Sentbiz's suite of APIs empowers Financial Institutions to build scalable, efficient, and compliant global payment services. This guide outlines how FIs can leverage Sentbiz's platform to deliver enhanced financial experiences to their customers.

Key Benefits for Financial Institutions:

Create new revenue streams with cross-border payment offerings
Reduce operational costs through automated compliance and streamlined processes
Expand market reach with multi-currency capabilities
Enhance customer experience with fast, reliable payment solutions

Requirements:

Sentbiz services are only available to entities with valid financial licenses and registrations
The Financial Institution directly manages the relationship with end customers
Sentbiz provides the underlying infrastructure and compliance framework

For any questions, please contact:

Sentbiz Support Team

Flow of Funds

Collection

FIs use Sentbiz to provide KRW collection capabilities to their end clients, such as exporters, merchants, or B2B sellers. This model enables Korean buyers to pay sellers in their local currency while sellers receive funds in their preferred currency.

Collection & Payout

Sentbiz enables FIs to manage the complete fund flow—from collecting KRW locally to disbursing payments globally via payout APIs. This end-to-end solution simplifies cross-border transactions and provides greater control over the entire payment process.

Key Features

Onboarding Merchant

The process of onboarding and managing end-clients is the foundation for utilizing the Sentbiz platform. Our robust compliance framework ensures regulatory alignment while streamlining merchant verification.

Business Value:

Reduce compliance risks with KYB/AML screening
Accelerate time-to-market with efficient onboarding
Maintain regulatory standards across multiple jurisdictions

Process Flow:

Submit onboarding request with required documents via Create Merchant API
Sentbiz performs KYB (Know Your Business) screening
Additional documents may be requested if needed
Monitor merchant status via API:
- PENDING: Application under review, KYB in progress
- ACTIVE: Merchant successfully onboarded and ready to transact
- CLOSED/SUSPENDED: Onboarding rejected or restricted; no transactions permitted

Payins

Sentbiz Payins allow FIs to receive funds into their wallet via KRW local bank transfers using virtual accounts (VAs), supporting both third-party collections and internal funding with real-time posting.

Business Value:

Streamline collections
Reduce operational overhead with virtual account management
Enhance customer experience with real-time transaction notifications

Use Cases:

**Collecting KRW on behalf of end-clients:**Example: A Korean buyer sends KRW to a virtual account linked to a Chinese seller. The funds are received in the FI's wallet, then settled to the seller.

FIs assign VAs to individual clients
Korean buyers send KRW to the assigned virtual account
Funds are posted to the FI's wallet and settled internally

**Wallet funding by the FI:**Example: A FI transfers funds to its wallet and uses Sentbiz payout APIs to execute payments in multiple currencies.
- FI funds its own wallet using its assigned virtual account
- Useful for payroll, payouts, and operational disbursements

Key Capabilities:

Virtual account-based automation
Assign VAs per merchant or use case
Real-time transaction posting
Seamless integration with payout workflows

Multi Currency Wallet

Sentbiz supports multi-currency wallets structured by "channel," enabling FIs to manage separate fund flows with enhanced control and transparency.

Business Value:

Reduce FX costs with optimized currency management
Improve financial control with segregated fund flows
Enhance treasury operations with flexible FX options

Wallet Structure:

Channel: A logical unit used to segment funds by purpose
Wallet: Linked to each channel, capable of holding multiple currencies and supporting FX and payouts
Incoming funds via VAs are automatically posted to the appropriate wallet.

FX Capabilities:

Sentbiz offers flexible currency conversion directly within the wallet, allowing FIs to manage FX based on their operational preferences or risk policies:

Real-Time FX Conversions
- Convert available balances instantly using market rates — available 24/7
- Ideal for immediate treasury management needs
Locked Rate FX Conversions
- Lock an exchange rate for a defined period, with manual approval by SentBiz operations before execution
- Ideal for managing FX risk and securing rate certainty
- This option is only available to select clients, based on individual agreements
Transaction-Level FX
- Automatically applies conversion at the time of each payout using real-time rates
- Streamlines treasury operations while ensuring efficient rate application

Key Capabilities:

Channel-based fund flow segregation and control
Multi-currency balances in a single wallet (e.g., KRW, USD, VND, EUR)
Automated posting of incoming funds via virtual accounts
Built-in FX capabilities that simplify foreign exchange, reduce risk, and improve cost efficiency

Payouts

Sentbiz Payout feature enables FIs to send funds to domestic and international recipients in a secure and scalable way, supporting various use cases from global settlements to payroll disbursements.

Business Value:

Expand global reach with multi-currency support
Reduce payment failures with built-in compliance checks
Lower operational costs with automated payment routing

Infrastructure:

Built on a robust platform supporting multi-currency operations, FX integration, compliance automation, and both SWIFT and local payment networks
All payouts are executed based on pre-transferred funds
FX and fee application are handled prior to actual disbursement

Use Cases:

Business-to-Business (B2B) Payouts: Settlement to domestic or international partners and suppliers
Business-to-Person (B2P) Payouts: Disbursement to freelancers, partners, or employees
Building a Global Payout Infrastructure: Adapt to local payment methods and regulatory requirements by country

Key Capabilities:

Multi-Currency Support: Send payouts in various currencies
Supported Payout Methods: Local Bank Transfers and SWIFT Transfers
Flexible FX and Fee Management: Choose to absorb fees or settle them externally per customer
Built-In Compliance and Validation: Includes recipient validation and sanctions screening