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What is “Source Of Funds” and what documents do I need to upload for international payments?
What is “Source Of Funds” and what documents do I need to upload for international payments?
Updated over 8 months ago

  1. Payment invoice document

You would be required to upload a payment invoice document. Uploading an invoice document helps us validate and check context for the cross-border payment you're making. There are some restricted industry payments which do not support our platform. Our compliance team performs reviews on every international payment to prevent money laundering and fraudulent transactions.

2. Source of funds document

"Source of Funds" (SOF) refers to the origin of your funds before they are deposited into your account. It can be seen as the backstory of your funds, detailing their origin and journey before they are available on our platform. Whenever you engage in payments or transactions on our platform, the funds used must have a specific source.
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Your "Source of Funds" represents this origin, which could be the "revenue" generated from your business activities, a loan amount disbursed to you, credit obtained from another account, earnings from your job or business, a financial gift, or legitimate business proceeds. In essence, it forms the foundation of your financial interactions with our platform.
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​Why is Verifying Source of Funds Important?

  • Verifying your Source of Funds is about more than just understanding your financial backstory. It's a crucial step in maintaining the integrity of our platform. By confirming the legitimacy of the funds you're using, we're actively preventing fraudulent activities and money laundering incidents.

Ensuring a secure environment for all users is a top priority. When we verify your Source of Funds, we're building trust within our community and protecting everyone's interests. Your Source of Funds acts as a shield against potential misuse of the platform, making it a safer place for you and others.

So, your Source of Funds isn't just an explanation of where your money comes from – it's a fundamental layer of security and trust that helps us keep the platform secure and reliable for everyone involved.
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​What happens if I don't provide a source of funds document for a large volume payment?

  • For security and compliance reasons, we may not be able to process large volume payments without proper documentation. It's important to provide the required documents to ensure the legality and legitimacy of the transaction.
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Which documents are required to upload for verification of my source of funds?

Here are the lists of documents required based on what you select as your source of funds value while setting up the payment. (Note that the documents should be recent and not older than 3 months)

Source of Funds

Document needed

Document guidance (What the document should show)

Business Activities

Bank statement

AND

Either document below

  1. Receipts from customers (less than 3 months ago)

  2. Audited financial statements (previous income year)

  3. Other documents

  • Bank statement

    • Shows your business name, your bank account number, the money going in and out of your bank account

  • Receipts from customers

    • Shows your business name and address, customer’s name, product/service descriptions, and dates.

    • Shows the amounts matching up with the payment amount. Upload 1 or more receipts as required.

  • Audited financial statements (previous income year)

    • Shows your auditor’s details, your business name and address, and dates

  • Any other documents

    • Shows your business name and address, and your business activity descriptions and revenue

Investment

Bank statement

AND

Either document below

  1. Share registries

  2. Investment account statements

  3. Sale/purchase/rental agreements

  4. A trust deed

  5. Other

  • Bank statement

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Share registries

    • Shows your business name and address, your shareholdings and value, and dates

  • Investment account statements (less than 3 months ago)

    • Shows your business name and address, money going into your bank account (proofing the investment and must match up with the payment amount)

  • Sale/purchase/rental agreements

    • Shows your business name, asset details, and dates of the purchase/sale/tenancy

  • Certified copy of the trust deed

  • Any other documents

    • Shows your business name and address, your business activity descriptions and revenue

Loan or funding

Bank statement

AND

Either document below

  1. Loan agreements

  2. Loan account statements

  • Bank statement

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Loan agreements

    • Shows your business name and address, your loan amount, and dates

  • Loan account statements

    • Shows your business name and address, money going in your account (proofing the loan, and must match up with the payment amount), and dates

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