How Payouts/Withdraws Work

How Payouts / Withdraw Works

1. Verification

   • All individuals or businesses must complete KYC (Know Your Customer) or KYB (Know Your Business) verification. This may involve providing your country of residence, a form of ID, and a selfie. KYC approvals typically takes under 10 seconds, while KYB usually completes automatically within 30 seconds. If automatic KYB verification fails, a manual review may take up to 24 hours, though most businesses (90%) pass within the initial 30 seconds. Verification times may vary based on location and review needs.
   • Merchants who already conduct KYC on their platforms can pass Approvely the user's KYC data when implementing via API. See the API docs here.

2. Bank Account Linking

   • End-users need to link a bank account or debit card to receive their funds. Depending on your implementation method, Merchants may need to integrate bank authentication to enable end-users to add a bank account. For those using our pre-built UI, bank authentication is done Plaid.

3. Withdrawal Selection

   • Select a preferred payout speed: Instant settlement, same day settlement, or standard settlement.

4. Confirmation

   • Receive a confirmation of your withdrawal once processed.

Withdraw Flow of Funds for Payout from User Custodial Wallet

Flow of Funds for a payout initiated from end-user's custodial wallet.