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Financial institutions face growing pressure to modernize payment infrastructure amid rising demand for fast, low-cost cross-border transactions. They must balance legacy systems with modern demands for instant, cross-border settlements while maintaining security, compliance, and cost-effectiveness. The fragmentation of global payment systems has created a complex ecosystem where institutions struggle to provide seamless experiences across different currencies, jurisdictions, and payment rails.

This article explores how Chimoney's integration with the Interledger Protocol (ILP) offers financial institutions a solution to these challenges, providing a technical analysis of the architecture, implementation considerations, and strategic advantages of adopting this technology stack.

## The Current State of Payment Infrastructure

Traditional payment infrastructure within financial institutions typically consists of:

- **Core Banking Systems**: Often decades-old technology handling account management and ledger operations.
- **Payment Processors**: Specialized systems for handling various payment types (ACH, wire transfers, cards).
- **Correspondent Banking Networks**: Relationships facilitating cross-border transactions.
- **Settlement Systems**: Mechanisms for finalizing transactions between institutions.

These systems frequently operate in silos, leading to inefficiencies such as:

- Long settlement times (_T+1 to T+3, where "T" refers to the transaction date and the number indicates how many business days until settlement_) for many cross-border transactions.
- High operational costs from maintaining multiple integration points.
- Liquidity management challenges across different currencies and systems.
- Complex reconciliation processes.
- Limited visibility into end-to-end transaction status.

## The Interledger Protocol: Technical Foundation

The Interledger Protocol represents a paradigm shift in payment infrastructure design. At its core, ILP is:

- **A packet-switching protocol for money**: Similar to how IP routes data packets across networks, ILP routes payment packets across financial networks.
- **Network-agnostic**: Operates across any payment system, cryptocurrency, or fiat currency.
- **Connectionless**: Does not require persistent connections between participants.
- **Settlement-agnostic**: Works with any settlement method agreed upon by adjacent nodes.

### Key ILP Components

- **Connectors**: Network nodes that forward packets between different ledgers.
- **Packets**: Small units of value transferred with accompanying data.
- **STREAM Protocol**: Application layer protocol for sending money and data.
- **Payment Pointers**: Standardized payment addressing scheme (similar to email addresses for payments).
- **Open Payments**: API standard for initiating and receiving payments.

## Chimoney's Interledger Implementation

![Architecture Diagram.png](/uploads/Architecture_Diagram_0d3138e0c8.png)

Chimoney has implemented ILP, allowing financial institutions to integrate directly with Chimoney's endpoints without needing to build their own Interledger implementation. This dramatically simplifies adoption, reducing technical complexity and accelerating time-to-market.

Chimoney provides two powerful API endpoints that make Interledger integration seamless:

- **Issue Payment Pointers**: Financial institutions can integrate the Interledger Protocol into their platform without deploying Rafiki or their own node. This endpoint allows institutions to issue custom Payment Pointers to their users, enabling use cases such as Web Monetization, Open Payments, and cross-border transactions.

- **Pay with Payment Pointers**: This endpoint enables users to send and receive payments using Payment Pointers across different currencies and jurisdictions without requiring financial institutions to deploy their own Rafiki node. Institutions can build powerful payment capabilities using Chimoney's Interledger API.

_Checkout [this blog to learn more about the real-world use cases of the 'issue payment pointer' and 'transfer between payment pointers' endpoints.](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/)_


These endpoints are supported by Chimoney's comprehensive Interledger implementation consisting of three major components, all fully operational and ready for financial institutions to connect with:


- **Chimoney Identity Provider (Consent Screen)**: Manages user authentication and consent flows for third parties interacting with Chimoney's Rafiki deployment via Open Payments.

- **Account Service (Chimoney's API Interledger Service)**: Acts as the bridge between Chimoney's systems and the Interledger Protocol, handling all the complex interactions with the ILP network.

- **Chimoney's Rafiki Deployment**: The core ILP infrastructure that handles the routing, packet switching, and settlement processes.

## Technical Implementation Considerations

### Integration Approach for Financial Institutions

Financial institutions can connect to Chimoney's Interledger-enabled services through these straightforward methods:

- **Issue Payment Pointers API**: Integrate this endpoint to issue custom Payment Pointers to users, enabling numerous use cases without any Interledger infrastructure requirements.

- **Pay with Payment Pointers API**: Implement this endpoint to allow users to send and receive payments across currencies and jurisdictions using Payment Pointers.

- **Peering Relationship**: For institutions with more advanced requirements, establish a peering connection with Chimoney.

The integration process is streamlined since financial institutions don't need to:

- Deploy their own Rafiki nodes.
- Build consent screens.
- Implement complex ILP packet handling.
- Manage the technical complexities of the Interledger Protocol.

### Flow of Funds
![Flow of Funds.png](/uploads/Flow_of_Funds_1b82ea4ba6.png)

Chimoney's implementation supports several key transaction flows, all accessible through their simple API endpoints:

- **Between Chimoney Issued Wallet Addresses**:
  - A user initiates a payout to a supported Interledger Wallet Address.
  - The funds flow through Chimoney's pre-built Interledger infrastructure.
  - All complex routing and settlement is handled automatically.
  
- **Chimoney to Peer / Peer to Chimoney**:
  - Transactions between Chimoney and its peers are denominated in USD.
  - Financial institutions can leverage this existing infrastructure rather than building their own.
  
- **Chimoney to Third Party App**:
  - Third parties can communicate with Chimoney's Interledger Infrastructure using Open Payments.
  - The entire consent flow and transaction processing is handled by Chimoney's components.

### Peering with Chimoney

For financial institutions that want to establish a direct peering relationship with Chimoney (rather than just using their API endpoints), the process is well-defined:

- Running an Interledger connector (e.g., Rafiki).
- Agreement on USD as the asset for the peering relationship.
- Communication of static ILP addresses.
- Exchange of connector endpoints and authentication tokens.

However, many institutions can benefit from Chimoney's Interledger capabilities without needing to establish a peering relationship, simply by integrating with their API endpoints.

## Strategic Advantages for Financial Institutions

Implementing Chimoney's ready-to-use Interledger solution provides financial institutions with several competitive advantages:

1. **Rapid Time-to-Market**:
   - Avoid the complexity of building their own ILP implementation.
   - Integrate Payment Pointers functionality in days or weeks, not months.
   - Focus resources on their core business rather than technical infrastructure.
   - Leverage Chimoney's expertise in Interledger technology.

2. **Reduced Settlement Risk and Costs**:
   - Benefit from Chimoney's pre-charge approach that minimizes settlement risk.
   - Take advantage of established event-driven processing.
   - Access optimized liquidity management across different corridors.
   - Reduce operational costs through streamlined integration.

3. **Enhanced Interoperability**:
   - Issue and accept Payment Pointers across different systems.
   - Access Chimoney's established network of peers.
   - Leverage Open Payments compatibility.
   - Future-proof their payment infrastructure.

4. **Improved Customer Experience**:
   - [**Web Monetization**](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/) for content creators.
   - Frictionless P2P payments.
   - Cross-border transactions without complexity.
   - Support for diverse use cases.

## Implementation Roadmap for Financial Institutions

Financial institutions looking to leverage Chimoney's Interledger capabilities should follow this streamlined approach:

### Phase 1: Assessment and Planning
- Identify specific use cases that would benefit from Payment Pointers functionality.
- Determine whether to implement Issue Payment Pointers, Pay with Payment Pointers, or both.
- Define success metrics and integration timeline.
- Engage with the [**Chimoney team**](https://chimoney.io/?book_a_demo=1) to access documentation and support.

### Phase 2: Integration
- Implement the necessary API connections to Chimoney's endpoints.
- Configure webhook handlers for event processing.
- Establish the appropriate authentication mechanisms.
- Test basic transaction flows in Chimoney's sandbox environment.

### Phase 3: Limited Production Deployment
- Process transactions for a limited user base.
- Monitor transaction flows and performance.
- Gather user feedback.
- Optimize integration as needed.

### Phase 4: Full-Scale Deployment
- Expand to additional use cases.
- Scale transaction volume.
- Develop new product offerings leveraging Payment Pointers.
- Consider establishing a peering relationship if transaction volumes warrant it.

## Sample Use Cases

Chimoney's ready-to-use Interledger infrastructure enables several powerful use cases for financial institutions:

- **[Web Monetization](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/)**: Provide seamless micropayments for content creators using Payment Pointers.

- **[Cross-Border Transactions](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/)**: Facilitate seamless payments between international customers and vendors using Payment Pointers without currency conversion complexity.

- **Open Payments**: Enable real-time, low-cost transactions across different financial networks.

- **Frictionless P2P between Account Servicing Entities**: Provide customers with instant, low-cost peer-to-peer transactions.

## Conclusion

Chimoney’s Interledger integration provides financial institutions with a better way to modernize their payment infrastructure, enabling fast, low-cost, and interoperable transactions without the complexity of building from scratch. By leveraging Chimoney’s Issue Payment Pointers and Pay with Payment Pointers endpoints, institutions can enhance cross-border payments, improve liquidity management, and reduce operational overhead.

For financial institutions ready to embrace innovation, Chimoney’s ILP integration provides a scalable, cost-effective, and future-proof payment solution. Transform your payment infrastructure today—visit [**chimoney.io**](https://chimoney.io/?book_a_demo=1) to get started.


Discover how Chimoney’s Interledger Protocol (ILP) integration optimizes payment infrastructure for financial institutions. Learn about seamless cross-border transactions, reduced costs, and enhanced interoperability with Chimoney’s ready-to-use ILP solutions.

Optimizing Payment Infrastructure for Financial Institutions: A Technical Deep Dive into Chimoney's Interledger Integration

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In developed markets like the U.S. and Europe, consumers have already embraced digital wallets, contactless payments, and instant transfers. But for businesses with global ambitions, payments are anything but straightforward.

