Common terms in the Routefusion ecosystem
Organizations
Organizations are the highest level resource in the routefusion ecosystem. They represent our customer (not yours). You will never interact with organizations, but it is important to know that all of your users, entities, beneficiaries, and transfers belong to your organization.
Users
A user is a representation of a human that is able to interact with routefusion on behalf of an entity.
Entities
An entity is a representation of a business or person that sends payments to beneficiaries.
Representatives
A representative is an owner, or authorized representative of a business entity. Representatives will always belong to an entity within Routefusion. Representative details are sometimes required to onboard certain entities.
Beneficiaries
A beneficiary is a representation of a business or person that receives payments from entities. A beneficiary typically consists of bank account data, bank routing data (e.g. bank routing codes, address data) and identification data (e.g. address data, name)
Transfers
A transfer is a representation of all of the pieces that go into a cross-border transaction. This includes a funding payment, a rate, a trade, and an outgoing payment (payment to the beneficiary). We've simplified this into an easy-to-understand concept of a transfer to enable intuitive interactions with our product.
Wallets
Wallets represent your source of funds within the Routefusion ecosystem. Wallets are where you send you funds for transfers. They will also show you how much money you currently have in a specific currency.
Incoming Transfers
Incoming transfers are references of a credit to a wallet or virtual account. Depending on your use case, incoming transfers may or may not be available. Talk to your account representative to learn more.
Virtual Accounts
Virtual accounts are unique accounts created on behalf of you or your customer. Virtual accounts are a great reconciliation tool, and are most commonly used by assigning a virtual account to a customer to more easily be able to identify a payment received (incoming transfer) by the assigned customer. Virtual accounts always belong to a wallet in Routefusion and they do not hold their own funds, instead, payments sent to a virtual account will settle in the wallet that owns the virtual account. Talk to your account representative to learn more.