, you can review the Account Fields section.

Here's a quick snapshot of what an account looks like:

{
  "id" : "AC-U4BWHGZDG6W",
  "status" : "PENDING",
  "type" : "INDIVIDUAL",
  "country" : "US",
  "createdAt" : 1541789972000,
  "depositAddresses" : {
    "ETH" : "0x98B031783d0efb1E65C4072C6576BaCa0736A912",
    "BTC" : "14CriXWTRoJmQdBzdikw6tEmSuwxMozWWq"
  },
  "totalBalances" : { 
    "BTC" : 1.0000000,
    "ETH" : 0.1000000000000000000,
    "USD" : 123312.10000000000000,
    "GBP" : 33120.400
  },
  "availableBalances" : { 
    "BTC" : 1.0000000,
    "ETH" : 0.1000000000000000000,
    "USD" : 123312.10000000000000,
    "GBP" : 33120.400
  },
  "profileData" : [ {
    "fieldId" : "individualCellphoneNumber",
    "fieldType" : "CELLPHONE",
    "value" : null,
    "note" : "Must be verified by user.",
    "status" : "OPEN"
  }, {
    "fieldId" : "individualEmail",
    "fieldType" : "EMAIL",
    "value" : "[e-mail]",
    "note" : "Must be verified by user.",
    "status" : "OPEN"
  }, {
    "fieldId" : "individualLegalName",
    "fieldType" : "STRING",
    "value" : "Johnny Quest",
    "note" : null,
    "status" : "PENDING"
  }, {
    "fieldId" : "individualDateOfBirth",
    "fieldType" : "DATE",
    "value" : null,
    "note" : null,
    "status" : "OPEN"
  }, {
    "fieldId" : "individualSsn",
    "fieldType" : "STRING",
    "value" : null,
    "note" : null,
    "status" : "NULL"
  }, {
    "fieldId" : "individualResidenceAddress",
    "fieldType" : "ADDRESS",
    "value" : {
        "street1": "1 Market St",
        "street2": "Suite 402",
        "city": "San Francisco",
        "state": "CA",
        "postalCode": "94105",
        "country": "US"
    },
    "note" : null,
    "status" : "PENDING"
  }, {
    "fieldId" : "individualGovernmentId",
    "fieldType" : "DOCUMENT",
    "value" : [],
    "note" : null,
    "status" : "OPEN"
  }, {
    "fieldId" : "individualSourceOfFunds",
    "fieldType" : "PAYMENT_METHOD",
    "value" : null,
    "note" : "Payment method not yet submitted",
    "status" : "OPEN"
  } ]
}

Next Steps

Wyre's Accounts API is a powerful API and it's the building blocks to route payments between all of your end-users. For quick and easy guides and use cases, head over to the Use Cases section.