Every region has its own unique preferences—mobile wallets dominate in Africa, while account-to-account transactions are favored in parts of Asia and Europe. Managing these diverse payment systems means juggling multiple integrations, navigating complex currency conversions, and ensuring compliance with ever-changing regulations. The result? A logistical nightmare that can slow expansion and increase costs.

[Chimoney’s Interledger-enabled](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/) services simplify this challenge. By providing a unified platform for seamless cross-border transactions, Chimoney removes the friction of entering new markets. Businesses can integrate once and gain access to a global payments network, making international expansion faster, easier, and more efficient.

## The Cross-Border Payment Challenge for Expanding Businesses
Different regions exhibit distinct payment preferences, which can vary significantly from one market to another. For instance, some markets favor OEM wallets like Apple Pay and Google Pay, while others rely heavily on retailer-specific payment apps. Many regions have adopted local payment solutions built on account-to-account rails, and global technology wallets like PayPal dominate in certain areas.

This fragmentation poses significant barriers to entry for businesses seeking to expand globally. Managing multiple payment integrations, handling currency conversions, adhering to diverse compliance requirements, and navigating settlement processes across different markets can be overwhelming. The complexity of these tasks not only increases operational costs but also demands substantial resources to ensure seamless transactions. Furthermore, the need to comply with varying regulatory frameworks and manage risks such as fraud and security breaches adds to the challenge, making it essential for businesses to find innovative solutions to streamline cross-border payments effectively.

## Chimoney's Interledger-Enabled Solutions for Global Expansion
Chimoney has integrated with ILP to provide Interledger-enabled services specifically designed to solve these challenges. By leveraging the Interledger Protocol—an open, neutral standard for cross-border payments—Chimoney provides businesses with a single integration point that connects to multiple payment ecosystems worldwide.
Chimoney’s Interledger-enabled services include:

### Issue Payment Pointers
Businesses can integrate the Interledger Protocol into their platform without deploying Rafiki or their own node. With Chimoney, companies can issue custom Payment Pointers to their users, enabling use cases such as:

- **Web Monetization** – Providing seamless micropayments for content creators. [Learn more here](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/)

- **Open Payments** – Enabling real-time, low-cost transactions across different financial networks.

- **Cross-Border Transactions** – Facilitating seamless payments between international customers and vendors.

### Pay with Payment Pointers
Businesses can allow users to send and receive payments across different currencies and jurisdictions using Payment Pointers without deploying their own Rafiki node. This simplifies global transactions by:

- Reducing currency conversion complexity since payments are automatically routed using Interledger.

- Improving transaction speed as payments settle faster with optimized routing.

- Expanding financial inclusion by enabling cross-border payments in underbanked regions.

## Strategic Ways to Use Chimoney for Market Expansion
Chimoney's Interledger-enabled services offer businesses a platform to expand into new markets by simplifying cross-border payments and enhancing financial inclusion. Here are strategic ways businesses can leverage Chimoney for market expansion:

### 1. Cross-Border Payments

Use Case: Facilitate transactions between international customers and vendors by leveraging [Interledger Payment Pointers](https://chimoney.io/blogs/building-the-future-of-cross-border-remittances-with-chimoney-and-interledger/).

Benefits: Reduces currency conversion complexity, improves transaction speed, and expands financial inclusion in underbanked regions.

### 2. Enable Web Monetization

Use Case: Provide [micropayments for content creators](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/), allowing real-time compensation for digital content.

Benefits: Enhances engagement and transparency by rewarding users instantly for their contributions.

### 3. Simplify Payment Integration

Use Case: Integrate [Chimoney's Interledger-enabled endpoints](https://chimoney.io/api-use-cases/?activeCategory=4) to connect to multiple payment ecosystems worldwide with a single integration point.

Benefits: Reduces the complexity of managing multiple payment integrations, currency conversions, and compliance requirements.

### 4. Expand into Underbanked Regions

Use Case: Utilize Chimoney's [multi-currency wallets](https://chimoney.io/multi-currency-wallets/) to enable consumers without bank accounts to send and receive money globally.

Benefits: Bypasses significant bank fees and exchange rates, making cross-border payments more cost-effective.

### 5. Optimize Payment Routing and Settlement

Use Case: Fine-tune routing and settlement preferences to optimize payment flows across target markets.

Benefits: Ensures faster settlement times and reduced transaction costs by optimizing payment routes.

### 6. Gradual Market Rollout

Use Case: Gradually roll out services to new markets with Chimoney's support, ensuring smooth expansion.

Benefits: Allows businesses to test and refine their payment strategies in new markets before full-scale deployment.

## Getting Started with Chimoney's Interledger-Enabled Services
Businesses ready to leverage Chimoney for international expansion can follow this process:

- **Assessment**: [Chimoney's team](https://chimoney.io/?book_a_demo=1) evaluates your current payment needs and international expansion goals
- **Integration**: Implementation of [Chimoney's Interledger-enabled API](https://chimoney.io/api-use-cases/?activeCategory=4) with your existing systems
- **Testing**: Validation of payment flows across your target markets
- **Optimization**: Fine-tuning of routing and settlement preferences
- **Expansion**: Gradual rollout to new markets with Chimoney's support

_For developers who want to dive into the technical setup, you can learn more on [**A Developer's Guide to Enabling ILP Payments with Chimoney**](https://chimoney.io/blogs/a-developer-s-guide-to-enabling-ilp-payments-with-chimoney/)._

## Conclusion

As digital payments continue developing beyond simple checkout options, Chimoney's Interledger-enabled services provide the technical foundation businesses need to navigate this complexity across global markets.

Through Chimoney, even mid-sized businesses can now access enterprise-grade payment infrastructure that was previously available only to multinational corporations, democratizing access to global markets and creating new opportunities for expansion.
Ready to simplify global payments and expand your business effortlessly?
Chimoney's Interledger-enabled services provide the infrastructure you need to enter new markets, streamline transactions, and reduce payment complexities.
Visit [**chimoney.io**](https://chimoney.io) to learn more or [**book a meeting**](https://chimoney.io/?book_a_demo=1) with our team to discuss how Chimoney can support your business.



Expand into global markets with Chimoney’s Interledger-enabled services. Simplify cross-border payments, reduce costs, and enhance financial inclusion with seamless integration and real-time transactions. Discover how Chimoney can help your business grow globally.

How Businesses Can Use Chimoney's Interledger-Enabled Services to Expand into New Markets

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Micropayments, transactions typically valued under $5, have long been a challenge for the digital economy. Traditional payment systems were designed for larger transactions, with fees that often make small-value payments economically unfeasible. However, with Interledger and Chimoney, businesses can now fully leverage the full potential of small-value transactions, enabling new revenue models and ideal global payments.

## Why Traditional Micropayments Haven't Worked

While digital payments are now mainstream—90% of consumers in the U.S. and Europe have made digital transactions in the past year (McKinsey’s Digital Payments Survey)—the infrastructure for micropayments has lagged behind. Here’s why:

- **High Transaction Costs**: Most payment processors charge a fixed fee + a percentage of the transaction value. For small payments, these fees can eat up 20-30% or more of the transaction amount, making micropayments financially unviable.

- **Settlement Delays**: Many payment systems process transactions in batches, resulting in delays of 24-72 hours before funds are available. For real-time micropayment use cases, this timing gap creates significant operational challenges.

- **Technical Limitations**: Legacy payment networks weren't designed to handle high volumes of tiny transactions, creating scalability issues for micropayment-based business models.

- **Cross-Border Friction**: International micropayments face high fees, unfavorable exchange rates, and compliance challenges, limiting global adoption.

## Accept Global Micropayments with Interledger and Chimoney
Chimoney provides one of the most comprehensive implementations of Interledger Protocol, enabling businesses to accept micropayments worldwide through a single payment solution. Offering customers a checkout experience that supports tiny transactions in their local currency can be the difference between abandonment and completion of digital microtransactions.

Interledger Protocol serves as the underlying technology that makes efficient micropayments possible by:

- **Connecting Different Payment Networks**: Interledger functions as a protocol for routing payments across any two ledgers or payment networks, similar to how the internet protocol routes data packets.

- **Packet-Switching for Money**: By breaking payments into small packets that can be routed independently, Interledger dramatically reduces the cost and increases the speed of transactions.

- **Conditional Transfers**: Using cryptographic holds, Interledger ensures that funds move securely between parties without requiring trust between intermediaries.

Chimoney builds upon these capabilities to provide businesses with accessible tools for implementing micropayment solutions, including a checkout service with Interledger as an option and Web Monetization integration.

## Web Monetization: Micropayments for Content Creators
Chimoney has integrated web monetization powered by Interledger, allowing content creators and users to earn directly from the web. This implementation represents a significant advancement in micropayment technology for content creators, bloggers, and digital artists.

[_Read more about Web Monetization on Chimoney here._](https://chimoney.io/blogs/introduction-to-web-monetization-on-chimoney/)

## Drive Conversions by Implementing Micropayment Solutions

Offering customers the ability to make small purchases increases engagement and builds new revenue streams. With diverse payment preferences around the world, businesses also need a global micropayment solution that works across currencies and payment methods.

With Interledger's universal protocol and Chimoney's implementation expertise, launching micropayment capabilities is faster and more accessible than ever before. 

### Option 1: Accept Micropayments via Chimoney Checkout

You can implement Chimoney’s Checkout service by:
- Integrating the ‘[Initiate Payment](https://chimoney.readme.io/reference/post_v0-2-4-payment-initiate) endpoint into your product or service:
- The endpoint will generate a payment link for the user.
- The payment link will include various payment options, including Interledger.
- This allows the user to make payments via Interledger seamlessly.

