Definitions
Definitions of terms used in the Lync APIs
Account Structures
| Term | Definition |
|---|---|
| Institution | The primary business entity using the Lync platform. An institution can create and manage multiple wallets, customers, and accounts. Each institution has a unique identifier and serves as the owner of all related financial resources. |
| Customer | An entity (individual or business) created by an institution to manage sub-accounts. Customers represent the institution's end-users who will transact using the platform. Each customer has a profile containing identification details and can own multiple sub-accounts across currencies. |
| Wallet | A container that groups related accounts for an institution or customer. Wallets organize accounts by ownership and provide a way to manage multiple currencies efficiently. Developers will typically not interact with these directly as the platform handles everything implicitly. |
| Account | A store of funds in a specific currency with various capabilities depending on its type and configuration. Accounts track balances and may support features like receiving deposits, making transfers, or currency exchanges. Each account is tied to a wallet and maintains its transaction history and balance information. |
| Sub-Account | A type of account that is tied to a virtual master account. Sub-accounts may be able to process transfers, receive deposits, and make exchanges depending on the type and configuration. They appear with unique identifiers and balance information in API responses. Sub-accounts can be owned directly by the Institution or by a customer of an Institution. |
| Institution Account | A full-featured bank account assigned to an institution that supports the complete range of payment operations. Unlike sub-accounts, Institution accounts are always directly associated with the institution. |
| Virtual Master Account | An account that represents the aggregate balance across all sub-accounts in a specific currency. It acts as a ledger representation for institutions to track and manage their total holdings across sub-accounts. These accounts cannot directly receive or send payments. They are also used in Batched FX settlements for sub-accounts |
| DepositAddress | The banking details required for receiving funds into an account vary by currency and payment network. They contain account numbers, IBANs, or routing information. API responses include formatted address details appropriate for the account's currency. |
Payments and Funds Movement
Term | Definition |
|---|---|
Beneficiary | A saved recipient for payments, typically containing bank account information. Beneficiaries can be created via API and referenced in subsequent payment requests to simplify subsequent transfers. |
Payment | Financial transactions move funds between accounts or external parties. The three main payment types are: Deposits (Incoming funds from external sources). Transfers: Outgoing payments to external parties. Exchanges: Currency conversions between accounts help on Lync. Each payment has a lifecycle with various states that can be tracked through the API. |
Quotes | A time-limited estimation specifying the exact rates and fees for a potential transaction. Quotes include source and destination amounts, applicable fees, and exchange rates. API users can first request a quote before initiating certain payment types to determine total billing amounts or can skip this and create payments directly. Quotes expire after a specified duration and have a unique identifier for reference when creating a payment. |
Exchange Rate | The conversion rate between two currencies. It can also include a calculation using this rate if an amount and a fixed side are provided |
Fx Settlement Batch | A resource tracking multiple exchange payments that will be settled as a single payment. Institutions can use settlement information to reconcile all the sub-account exchanges that comprise a settlement batch. Settlement details are available through dedicated API endpoints. |
Security and Compliance
| Term | Definition |
|---|---|
| KYB (Know Your Business) | Institutions using the platform must undergo the verification process. KYB includes submitting business documents, ownership information, and regulatory details. API responses may indicate the verification status and any additional information required. |
| KYC (Know Your Customer) | KYC is the verification process required for individual customers. It involves identity verification and may be required before certain transaction limits are unlocked. API responses include customer verification status. |
| API Key | A secure credential used to authenticate API requests. Each API key has specific permissions that determine which endpoints it can access. Keys should be stored securely and never exposed in client-side code. Different keys are available for production and testing environments |
Integration Features
| Term | Definition |
|---|---|
| Webhook | An HTTP callback mechanism that delivers real-time notifications about platform events to your systems. Webhooks can be configured to notify about payment status changes, account updates, and other important events. Each webhook includes a signature for verification and an event type for processing. |
Updated 3 months ago