Glossary

The terms below come up throughout this documentation. Each links to the guide that covers it in full.

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Customer

The individuals and businesses you serve. Every customer is verified through EngageXPay, with KYC for individuals and KYB for businesses, before they can hold an account or transact. EngageXPay never contacts your customers directly. See Onboarding individual customers and Onboarding business customers.

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Virtual account

A set of bank details issued to one customer. Money paid into those details is converted and settled as stablecoin to a wallet address you nominate. A customer can hold one virtual account per currency and payment rail. See Creating a virtual account.

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Beneficiary

A recipient your customer pays. A beneficiary belongs to one customer and has a single destination: a bank account, an e-wallet, or a crypto wallet. See Beneficiary onboarding.

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Liquidation address

The address issued for a bank or e-wallet beneficiary. Crypto sent to it is converted and paid out to that beneficiary in local currency, after fees. See Creating your first beneficiary and payout.

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Deposit instructions

The bank details a virtual account exposes once it is active. Which fields are populated depends on the payment rail, so fields that do not apply come back empty. See Receiving the first deposit.

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Developer fee

Your own markup on a transaction. It can be a fixed amount, a percentage, or both, and both are applied together. It is deducted alongside conversion, so the settled amount is less than the amount sent.

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Counter party

Whether your customer is paying themselves or someone else. First party means the customer is the beneficiary. Third party means they are paying a supplier, employee, or other recipient, which may bring additional compliance checks. See Sender and receiver relationships.

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Beneficial ownership

The funds in an account must belong to the account holder, even when paid in by a named third party such as a payment processor. Receiving funds that beneficially belong to someone who has not been onboarded is nesting, and is not permitted. See Guidance on nested payments & onboarding.

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Webhook

How EngageXPay tells you something happened. Every event carries an envelope identifying the delivery and the resource it concerns, and every request is signed. See Event structure and Verifying webhooks.

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RFI

A request for information. Raised when more is needed to complete verification, whether from EngageXPay to you, or from a banking partner to EngageXPay. Nothing progresses until it is answered. See SLAs for Compliance.

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Capabilities

What a given customer is actually eligible for, by currency and rail. A customer can be approved without being eligible for every corridor, so check capabilities before assuming a flow is available.

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Coverage

Which currencies and rails are available in each direction, and the risk classification applied per country of residence. See Coverage & capabilities and Supported rails and currencies.

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Catalogue

Reference data the API expects in requests: occupations, transaction purposes, sources of funds, countries, and subdivision codes. Fetch these rather than hard-coding them.

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Rail

The payment network money moves over. On the fiat side that means ACH, Fedwire, or SWIFT. On the crypto side it means the blockchain network, such as Ethereum or Polygon.

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Prefunding

Holding a balance with EngageXPay in advance so payouts can be settled without waiting for funds to arrive. Local currency payouts require it. See Funding your balance.