### Option 2: Set Up Web Monetization with Chimoney
You can get started with web monetization on Chimoney by following these steps:

- Create a [Chimoney Account](https://dash.chimoney.io/) 
- Obtain a Payment Pointer by logging into the Chimoney Dashboard.
- Click "Create Interledger Wallet Address" to generate your Payment Pointer.
- Install the latest version (≥ 0.3.0) from the Chimoney Web Monetization page [here](https://chromewebstore.google.com/detail/web-monetization-extensio/oiabcfomehhigdepbbclppomkhlknpii)
- Enter Your Interledger Wallet Address
- Copy and paste your Payment Pointer into the WebMo extension.
- Follow the on-screen instructions to complete the setup.

## Additional Benefits and Considerations when Implementing Micropayments
When integrating micropayment capabilities through Interledger and Chimoney, these are some of the additional advantages businesses can realize:

- **New Business Models**: Micropayments enable innovative approaches like pay-per-use, incremental content access, and granular service tiers that weren't previously possible.

- **Global Reach**: With Interledger's universal connectivity and Chimoney's implementation, businesses can accept micropayments from customers worldwide without establishing banking relationships in each country.

- **Reduced Fraud Risk**: The packet-switching nature of Interledger reduces exposure to fraud by limiting the amount at risk in any single transaction.

- **Instant Settlement**: Unlike traditional payment systems, Interledger-powered solutions provide near-real-time settlement, enabling time-sensitive micropayment applications.

## Conclusion

Micropayments represent one of the most promising frontiers for business innovation. By removing the economic and technical barriers to small-value transactions, Interledger and Chimoney are enabling entirely new business models and revenue streams that simply weren't possible in the traditional payment ecosystem.

Want to explore new revenue streams with micropayments? Sign up for [Chimoney](https://chimoney.io/?book_a_demo=1) and integrate Interledger-powered payments today.




Learn how Interledger and Chimoney are changing micropayments. Their tools make small payments fast, cheap, and easy, helping businesses and creators earn more.

Interledger and Chimoney’s Impact on Micropayments in the Digital Economy

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We've upgraded the Chimoney API to v0.2.4, bringing you powerful new features and updates to improve your integration experience!
___
## What's New:

### New Beneficiary Management Routes

Our latest update simplifies beneficiary management with new endpoints:

- **[Get Account Beneficiaries](https://chimoney.readme.io/reference/get_v0-2-4-beneficiary)**: Retrieve all beneficiaries associated with an account.

- **[Create a Bank Beneficiary](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank)**: Add bank beneficiaries with streamlined validation.

### Enhanced Info Routes

- **[Bank Search](https://chimoney.readme.io/reference/get_v0-2-4-info-bank-search)**: Search for banks in specific countries (international banks supported)

- **[Get Beneficiary Rules](https://chimoney.readme.io/reference/get_v0-2-4-info-beneficiary-rules-countrycode)**: Access country-specific validation rules for beneficiaries

_Check out our [**latest blog post**](https://chimoney.io/blogs/effortless-global-payouts-via-api-manage-beneficiaries-and-send-money-with-chimoney/) for more information on how you can integrate these new endpoints._
___

### Improved Error Handling

We've also expanded our documentation with comprehensive guides on:

- Error types and status codes

- Best practices for handling different error scenarios

- Detailed error code descriptions and resolution steps

_Visit the new [**error handling page**](https://chimoney.readme.io/reference/error-handling) to learn more about the improved error messages and resolution steps._
___

## Get Started

Upgrade to v0.2.4 today to take full advantage of these new features! Check out our [**updated documentation**](https://chimoney.readme.io/reference/introduction) for implementation details and examples.

For any questions or support, feel free to reach out to us at support@chimoney.io.

Chimoney API v0.2.4 is here! 🚀 Introducing new beneficiary management endpoints, improved bank search,  and improved error handling. Upgrade now for a smoother integration experience. 

Chimoney API Update: v0.2.4 Now Live! 🚀

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## Understanding Web Monetization

Content creators and website owners often face a critical dilemma: how to generate revenue without compromising user experience. Traditional methods, such as paywalls and ads, come with inherent drawbacks. Paywalls can deter casual visitors, while ads may compromise privacy and clutter user interfaces.

Web Monetization offers a modern alternative. It is an open standard that facilitates microtransactions for web content, allowing users to support creators effortlessly. Rather than requiring full subscriptions or intrusive advertisements, Web Monetization enables users to contribute small payments in real-time as they consume content.

## How Web Monetization Works
[**Web Monetization**](https://webmonetization.org/docs/) operates using the Interledger Protocol (ILP), a technology designed for fast, seamless, and low-cost payments across the web. Users need a Web Monetization provider, such as [**Chimoney**](https://chimoney.io/) which funds transactions through a digital wallet. Once enabled, payments are streamed in small increments to the website owner’s wallet while the user interacts with the content.

## Traditional Payments vs. Web Monetization
Setting up payments on a website has traditionally been a complex process. Website owners need to:

- Register with multiple payment providers
- Integrate payment gateways
- Handle multiple currencies and payment methods
- Manage user accounts for transactions

Web Monetization simplifies this by removing much of the friction. Instead of users manually initiating payments, the browser automatically handles transactions in the background, creating a seamless experience for both users and content providers.

## Integrating Web Monetization with Chimoney
Chimoney has integrated Web Monetization to empower creators and developers. By leveraging Chimoney’s infrastructure, users can easily set up Web Monetization and start earning revenue from their digital content.

## Benefits of Using Web Monetization on Chimoney

- **Enhanced User Engagement** – Reward users in real time based on their interactions.

- **Seamless Micro-Transactions** – Process small payments with minimal fees.

- **Inclusive Monetization** – Provide earning opportunities without relying on intrusive ads.

- **Global Accessibility** – Chimoney supports various payout options, making it easy for users worldwide to receive earnings.

## Getting Started with Web Monetization on Chimoney

To integrate Web Monetization with Chimoney, follow these simple steps:

### Prerequisites

- **Chimoney Account**: Users must have an active [**Chimoney account**](https://dash.chimoney.io/auth/signin?next=/) with KYC verification.

- **Payment Pointer**: Obtain a Payment Pointer by logging into the Chimoney Dashboard at [**dash.chimoney.io**](http://dash.chimoney.io) and clicking “Create Interledger Wallet Address”.

## Setup Process

- **Download the WebMo Extension**: Install the latest version (≥ 0.3.0) from the Chimoney Web Monetization page [**here**](https://chromewebstore.google.com/detail/web-monetization-extensio/oiabcfomehhigdepbbclppomkhlknpii)

- **Enter Your Interledger Wallet Address**: Copy and paste your payment pointer into the extension.

- **Authenticate and Confirm**: Follow the on-screen instructions to complete the setup.

- **Verify Successful Connection**: A confirmation message will indicate that your wallet is successfully linked.

## Monetizing Content with Web Monetization
Once set up, website owners can start accepting streaming payments. This means that:

- Visitors contribute micropayments in real-time as they browse content.

- Websites can unlock exclusive content based on monetization activity.

- Creators can receive payments without intrusive ads or subscription models.

## Future of Web Monetization and Chimoney’s Role
The Web Monetization ecosystem is evolving, and Chimoney is at the forefront of this transformation. By adopting [**Open Payments**](https://openpayments.dev/) and the [**Interledger Protocol**](https://interledger.org/), Chimoney is expanding access to seamless microtransactions, fostering a more equitable digital economy.

With Web Monetization, the web can move towards a more sustainable and user-friendly revenue model. For content creators, developers, or digital businesses, Chimoney’s integration with Web Monetization provides an innovative solution to earn from digital assets effortlessly.

## Conclusion
Web Monetization represents a paradigm shift in digital payments, offering a seamless and privacy-respecting way to support content creators. Chimoney’s integration makes it easier than ever to get started, providing users with an efficient way to receive payments while enhancing audience engagement. If you’re ready to explore a new era of web revenue, Web Monetization on Chimoney is the way forward.

Start today and unlock the potential of seamless microtransactions with Chimoney!



Web Monetization offers a better way to earn from your content. With Chimoney, creators can easily integrate microtransactions, boost engagement, and grow revenue—no ads or paywalls needed. Get started today!

Introduction to Web Monetization on Chimoney

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# Introduction

The rise of digital finance has revolutionized global payments, enabling seamless transactions across borders. However, this rapid growth has also introduced new risks such as money laundering, fraud, and financial crimes that regulators seek to mitigate. **Anti-Money Laundering (AML)** and **Know Your Customer (KYC)** regulations are at the core of financial compliance, ensuring that fintech companies operate securely while preventing illicit activities.

At Chimoney, compliance is embedded in our operations. As we expand our footprint globally, including in Canada, we remain committed to maintaining robust AML and KYC frameworks that align with Canadian regulatory standards under the **Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)** and oversight by the **Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)**.

# Understanding AML and KYC in the Canadian Fintech Ecosystem

## What is Anti-Money Laundering (AML)?
AML regulations are designed to prevent financial institutions and payment companies from being used to launder illicit funds or finance criminal activities. These laws require fintech companies like Chimoney to:

- Monitor and report suspicious transactions.
- Conduct due diligence on customers and businesses.
- Implement strong internal controls to prevent money laundering.

In Canada, AML laws are primarily enforced under the **PCMLTFA**, with oversight from **FINTRAC**.

## What is Know Your Customer (KYC)?

KYC is a subset of AML that requires financial institutions to verify customer identities before they can access financial services. This ensures that fintechs like Chimoney:

- Verify users' identities using government-issued documents.
- Assess the risk level of customers and monitor transactions.
- Prevent fraud by ensuring only legitimate individuals and businesses access financial services.

Under Canada’s AML regime, KYC is mandatory for businesses engaging in financial transactions, including those categorized as **Money Services Businesses (MSBs)**.

# Key AML & KYC Regulations in Canada

## 1. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)

The PCMLTFA is Canada’s primary AML law, requiring fintechs like Chimoney to:
- Register with FINTRAC as a Money Services Business (MSB).
- Conduct customer due diligence (CDD) to verify customer identities.
- Monitor and report suspicious transactions that could be linked to money laundering.
- Implement record-keeping requirements for transactions over CAD $10,000.

