We call individual or business accounts in our platform Moov accounts. Each Moov account represents a legal entity and has information describing the account holder. You can create Moov accounts in two ways:
- Sign up to access the Moov Dashboard
- Onboard your own platform’s users
When you sign up for the Moov Dashboard, we will create a facilitator Moov account. The facilitator account is different from other Moov accounts:
- Has capabability to facilitate money movement
- Won’t show up in your list of accounts
- Can be used as a source or destination in a transfer
- Can update your own account’s information on the settings page in the Dashboard
We refer to the accounts created by the facilitator account as connected accounts.
We use the word applications to describe the platforms developers are building and integrating with Moov. Your application will be the home for your API keys, and any accounts created through your API keys will automatically link to your Moov account.
Our authentication flow follows the OAuth 2.0 standard. To generate an authentication token, you’ll need to specify scopes that enable the token to use a specific set of API endpoints. Some scopes are not restricted to a single account, while other scopes will require an account ID before generating the token. Depending on what kind of task you’re trying to achieve, you may need to generate multiple tokens.
The capabilities of each Moov account can determine what the account can do, such as receiving transfers or sending money to others. For risk and fraud protection, we require more detailed information depending on the account’s capabilities. For example, we need more details on an account that wants to collect funds from other accounts than we would for someone simply receiving funds. Here’s a list of our existing capabilities:
||Account contains minimum requirements to participate in a transfer|
||Account can be source of a payout transfer|
||Account can be destination of an ACH debit transfer|
||Account can top up balance or use as a source for another transfer|
||Account has necessary information for 1099-NEC reporting. If requirement not met before $600 in payouts, transfers is disabled.|
Payment methods represent all the ways an account can move funds to another Moov account. The payment methods available for a given Moov account depend on the linked funding source and the capabilities of that account. For example, if your account doesn’t have a linked bank account, the only payment method available to you would be the Moov wallet. Once you’ve added a bank account or card and it’s verified, your account will automatically update with the new payment methods available to you.
In the Moov platform, money moves through transfers. For example, you can transfer money from one Moov account to another or your Moov wallet to your linked bank account. Every transfer has a source (where the money is coming from) and a destination (where the money ends). To orchestrate a transfer, Moov needs just four pieces of information:
- Source payment method
- Destination payment method
- Brief description
If you want to see what payment methods are available for a specific transfer, you can provide the two accounts you are moving money between and the transfer amount to get a list of all the possible payment methods.
Each Moov account can request a wallet, where the account holder can store funds. The wallet allows for flexibility on when and how you’d like to move funds. Using the wallet as a funding source is an option for faster payouts. Some examples of what you can accomplish with the wallet:
- Transfer funds from one Moov wallet to another person’s Moov wallet
- Transfer funds out of your Moov wallet to your bank account
- Add money from your bank account to your Moov wallet