Each Moov account can request a wallet, where the account holder can store funds.

Every Moov account can request one wallet, as long as the account meets the wallet capability requirements. A Moov wallet holds funds and can be used as a source or destination for any transfer involving a wallet. Moov automatically creates a moov-wallet payment method when the wallet capability is enabled for an account.

Payment method Description Required capability Verification required
moov-wallet Can be the source of a payment wallet

If you want to send money to a bank account via RTP, the payment method source must be a moov-wallet.

While you can request the wallet capability directly, any account that is approved for send-funds or collect-funds will have the wallet capability automatically enabled too.

A wallet allows for flexibility on when and how you’d like to move funds. You can accomplish the following with a wallet:

  • Accumulate collected payments
  • Transfer funds between Moov wallets for instantly available funds
  • Pre-fund your wallet for faster payouts
  • Cash out from your wallet at any time

See the articles in this section for more information on wallet balances and transaction details.

Articles in this section