## 2. FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)

As Canada’s financial intelligence unit, FINTRAC oversees AML compliance and requires fintech companies to:

- Submit Suspicious Transaction Reports (STRs) when identifying potential money laundering activities.
- Submit Large Cash Transaction Reports (LCTRs) for transactions over CAD $10,000.
- Develop AML compliance programs, including employee training and internal risk assessments.

## 3. The Retail Payment Activities Act (RPAA) and AML Compliance

Under the Retail Payment Activities Act (RPAA), which Chimoney has completed registration for, specifies that payment service providers must meet AML/KYC obligations similar to those of banks, ensuring all users and transactions comply with Canada’s financial security standards.

# How Chimoney Ensures AML & KYC Compliance in Canada

At Chimoney, we have implemented a comprehensive AML & KYC framework to comply with FINTRAC and RPAA requirements while providing a secure and seamless payment experience.

## 1. Customer Verification and KYC Procedures

![Chimoney KYC process](/uploads/image_9_9eb76a2bfa.png)

- Identity Verification: We require customers to submit valid government-issued IDs (e.g., Canadian passports, driver’s licenses).

- Automated Document Checks: Our system cross-verifies ID documents using the automated KYC technology.
- Address Verification: Users may need to submit proof of address (utility bill, bank statement) for additional security.
- Enhanced Due Diligence (EDD): High-risk users undergo deeper background checks before account approval.

## 2. Transaction Monitoring & Fraud Detection
![Chimoney Transaction Monitoring tools](/uploads/image_10_f478f5fe5f.png)

- Risk Assessment: Our system analyzes transactions in real time to detect unusual patterns.
- Suspicious Activity Reporting: We report flagged transactions to FINTRAC as required by Canadian law.
- Geofencing & IP Monitoring: We block high-risk jurisdictions from accessing our platform.
- Blacklist & Watchlist Screening: We screen users against global sanctions lists (OFAC, Interpol, etc.).

## 3. Secure Business and Merchant Onboarding

![Chimoney Know Your Business (KYB) process](/uploads/image_11_45391d7d5a.png)

**Business KYB (Know Your Business)**: All corporate clients must provide:
- Business registration details.
- Beneficial ownership information.
- Proof of compliance with AML/KYC regulations: Each merchant is assigned a risk level based on industry, location, and transaction volume.

We continuously review our merchant accounts to ensure compliance.

# The Future of AML & KYC Compliance in Canadian Fintech

Regulations are evolving, and Chimoney is proactively adapting to ensure full compliance. Some trends shaping the future of AML & KYC in Canada include:

- Open Banking Regulations: Expected to bring stricter data-sharing and fraud prevention standards.
- Real-Time Transaction Monitoring: Regulators may require fintechs to enhance AI-driven fraud detection.
- Increased Cross-Border Scrutiny: With globalization, AML enforcement agencies are focusing on multi-country compliance frameworks.

Chimoney is at the forefront of these changes, ensuring that we remain compliant while delivering seamless global payouts and collections.

# Conclusion

AML and KYC compliance are non-negotiable for fintechs operating in Canada. With growing regulations under PCMLTFA, FINTRAC, and RPAA, Chimoney is committed to staying ahead by implementing cutting-edge compliance technologies and ensuring that all transactions are secure, compliant, and fraud-free.

At Chimoney, compliance is more than just a requirement. It’s our promise to users, businesses, and regulators. By adhering to Canada’s AML & KYC regulations, we continue to build a trusted, secure, and compliant payment ecosystem for all.

Stay updated with Chimoney’s compliance journey by following our blog and [LinkedIn ](https://www.linkedin.com/company/chimoney/?viewAsMember=true)updates!


As financial regulations evolve, Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance have become essential pillars in the fintech industry. In this blog post, I explore how AML and KYC regulations shape the modern fintech landscape, particularly within the Canadian ecosystem under the Retail Payment Activities Act (RPAA). I also highlight Chimoney’s approach to ensuring compliance, from robust identity verification processes to transaction monitoring, reinforcing trust, security, and regulatory adherence. Learn how fintech companies can navigate these requirements while fostering innovation and financial inclusion.

The Role of AML and KYC in Modern Fintech: Chimoney’s Approach to Compliance

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If you're developing apps or platforms that handle international payments, you’ve probably faced or are facing three major challenges: managing beneficiaries, converting currencies, and processing payouts. These processes can be complex and time-consuming, often requiring multiple integrations and custom-built solutions. [**Chimoney’s API**](https://chimoney.readme.io/reference/introduction) streamlines everything into a single integration, making global payments easier and more efficient. 

In this article, we’ll explore how you can use Chimoney’s API to simplify beneficiary management, currency conversion, and payouts.

We’ll cover the following steps:
1. Obtaining your Chimoney API Key
2. Fetching beneficiary rules and dynamically constructing forms
3. Searching for banks using the bank search endpoint
4. Adding and managing beneficiaries
5. Generating a currency conversion quote
6. Executing a payout to a beneficiary

## Step 1: Obtaining Your Chimoney API Key

Before you can start using Chimoney’s API, you need to obtain an API key. This key is required for authenticating all your API requests.

**How to Get Your API Key**

- Visit sandbox.chimoney.io and create an account if you don’t have one already.
- Log in and navigate to the Developer Dashboard.
- In the Developer Dashboard, locate the option to generate an API key.
- Copy the API key and store it securely.

> **Note**: Your API key is sensitive information. Do not share it publicly or commit it to version control systems like GitHub.

### Using the API Key

All API requests must include the `X-API-KEY` header with your API key. Here’s an example of how to include it in a curl request:
![carbon (14).png](/uploads/carbon_14_4db02d161a.png)

## Step 2: Fetching Beneficiary Rules and Dynamically Constructing Forms

Before initiating any transaction, it’s crucial to understand the rules and requirements for sending money to a specific country. Chimoney’s API provides an endpoint to dynamically fetch beneficiary rules, which can be used to construct forms or validation schemas.

### Fetch Beneficiary Rules

The  [**/info/beneficiary-rules/{countryCode}**](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank) endpoint allows you to retrieve the rules for a specific country. This is particularly useful for dynamically constructing forms or validation schemas.

Example Request:
![carbon (13).png](/uploads/carbon_13_ae1e9dbb23.png)

Example Response:
![carbon (25).png](/uploads/carbon_25_2cb77fca90.png)

## Dynamically Constructing Forms

Using the response from the [**/info/beneficiary-rules/{countryCode}**](https://chimoney.readme.io/reference/get_v0-2-4-info-beneficiary-rules-countrycode) endpoint, you can dynamically construct a form for adding a beneficiary. Here’s how you can do it:

- **Iterate through the rules**: Loop through the data array to generate form fields.
- **Set field types**: Use the `inputType` property to determine the type of input field (e.g., text, select).
- **Apply validation**: Use the `regexPattern` and `validValues` properties to enforce validation rules.
- **Set default values**: Use the `defaultValue` property to pre-fill fields where applicable.

Example Form Construction:
![carbon (15).png](/uploads/carbon_15_eac49491db.png)

## Step 3: Searching for Banks Using the Bank Search Endpoint

To ensure the beneficiary’s bank details are accurate, you can use the [**/info/bank-search**](https://chimoney.readme.io/reference/get_v0-2-4-info-bank-search) endpoint to search for banks by name or code.

Example Request:
![carbon (14).png](/uploads/carbon_14_ae87125a02.png)

Example Response:

![carbon (24).png](/uploads/carbon_24_27a2a3f56d.png)
### Using the Bank Search Results

The response includes a list of banks matching your search criteria. You can use this information to populate a dropdown or autocomplete field in your form, ensuring that users select a valid bank.

## Step 4: Adding and Managing Beneficiaries

Once you’ve fetched the necessary rules and constructed the form, you can proceed to add beneficiaries. Chimoney’s API allows you to create and manage beneficiaries seamlessly.

### Add a Beneficiary

The [**/beneficiary/bank**](https://chimoney.readme.io/reference/post_v0-2-4-beneficiary-bank) endpoint is used to add a new beneficiary.

Example Request:
![carbon (16).png](/uploads/carbon_16_0843337ef4.png)

Example Response:
![carbon (17).png](/uploads/carbon_17_23301e6257.png)

### Fetch Beneficiaries
To retrieve a list of all beneficiaries, use the [**/beneficiary**](https://chimoney.readme.io/reference/get_v0-2-4-beneficiary) endpoint.

Example Request:
![carbon (18).png](/uploads/carbon_18_d4f07bb706.png)

Example Response:
![carbon (19).png](/uploads/carbon_19_15151ca7ea.png)

## Step 5: Generating a Currency Conversion Quote

Before initiating a multicurrency transfer, you’ll need to generate a quote for the currency conversion. The [**/multicurrency-wallets/transfer-quote**](https://chimoney.readme.io/reference/post_v0-2-4-multicurrency-wallets-transfer-quote) endpoint provides real-time exchange rates and fees.

Example Request:
![carbon (20).png](/uploads/carbon_20_c9242d5203.png)


Example Response:
![carbon (21).png](/uploads/carbon_21_500e3f760d.png)


## Step 6: Executing a Payout to a Beneficiary

Once you have the beneficiary details and a currency conversion quote, you can execute a payout. The [**/payouts/chimoney**](https://chimoney.readme.io/reference/post_v0-2-4-payouts-chimoney**) endpoint allows you to send funds to a beneficiary.

Example Request:
![carbon (26).png](/uploads/carbon_26_f152131b34.png)

Example Response:
![carbon (23).png](/uploads/carbon_23_b8bc9c71d4.png)
## Why Choose Chimoney’s API?

