Everything you do happens inside an account. An account holds money in two places, a trading account and any number of virtual accounts, and every payin, payout, transfer and conversion belongs to one account. Pick the view that matches how you use Hop.
How the pieces relate
- Direct customer
- Platform customer
CustomerYou
Your organization. Your accounts belong here, along with:
Your accountOne
The legal entity money is held and moved for: your organization. Its identity is what gets verified.
Associated personsBusiness accounts
The people behind a business: owners, directors, signers.
Trading accountAlways there
One balance per currency. Converts currency. Pays out to your own accounts only.
Bank details a payer sends money to.
Crypto addresses a payer sends to.
Virtual account groupOne or more
The verification the account passes before it can hold virtual accounts.
Virtual accountOne or more
Its own bank details and balance. Receives from anyone and pays out to any beneficiary.
BeneficiaryOne or more
Someone you pay. Mark your own accounts as self-owned: the trading account can only pay those.
Payout destinationOne or more
A bank account or wallet of the beneficiary, where the money lands.
How money moves
PayerpayinTrading account or virtual accountpayoutPayout destination
Transfer moves money between the trading account and a virtual account, or between two virtual accounts, in the same currency.Conversion happens in the trading account only.
Worth knowing
- The trading account and virtual accounts are two places inside the same account, not two kinds of account.
- A virtual account cannot be created straight away. The account first opens a virtual account group and passes its verification.
- Currency is converted in the trading account only. To convert money that arrived in a virtual account, transfer it to the trading account, convert it, and transfer it back if you pay from a virtual account.
Next
- Virtual account onboarding: open a group and get it approved.
- Money movement: the calls behind each movement.
- Quickstart: sign a request and make your first payout.