In the realm of finance and banking, payees are essential components that facilitate transactions. On the Ibanera banking platform, the concept of payees is built into the system, allowing customer users to designate and enroll trustworthy bank accounts—either individual accounts or pool accounts—to work alongside their subledger accounts. Here are some key aspects of managing payees on the platform:

  1. Payee Registration: Customers can register payees in a couple of ways—either via Plaid, which links to an external bank account, or through Visa Direct, connecting to a debit card account. For business customers, there's also the provision to add payees by submitting a form with the bank account details.

  2. Funds Transfer: Once a payee account is registered and associated with a customer’s subledger account, the customer is positioned to transfer funds out to the payee account.

  3. Asset Exchange: Customers can nominate registered payees for use during a crypto to fiat sell exchange, streamlining the process where fiat cannot be held in subledger accounts indefinitely. This is critical for asset exchanges: once such a trade reaches the payee transfer stage, the resulting fiat is transferred out to the selected payee.

  4. Funds Pull: If a payee account is added through Plaid, customers have the ability to initiate ACH pull transfers. This means they can draw funds from the payee account into their Ibanera subledger account.

Through these mechanisms, the platform ensures that customer subledger accounts remain primarily for asset management and not for the long-term storage of fiat funds, maintaining clear lines between different types of transactions and accounts

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