- **Global Reach**: Our support for multiple currencies and countries means your app can cater for users worldwide.
- **Dynamic Rules**: You can fetch beneficiary rules dynamically to ensure compliance with local regulations.
- **Real-Time Quotes**: You can also get real-time currency conversion rates and fees for accurate financial planning.
- **Seamless Integration**: We have a well-documented APIs and sandbox environment that make integration straightforward and simple.
- **Scalability**: The Chimoney API is designed to handle high transaction volumes, making it suitable for businesses of all sizes.

## Conclusion
Chimoney’s API suite offers a robust and flexible solution for managing cross-border payments, multi-currency wallets, and payouts. This guide will help you integrate these features seamlessly into your application, ensuring a smooth and efficient payment experience for your users.

## Get Started Today!
Explore our [**API Documentation**](https://chimoney.readme.io/reference/introduction) to learn more about available endpoints and features, or [**book a meeting with us**](https://chimoney.io/?book_a_demo=1) to see how Chimoney can support your business’s payment needs.

Struggling with international payments? Chimoney’s API simplifies beneficiary management, currency conversion, and payouts in one integration. In this blog you you will learn how to fetch beneficiary rules, add beneficiaries, generate conversion quotes, and execute payouts seamlessly.

Effortless Global Payouts via API: Manage Beneficiaries & Send Money with Chimoney

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Peer-to-peer (P2P) payments should be instant, secure, and frictionless. Chimoney has leveraged the Interledger Protocol (ILP) to create a seamless P2P payment experience within the Chimoney App. By integrating Interledger, users are able to send and receive money effortlessly using their unique Interledger wallet address. 

This article explores how Chimoney’s integration with Interledger is redefining P2P transactions.

## The Role of Interledger in P2P Payments
[Interledger](https://interledger.org/) is a breakthrough protocol designed to facilitate seamless financial transactions across different payment networks. Traditionally, sending money across platforms and borders involves high fees, delays, and compatibility issues. Interledger solves this by acting as a universal connector, allowing payments to move effortlessly between different systems in real time.

## How Chimoney Leverages Interledger for P2P Transfers
Chimoney has embedded Interledger technology into its ecosystem, making P2P payments as easy as sending a message. Here’s how it works:

### 1. Automatic Interledger Wallet Address Issuance

When users sign up on the Chimoney app and complete Know Your Customer (KYC) verification, they are automatically assigned an Interledger wallet address. This wallet serves as their unique digital identifier, allowing them to send and receive payments seamlessly across different networks.

> Think of it as receiving a phone number when activating a new SIM card—except this one is designed for instant financial transactions.

### 2. Instant, Frictionless Money Transfers

With an Interledger wallet address, Chimoney users can send and receive funds instantly. The process is as simple as:
- Entering the recipient’s Interledger wallet address.
- Confirming the transaction.
- Seeing the funds reflected in the recipient’s account instantly.

> It’s like sending a text message and having it delivered in real time. No delays, no intermediaries, and no unnecessary fees.

## Step-by-Step: How It Works in the Chimoney App

### Step 1: Complete KYC Verification

To maintain security and compliance, users undergo a quick KYC verification. Once approved, they automatically receive an Interledger wallet address.

### Step 2: Sending Money

Using the Chimoney app, users can:
- Enter the recipient’s Interledger wallet address or scan their QR code.
- Initiate a transfer instantly after entering their secure PIN without additional processing delays.

### Step 3: Receiving Money
- Users can share their Interledger wallet address or QR code with others.
- Payments are credited instantly to their Chimoney wallet.

## Why This is a Game-Changer for P2P Transactions

Traditional peer-to-peer (P2P) payments are often plagued by inefficiencies and interoperability challenges between different financial networks. Despite the rapid growth of digital payments, a significant portion of the global population still lacks access to traditional banking services, limiting their ability to participate in the modern economy.

Cross-border payments, in particular, face numerous hurdles. Transactions can take several days to settle, and fees are often prohibitively high, especially for smaller amounts. These inefficiencies are compounded by the fragmented nature of financial systems, which struggle to communicate seamlessly across borders and currencies.

Chimoney’s integration with Interledger Protocol (ILP) is tackling these problems head-on, ensuring P2P payments are faster, cheaper, and more accessible than ever before. Here’s how:

- **Instant Settlements** – With Interledger, payments are processed instantly eliminating settlement delays. 

- **Low-Cost Transfers** – By integrating Interledger, Chimoney significantly reduces transfer costs by eliminating the need for intermediaries.

- **Borderless Payments** – Chimoney’s integration with Interledger removes geographic restrictions, allowing users to send and receive money effortlessly across regions regardless of local banking infrastructure. 

- **Secure & Transparent Transactions** – Security is non-negotiable in P2P payments. By leveraging Interledger’s cryptographic security model, Chimoney ensures every transaction is encrypted and tamper-proof. 

## The Future of P2P Payments with Chimoney & Interledger
Chimoney is committed to pushing the boundaries of what’s possible with P2P payments. By continuously enhancing our Interledger-powered system, we’re enabling a future where transactions are instant, inclusive, and cost-efficient for users everywhere.

Ready to experience the next generation of P2P payments? [**Download the Chimoney app**](https://chimoney.app/) today and start sending money in just a few taps!

Learn how Chimoney's integration with Interledger makes P2P payments instant, cost-effective, and borderless on the Chimoney app. 

How Interledger is Powering P2P Payments: The Chimoney App Case Study

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Cross-border remittances remains one of fintech's most persistent challenges as traditional payment infrastructure creates unnecessary friction in building truly global applications. 

[Chimoney and Interledger](https://chimoney.io/blogs/chimoney-and-interledger-expanding-global-financial-access/) partnered in an effort to solve the three main challenges faced in cross-border transfers; high cost, slow processing and lack of transparency. Let's dive into how the integration of Chimoney with Interledger Protocol (ILP) solves these challenges.

## Understanding the Cross-Border Challenge
The technical complexities of [cross-border payments extend far beyond simple currency conversion](https://chimoney.io/blogs/chimoney-s-guide-to-navigating-cross-border-payments-and-global-expansion/). Each region has its own payment rails, compliance requirements, and preferred payment methods. Building direct integrations with each system is impractical for most development teams, yet using traditional banking rails means accepting high fees and slow settlement times.

## The Power of Chimoney + ILP Integration
What makes the Chimoney-ILP combination particularly powerful is how it abstracts complexities while maintaining flexibility. Through a single integration with Chimoney's API, developers can access services like P2P wallet transfers, powered by the Interledger Protocol (ILP) and enabled through payment pointers.

The technical implementation leverages ILP's packet switching for value transfer, similar to how the internet routes data packets. By integrating Interledger’s open payments API, [Rafiki](https://rafiki.dev/overview/concepts/interledger/), Chimoney enables the issuing of payment pointers and the transfer of value from one payment pointer to another without the traditional complexities associated with cross-network transactions, such as intermediary fees or delays.

## Core Technical Capabilities

From an implementation standpoint, you get:
- [Payment pointers](https://chimoney.io/usecases/interledger-issue-payment-pointers/) for simplified addressing (think email addresses for payments)
- [Transfer of value](https://chimoney.io/usecases/interledger-receive-and-send-payments/) between payment pointers.

## Real Use Cases
Integrating Chimoney’s Interledger Protocol (ILP) enabled solutions opens up numerous possibilities across various sectors. Here, we will explore two detailed use cases: building a freelance marketplace and creating an emergency aid distribution system for NGOs.

### Use Case 1: Freelance Marketplace
![Interledger blog 2.png](/uploads/Interledger_blog_2_1a2c3f2038.png)

Chimoney's API can significantly streamline payment processes in a freelance marketplace. Here’s a step-by-step breakdown of how this integration works:

**Step 1: Multi-Currency Wallet Setup**

_Create Wallets_: Set up Chimoney multi-currency wallets (USD, CAD, NGN) for both freelancers and payers. This allows transactions in various currencies, accommodating users from different regions.

**Step 2: Issue Payment Pointers**

_Generate Payment Pointers_: Create unique payment pointers for both the freelancer and the payer. These pointers serve as simplified addresses for sending and receiving payments, similar to email addresses.

**Step 3: Payment Flow**

_Task Completion_: Once the freelancer completes a task, they notify the payer that the work is done.

_Initiate Payment_: The payer sends payment directly to the freelancer’s wallet by transferring funds from their own payment pointer to the freelancer’s payment pointer.

### Use Case 2: Emergency Aid Distribution System for NGOs
![Interledger blog 3.png](/uploads/Interledger_blog_3_1ff38a5725.png)

Another application of Chimoney's ILP integration is in the development of an emergency aid distribution system for non-governmental organizations (NGOs). 

Here’s how it can be structured:

**Step 1: Multi-Currency Wallet Creation**

_Set Up Separate Wallets_: Create distinct multi-currency wallets for different aid programs within the NGO. This organization helps track funds allocated to various initiatives.

**Step 2: Issue Payment Pointers**

_Generate Payment Pointers for Beneficiaries and the Organization_: Both the organization and each beneficiary are assigned unique payment pointers linked to their respective wallet accounts. These payment pointers allow for easy identification and tracking of aid distribution.

**Step 3: Instant Value Transfer**

_Disbursement of Funds_: When aid is ready to be distributed, the NGO can instantly transfer value from its program-specific wallets to the beneficiaries' wallets using their respective payment pointers.

## Chimoney App Case Study
![Interledger blog 4.png](/uploads/Interledger_blog_4_271645dd76.png)

[The Chimoney App](https://chimoney.app/), powered by the Interledger Protocol (ILP), is transforming peer-to-peer payments for Canadians by eliminating the need for traditional banking intermediaries. When users create an account, they are assigned a unique Interledger Payment Pointer, which acts as a simplified identifier for direct money transfers. 

The ILP integration ensures secure and compliant transactions while simplifying the payment process with its interoperable infrastructure. 

