Payout

What is a Payout?

Finmo provides payout services to businesses, acting as a remitter for both domestic & cross-border money transfers. A payout created using Finmo may involve domestic transfers via payment methods like NPP/DE in AUD, FAST/PayNOW in SGD, and SWIFT/Wire-transfers from Finmo using your GCA wallet.

The platform is available through an API integration as well as you can execute Payouts via the dashboard.

Virtual account

The Payout wallets are designed for creating payouts. This means that you must load funds into your Payout wallet before initiating any payout. You will have the option to top-up using a static Virtual Account(VA) associated with your Payout wallet. To top up a wallet using a VA in any currency, you must first ensure that the currency is enabled for your respective account. You can also create a checkout page via the dashboard or top-up using a static virtual Account associated with your Payout wallet.

For more details on creation of VAs and how it works, please refer to the doc.

Payout wallets

Here are some important details about Finmo Payout wallets:

• Reserve and Release
  When a payout is initiated, the payout status is moved to "Pending", Finmo will then block the funds in the wallet and the funds will move to "Reserve" status. Once the payout is completed, the funds are "Released" and both the Payout amount and the associated fees are debited from the payout wallet and the fee wallet respectively. In case your RTFS (Real-time fees structure) is enabled, the fee is deducted from the payout amount.
  
  
• Static Virtual Accounts
  Finmo provides static virtual accounts to fund wallets to facilitate the payouts. For example, you can load funds into your Master Payout wallet each month to process employee salaries.
  
  
• Data Download
  You can also download the payout data in CSV format by clicking the "Export to CSV" button located in the top-right section in the dashboard, below is the screenshot :

• Transaction Details
  You can click on a particular transaction to open a side window that displays all the details related to the respective payout. You can also add filters on the amount, payout ID on the right side of the dashboard, below is the screenshot:

For more details on transaction timelines and cut-off times of your payout, please refer to the doc depending on the banking partner configured for your account.

• Payout Memo PDF
  To obtain the Payout memo PDF, navigate to the "Expand Details" section and then click on the "Download PDF" button, below is the screenshot