To discover more about the Chimoney App and its features, click [here](https://chimoney.app/blog/chimoney-app-transforming-how-canadians-achieve-financial-freedom).

## Future Developments
An exciting upcoming development is Chimoney’s integration of Web Monetization, which, still building on the foundation of the Interledger Protocol (ILP) , transforms the way value is transferred online allowing websites and applications to stream payments in real time. 

Leveraging this technology, Chimoney aims to make monetization more accessible, seamless, and inclusive for creators, developers, and businesses globally.

Through the integration of Web Monetization with Chimoney, users can:
- **Earn Micro-Payments in Real Time**: Websites and platforms can stream payments directly to creators via Chimoney Payment Pointers, bypassing the need for traditional ad-based revenue models.

- **Enable Inclusive and Global Monetization**: With Chimoney’s multi-currency wallets and global reach, value can be transferred across borders efficiently, breaking down geographical and financial barriers.

- **Enhance Engagement and Transparency**: By rewarding users instantly for actions like engaging with content, completing tasks, or contributing to open-source projects, Chimoney enables a frictionless, privacy-respecting monetization model.

## Conclusion
The combination of Chimoney and ILP represents a significant step forward in making cross-border value transfer accessible to companies and developers alike. 
Ready to start implementing? Check out the [Chimoney API documentation](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-wallet-address). The future of cross-border payments is being built one integration at a time!


Learn how Chimoney and Interledger are revolutionizing cross-border remittances through low-cost, fast, and transparent payment solutions for global transactions.

Building the Future of Cross-Border Remittances with Chimoney and Interledger

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So now you’ve arrived at one of the most critical aspects of your startup: providing seamless payment solutions to your customers. With the premise of convenience and practicality sworn by eCommerce, what steps have you taken to make purchasing in your online store smooth and worry-free?

Like many startups, navigating through the competitive and overwhelmingly congested world of eCommerce can truly be challenging. By now, you’ve already realized that beyond ensuring high-quality products and services, this should also extend to the overall shopping experience of your consumers.

As per Salesforce, 90% of customers actually give more importance to the experience provided by the company on top of the products sold. Hence, it’s crucial to look into every touchpoint—from browsing to purchasing support, most especially to providing seamless payment solutions.

Through this guide, we hope to give you clarity on the direction of how you can provide a better experience to your customers. Particularly, we’ll delve into the following:
- Importance of seamless payment solutions
- Things to look for in a reliable payment solutions service provider
- The best payment solutions for startups

Ready? Let’s answer your queries one by one!
## Why Seamless Payment Solutions for Startups is Important
Nothing is more annoying to a customer than that long and confusing checkout process. In fact, this is the reason why 28% of online shoppers opt to abandon their carts—something that you definitely would want to avoid. This is where the importance of seamless payment solutions comes into play.

Here are the key reasons why providing a seamless payment experience is important:

- **Customer Satisfaction**. Providing a seamless payment solution not only enhances the shopping experience but also builds trust among customers, eventually encouraging them to return, make another purchase, or even better, refer your store to others.

- **Increased Conversion Rates**. By removing unnecessary steps and offering multiple payment methods, you get to remove difficulties faced when checking out and help increase the conversion rate by 5-10% or even higher.

- **Cost Efficient**. Tapping into the latest innovations in tech might seem like a big investment, especially for a startup. That’s why, in many cases, some still choose to operate manually. However, this approach is slower and comes with distinct disadvantages, especially now that people are always seeking efficient transactions. With AI, many operations are now streamlined, reducing manual errors and cutting down long-term costs. By investing in the right payment solutions, you can actually save money over time.

- **Enhanced Security**. With the growing risks of cyber threats among startups, it is crucial to secure a payment solution that comes with advanced security features that can protect both your eCommerce store and your customers from fraud.

## What are the Things to Look for in a Reliable Payment Solutions Service Provider?
Apart from seamless payment solutions, a reliable merchant partner empowers you to provide better services and can scale with you as the business grows. You deserve a kind of partnership that can handle increased transaction volumes and expand your offerings while maintaining the same level of quality and efficiency.

One search on the internet and a lot of payment solutions service providers will pop up. But how do you narrow down the list? Well, here are some key features that you might consider looking into:

- **Pricing Structure**. Let’s not beat around the bush. As a startup, you have to be aware of the pricing structure that suits your budget and business model. Selecting the right pricing strategy can make a significant difference in your profitability and scalability. Some providers offer tiered pricing based on transaction volume, alongside comprehensive payment solutions—including unlimited access to APIs, fund wallet options, chat support, and additional services that cater to the diverse needs of your business. Thoroughly review the benefits offered and make sure to understand the long-term impacts to ensure financial stability and growth.

- **Strong Security Features**. Small companies are highly susceptible to data breaches or cyber-attacks. If you’ve read Cybernews’ comprehensive [**ExpressVPN review**](https://cybernews.com/best-vpn/expressvpn-review/), you'll realize how crucial it is to evaluate and compare the features of the products or services you use. Everyone is at risk of account breaches, and you certainly don’t want this happening to your startup business.
 That’s why choosing the right payment solution can make or break your venture. Look for partners who can handle sensitive cardholder information securely and do not use your data resources unless authorized. Additionally, as updates can occur throughout the year to strengthen security features, make sure that the provider seeks your approval before integrating or employing any changes. Most importantly, ensure that the payment solution services provider is PCI/DSS compliant to secure the credit card transactions passing through your processor. This way, you can protect your business and your customers’ data effectively.

- **Support Multiple Channels and Payment Methods**. Again, capitalize on ease and convenience. Meet your customers where they are—literally and figuratively.  Choose a payment solution that supports a range of payment methods and currencies to cater to the needs of your global customers—be it bank transfer, mobile money, gift cards, and so on. By bringing these options into your startup, you not only improve the shopping experience but also help broaden your customer base and boost your sales.

- **Easy Integration**. With all the challenges you’ve faced in launching your startup, saving yourself from another set of technicalities can help you focus more on your business needs. Hence, an ideal payment solution partner should be able to easily integrate into your existing systems and platforms. 

You should not be the one adjusting. It should not disrupt the already established operations of your eCommerce store. Look for providers that offer comprehensive APIs, ensuring smooth and efficient integration into your workflow and allowing you to maintain operational continuity while enhancing your payment process.

## The Best Payment Solutions for Startups
Indeed, launching a startup is not an easy feat—especially now that you’re in the process of securing a seamless payment solution. While there are many options to choose from, if it’s the 3 S’s—seamless, secure, and scalable payments—then [**Chimoney**](https://chimoney.io/) is the perfect partner for you.

From easy API integration providing multi-currency wallets, cross-border payments, and top-tier security features, Chimoney is built to support startups at every stage. Our pricing and benefits are designed with growing businesses in mind, making it easier for you to scale without breaking the bank.

As you build and grow in 2025, choose a payment solution that grows with you. Power your startup with Chimoney and deliver better services and experiences to your customers. [**Get started today**](https://chimoney.io/?book_a_demo=1)! 



Discover the key to seamless, secure, and scalable payment solutions for your startup. Learn how the right provider can boost customer satisfaction, increase conversions, and enhance security. Find out why Chimoney is the perfect partner to power your business growth in 2025!

Empowering Startups with Seamless Payment Solutions: A Guide for Entrepreneurs

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## Introduction
Welcome to the Chimoney-Interledger integration guide! If you're looking to implement cross-border payments in your application, you're in the right place. This guide will walk you through every step of integrating Chimoney's Interledger-enabled payment services, from basic setup to sending your first payment.

## What is Interledger Protocol (ILP)?
The [Interledger Protocol (ILP)](https://interledger.org/developers/get-started/) is like a universal translator for payments. Just as the internet connects different computer networks, ILP connects different payment systems. This means you can send money across borders and between different types of payment systems seamlessly.

## What You'll Learn
By the end of this guide, you'll know how to:

- Set up your development environment
- Create Interledger wallet addresses for your users
- Send payments between Interledger wallets
- Handle common errors and edge cases

## Prerequisites
- A Chimoney developer account
- Your Chimoney API key
- Node.js and npm/yarn installed
- Axios for making HTTP requests

> If you haven't set up your Chimoney developer account yet, refer to this [**article**](https://chimoney.io/blogs/payment-api-101-getting-started-with-chimoney-s-integration-and-api/) on how to get started with the Chimoney API.

## Setting Up Your Project
**1. Create Your Project Directory**

Open your terminal and run these commands:

```
# create and enter project directory
mkdir chimoney-ilp-integration
cd chimoney-ilp-integration

# initialize npm project
npm init -y

# install required dependencies
npm install axios dotenv
```

**2. Set Up Environment Variables**

Create a .env file in your project root:
```
CHIMONEY_API_KEY=your_api_key_here
CHIMONEY_ENV=sandbox  # Change to 'production' when ready
```
**3. Create Your Project Structure**
![Screenshot from 2025-02-15 00-54-23.png](/uploads/Screenshot_from_2025_02_15_00_54_23_257e882d22.png)

**4. Configure Your Application**

Create `src/config.js`:

```
import dotenv from 'dotenv';
dotenv.config();

export const config = {
  apiKey: process.env.CHIMONEY_API_KEY,
  baseUrl: process.env.CHIMONEY_ENV === 'production'
    ? 'https://api-v2.chimoney.io/v0.2'
    : 'https://api-v2-sandbox.chimoney.io/v0.2',
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': process.env.CHIMONEY_API_KEY
  }
};
```
## Creating Your Chimoney Service

Create `src/services/chimoneyService.js`:

```
import axios from 'axios';
import { config } from '../config.js';

class ChimoneyInterledgerService {
  constructor() {
    this.baseUrl = config.baseUrl;
    this.headers = config.headers;
  }

  async issueWalletAddress(userID, ilpUsername) {
    try {
      const response = await axios.post(
        `${this.baseUrl}/accounts/issue-wallet-address`,
        {
          userID,
          ilpUsername
        },
        { headers: this.headers }
      );
      return response.data;
    } catch (error) {
      this.handleError(error);
    }
  }

  async sendPayment(walletAddress, amount, subAccount) {
    try {
      const response = await axios.post(
        `${this.baseUrl}/payouts/interledger-wallet-address`,
        {
          interledgerWallets: [
            {
              interledgerWalletAddress: walletAddress,
              amountToDeliver: amount
            }
          ],
          subAccount
        },
        { headers: this.headers }
      );
      return response.data;
    } catch (error) {
      this.handleError(error);
    }
  }

  handleError(error) {
    if (error.response) {
      const errorMessage = error.response.data.message || 'API request failed';
      console.error('API Error:', errorMessage);
      throw new Error(errorMessage);
    }
    throw error;
  }
}

export default ChimoneyInterledgerService;
```

## Using the Service

Create `src/index.js`:

```
import ChimoneyInterledgerService from './services/chimoneyService.js';

async function main() {
  const chimoneyService = new ChimoneyInterledgerService();

  try {
    // Issue a new wallet address
    const wallet = await chimoneyService.issueWalletAddress(
      'user123',  // Your user's unique ID
      'john.doe'  // Desired ILP username
    );
    console.log('New wallet created:', wallet);

    // Send a payment
    const payment = await chimoneyService.sendPayment(
      wallet.data.walletAddress,  // Recipient's wallet address
      10,                         // Amount to send
      'your-subaccount-id'       // Your subaccount ID
    );
    console.log('Payment sent:', payment);
  } catch (error) {
    console.error('Error:', error.message);
  }
}

main();
```
## Testing Your Integration

**Test Wallet Creation:**

```
// Test creating a wallet
const wallet = await chimoneyService.issueWalletAddress(
  'test-user-1',
  'test.user'
);
console.log(wallet);
```

**Test Sending Payment:**

```
// Test sending a small amount
const payment = await chimoneyService.sendPayment(
  'https://ilp-sandbox.chimoney.com/test.user',
  1,
  'your-subaccount'
);
console.log(payment);
```

## Common Errors and Solutions
**1. Authentication Errors**
```
{
  "status": "error",
  "message": "Invalid API key"
}
```
Solution: Double-check your API key in the .env file

**2. Invalid Wallet Address**
```
{
  "status": "error",
  "message": "Invalid wallet address format"
}
```
Solution: Ensure the wallet address follows the correct format: https://ilp-sandbox.chimoney.com/username

**3. Insufficient Funds**
```
{
  "status": "error",
  "message": "Insufficient funds in account"
}
```
Solution: Add funds to your Chimoney account or reduce the transfer amount

## Best Practices

**Error Handling**
- Always implement comprehensive error handling
- Log errors for debugging
- Provide meaningful error messages to users

**Security**
- Never commit your API keys
- Use environment variables
- Validate all input data

**Testing**
- Start with sandbox environment
- Test with small amounts first
- Test error scenarios

## Moving to Production

When you're ready to go live:

1. Change your environment to production:

```
CHIMONEY_ENV=production
```

2. Update your API key to the production key
3. Update the base URL in your requests to `https://api-v2.chimoney.io/v0.2`

## Need Help?
- Join the [Chimoney Developer Community](https://discord.com/invite/Q3peDrPG95)
- Contact support at support@chimoney.io

Remember to always test thoroughly in the sandbox environment before moving to production. 

Integrate seamless cross-border payments with Chimoney's Interledger-enabled services. Learn how to issue Interledger wallet addresses and send payments using Chimoney's API. Follow this step-by-step guide to set up, authenticate, and securely transact with Interledger Protocol.

A Developer's Guide to Enabling ILP Payments with Chimoney

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Imagine you're hosting a charity baking event to raise funds for an underserved community overseas, helping them gain access to 24/7 electricity and clean water. After reaching your fundraising goal, you send the money using a platform like PayPal, feeling a sense of accomplishment. However, days later, when you check for updates, there’s no clear confirmation that the funds have reached their intended destination. What was once excitement about making a difference quickly turns into frustration and uncertainty.

A better solution? **Chimoney**.

Chimoney enables seamless global payouts to over 130 countries using just an email address. In this case, the community you’re supporting can instantly redeem the funds to their registered bank account or mobile money, depending on their preference.

This article explores how global payout platforms like Chimoney can empower non-profits and community initiatives by providing a transparent, efficient, and cost-effective way to streamline international transfers.

## How Global Payout Platforms Offer Transparency and Save You Money

Non-profits often face a common challenge when using traditional banking to send funds overseas: these platforms typically charge high fees for transactions and require additional payments to access many of their services. For example, [just in 2023 alone, nonprofits collectively spent approximately $3 billion on transaction fees.](https://www.zeffy.com/blog/nonprofits-paid-2-billion-in-transaction-fees-last-year). In other words, traditional banking platforms can be prohibitively expensive. 

Unlike traditional banks, Chimoney offers transparent and affordable payment rates, with clearly disclosed fees, making it easier for nonprofits to plan and budget their funding effectively. The platform was founded by [Uchi Uchibeke, who experienced firsthand the high fees of traditional banking while trying to send prize money to winners of AfriHacks, a hackathon he was hosting.](https://chimoney.io/blogs/techstars-backs-chimoney-to-revolutionize-global-payouts/) With Chimoney, he was able to pay the winners without hidden fees. 

Transparent pricing is just one of the many ways global payout platforms like Chimoney can empower your non-profit or community initiative. Next, let’s explore another key advantage.

## Overcoming Geographical Barriers

Another common issue that nonprofits and community initiatives face when it comes to sending funds overseas is restrictions that limit them to certain countries. This limitation can be especially challenging for organizations whose mission is to provide aid to those in need, regardless of location. Unlike traditional banks, [Chimoney enable transactions in over 100 countries worldwide](https://chimoney.io/payouts/), giving nonprofits the freedom to support their intended recipients wherever they are. With this capability, nonprofits can overcome geographical barriers and better fulfill their mission.

## Ensuring Timely Fund Transfers

It may sound cliché, but "time is money" truly applies when it comes to getting funds where they’re needed—on time. Unfortunately, traditional banks often have limited transfer windows, especially for international transactions, as they [must follow country-specific protocols](https://tipalti.com/resources/learn/global-payouts/#the-challenges-that-face-global-payouts). For instance, Bank of America customers who need to send international transfers can only do so [by 5:00 pm Eastern Time](https://www.bankofamerica.com/help/cutoff-times/), and they [must use SWIFT codes](https://info.bankofamerica.com/en/digital-banking/wire-transfers), which can add [delays to the process](https://meestpay.com/what-is-swift-money-transfer-and-its-disadvantages/). These restrictions can hinder nonprofits by delaying the vital funds needed for their communities.

Global payout platforms like Chimoney offer fast delivery and 24/7 payment processing, allowing nonprofits to make quick, reliable transfers across borders. This means no waiting for banking hours or dealing with restrictive protocols—funds reach recipients quickly. For example, [AfricaHacks uses Chimoney's bulk payout feature to reward hackathon winners](https://chimoney.io/blogs/5-types-of-people-who-should-use-chimoneys-bulk-gift-cards-feature/). With just one click, all winners receive their payouts instantly, redeemable via bank transfers, mobile money, airtime, or gift cards.

Now, before you go, there’s just one more benefit of using global payout platforms like Chimoney for nonprofit funding.

## Expanding Transfer Options

Even though traditional banks provide ways to send money, their options are often limited. For instance, [Bank of America only allows users to send money internationally via its website or mobile app](https://info.bankofamerica.com/en/digital-banking/wire-transfers), while some local banks require in-person visits. This setup can be a challenge for nonprofits, as the communities they serve may lack access to these specific channels or may not have these banks in their country.

In contrast, global payout platforms like Chimoney offer a wider range of transfer methods, allowing nonprofits to choose the delivery method that best meets the needs of their organization and recipients. For example, through Chimoney’s partnership with the [International Student Identity Card (ISIC), students can manage their finances more easily](https://chimoney.io/blogs/chimoney-partners-with-isic-to-expand-global-benefits-for-chimoney-app-users/) and send or receive funds through email, or within Chimoney app.

Now that you know the advantages of global payout systems, let’s explore how Chimoney's platform can further empower nonprofits and communities.

## How Chimoney Empowers Communities and Non-profits

Before spending time searching for global payout platforms, consider Chimoney. The platform simplifies payments for non-profits, helping them receive donations from around the world through Chimoney wallets. With [TryOpenGiving](https://tryopengiving.com/), an open-source platform developed by Chimoney, non-profits can accept donations via Chimoney, [Interledger](https://interledger.org/), and other payment methods, making financial contributions seamless and accessible for both donors and organizations.

## Now It's Your Turn

Timely financial support and transparency are essential for empowering non-profits and community initiatives to drive meaningful change. With the right global payout solution, you can enhance your impact, ensuring funds reach the people who need them most. Take the first step toward transforming your community and discover how Chimoney can unlock new possibilities.
___

### About the Author

Christine Belzie is a technical writer and open source maintainer. Her articles have been featured on websites like FreeCodeCamp and Pieces For Developers. If you want to connect with her, check out her socials on [Linktree](https://linktr.ee/ChrissyCodes).


Discover how global payout platforms like Chimoney can help non-profits and community initiatives send funds overseas with transparency, lower fees, and faster transactions. Learn how to overcome banking challenges and maximize your impact.

How Global Payout Platforms Like Chimoney Empower Communities and Non-profits

large_Payment API 103 Automating Invoices with Chimoney's AI Invoice Data Generator.png

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## Introduction

Billing and monetization are key factors that can determine the business success of AI platforms. The challenge lies in finding a pricing model that is scalable, easy for customers to understand, and simple for engineers to implement. One standout model that has gained popularity in AI services and SaaS businesses is the credit-based system. This article will explain how to create a credit-based pricing system tailored for AI platforms and organizers, examining different approaches and showing how to build this system using [**Chimoney**](https://chimoney.io/).

A credit-based model offers flexibility and simplicity, making it suitable for various applications, including AI-driven SaaS, collaborative platforms with human and AI contributors, AI agent marketplaces, or products that charge based on task usage. This approach benefits both your company and your customers by providing a clear and manageable pricing structure.

_This guide includes detailed, practical examples to help you implement this system so let's dive in!_

___

## What Is a Credit-Based Pricing Model?
A credit-based pricing model allows users to pre-purchase units (credits) that they can use for various services or tasks on your platform. Unlike traditional pay-per-use models, this approach offers flexibility for users to buy credits in bulk, use them as needed, and manage costs more effectively. It also provides a clear, predictable revenue stream for businesses.

### Why Is It Ideal for AI Platforms?
AI platforms, whether for automation, data processing, or collaborative work, often perform tasks with variable complexity and cost. Charging per task directly can be complicated, as tasks might have different levels of AI involvement and resource consumption. 
With a credit-based model:

- Users know exactly how many credits a task costs before committing.
- Credits can be scaled to represent any unit of value, such as the complexity or type of AI service being used.
- Bulk credit purchases incentivize higher spending and user commitment.

___

### Options for Implementing a Credit-Based Model
Before diving into the specifics, let’s explore the different options for implementing a credit system:
1. **Native Accounting System:** Build your own internal system to track user credits.
- **Pros**: Full control over credit logic, expiration, and special features.
- **Cons**: Complex, time-consuming, and requires strict security measures.
2. **Third-Party Payment Processors:** Use systems like Stripe to handle payments and credit purchases.
 - **Pros**: Good for one-time credit purchases with seamless checkout experiences.
 - **Cons**: Might require custom tracking systems to manage credits after purchase.
3. **Chimoney for [Multi-Currency Wallet](https://chimoney.io/multi-currency-wallets/) and Credit Management:** Use Chimoney’s API to leverage multi-currency wallets and transaction metadata to manage credits securely.
- **Pros**: Simplifies the process, integrates with existing wallet infrastructure, and provides robust tracking and audit capabilities.
- **Cons**: Limited to Chimoney’s transaction and metadata management capabilities.

While a native system gives you full control, it comes with heavy development overhead. Third-party processors like Stripe are great for payment handling but fall short on integrated credit tracking. Chimoney strikes a balance by allowing you to handle credit purchases and tracking through its multi-currency wallet and metadata features.
___

## Step-by-Step Guide to Building a Credit-Based Pricing System with Chimoney

### Step 1: Understanding Chimoney’s Capabilities
Chimoney offers a [**powerful API**](https://chimoney.io/developers-api/) for managing wallets and multi-currency transactions, making it an excellent choice for building a credit-based system without heavy custom development. Here’s what you can use:

- **Wallets**: Each user can have a wallet to hold balances.
- **Transactions**: Securely handle deposits, withdrawals, and metadata.
- **Metadata**: Attach custom data to transactions for tracking credits.

_For more details, refer to the_ [_Chimoney API Documentation_](https://chimoney.readme.io/reference/introduction)

___
### Step 2: Setting Up User Wallets and Managing Credits

**1. Create a User Wallet**

Each user or business will need a Chimoney wallet for credit purchases. [**Chimoney’s Multicurrency Wallet**](https://chimoney.io/multi-currency-wallets/) allows users to hold value and transact in multiple currencies. Credits purchased by users will not be held as traditional currency but represented through transaction metadata.

**Code Example: Issue a Multi-currency Wallet**

_Checkout the Create Multi-currency Wallet endpoint on Chimoney API Docs_ [_here_](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-create)

![carbon (4).png](/uploads/carbon_4_464564334d.png)

**2. Purchase Credits:** 

Credits can be bought in two ways:
- **Directly Debit User Wallets**: Deduct USD balances and track the transaction via metadata.

- **Initiate a Payment Request**: Allow users to pay via cards, Interac, or Mobile Money, with the amount settling in your Chimoney account.


**Code Example: Initiate a Payment Request**

_Checkout the Initiate Payment Request endpoint on Chimoney API Docs_ [_here_](https://chimoney.readme.io/reference/post_v0-2-payment-initiate-1)

![carbon (5).png](/uploads/carbon_5_d286c66f97.png)


**3. Direct Transfer from their Wallet to your Wallet**

Another option is to facilitate a direct Transfer of funds from their Wallet to your Wallet.

**Code Example: Direct Debit to the Platform Wallet**

![carbon (6).png](/uploads/carbon_6_56595d4e88.png)

The example you chose above depends on several factors:
1. If your platform allows users to earn money or rewards to their Chimoney Wallet, then they should be able to convert this to AI credits.
2. If you want to give users the flexibility to pay for Credit using multiple options including local currency, payment rails like Interac and alternative payment methods like Mobile Money.

___
### Step 3: Tracking and Deducting Credits

**Credit Structure** 

To manage credits, mantain a credit ledger in your system with entries referencing Chimoney transaction IDs and tracking `creditsPurchased` and `creditUsed`.

**Code Example: Credit Entry**

![carbon (7).png](/uploads/carbon_7_681a3602ea.png)


**Deducting Credits (LIFO Approach)** 

When users spend credits, use the "Last In, First Out" (LIFO) approach; start deducting from the most recent credit purchase. This ensures newer credits, which customers often expect to use first, are consumed before older ones.

**Code Example: Deduct Credit**

![carbon (8).png](/uploads/carbon_8_426d05e78b.png)
___

### Step 4: Implementing Top-Ups and Balance Management
**Top-Up Workflow:**
1. The client initiates a top-up request.
2. The corresponding amount is deducted from their Chimoney wallet.
3. A new record is created in the credit ledger to track the transaction.

**API for Adding Credit Entries**

This process updates the user’s balance by logging the credits purchased into the system. The credit ledger is updated with a new entry, associating the transaction ID with the credits purchased.

**Code Example: Top-up credit**

![carbon (9).png](/uploads/carbon_9_5af535b92c.png)
___
### Step 5: Displaying Credit Balance to Users
To show users their credit balance, follow these two steps:

**1. Calculate the Total Remaining Credits**

For each credit entry, subtract `creditsUsed` from `creditsPurchased` and sum up all the remaining credits across entries to get the total.

**Code Example: Calculate Credit Balance**


![carbon (10).png](/uploads/carbon_10_b96d8004fe.png)

**2. Create an Endpoint to Display Credit Balance**


Use an API endpoint to fetch the calculated credit balance for a specific user and respond with the user's available credits.

**Code Example: Credit Balance Endpoint**

![carbon (11).png](/uploads/carbon_11_ea080e6a7c.png)
___
### Step 6: Ensuring Security and Auditability

To maintain a secure and reliable credit system, follow these practices:

**1. Maintain an Audit Trail:**
- Use Chimoney’s [chiRef](https://chimoney.readme.io/reference/knowing-the-api#chiref) in your `CreditEntry` to tie credit purchases to secure transactions.
- Regularly reconcile credit entries with Chimoney’s transaction logs for consistency.

**2. Ensure Data Integrity:**
- Implement atomic updates to ensure that `creditsUsed` changes are safe and conflict-free.

**3. Integrate Real-time Webhooks:**
- Set up webhooks to handle real-time updates when payments are made, ensuring your credit ledger stays up-to-date.
- Chimoney offers [**Webhooks**](https://chimoney.readme.io/reference/webhooks-and-events) to notify you of transaction states.

**Code Example: Monitor Chimoney Webhooks**

![carbon (12).png](/uploads/carbon_12_ebe25cca81.png)
___
### Comparing Chimoney to Other Credit Management Approaches

When deciding on a credit management solution, here’s how Chimoney stacks up against other common approaches:


**1. Building a Native System:**
- **Pros**: Full control over the system, allowing you to define custom rules and workflows.
- **Cons**: Complex to build, high maintenance, security risks.

**2. Using Third-Party Payment Processors:**
- **Pros**: Great for handling payments, limited credit management capabilities.
- **Cons**: Often requires custom solutions for credit tracking.

**3. Chimoney-Based Approach:**
- **Pros**: Simplifies credit handling with wallet management, secure transactions, and metadata capabilities. Easy integration for auditing and tracking.
- **Cons**: Dependent on Chimoney’s services, but highly reliable for businesses.
___
## Conclusion
Building a credit-based pricing system for your AI platform doesn’t have to be daunting. By leveraging [**Chimoney’s multi-currency wallet infrastructure**](https://chimoney.io/multi-currency-wallets/), you can implement a secure, scalable, and easy-to-manage credit system without building everything from scratch. The key is understanding how to integrate Chimoney’s transaction metadata and wallet management to track credit purchases and deductions seamlessly.

For platforms monetizing task-based AI services, collaborative AI-human interactions, or SaaS products that benefit from flexible billing structures, this guide and Chimoney’s integration steps provide a solid foundation to create a robust solution that scales with your business.

Ready to build your credit-based pricing system with Chimoney? Check out the [**Chimoney API documentation**](https://chimoney.readme.io/reference/introduction) or [**book a demo**](https://chimoney.io/?book_a_demo=1) with us to get started today!

___
## Appendix: Code Snippets
Below are the code snippets referenced in this guide. You can copy them directly into your implementation.

**Code Example: Issue them a Multi-currency Wallet**
````
const fetch = require('node-fetch');
const chimoneyAPIBase = 'https://api-v2-sandbox.chimoney.io/v0.2'; // Sandbox
const chimoneyAPISecret = process.env.CHIMONEY_API_SECRET;

try {
  const url = `${chimoneyAPIBase}/multicurrency-wallets/create`;
  const options = {
    method: 'POST',
    headers: {
      accept: 'application/json',
      'content-type': 'application/json',
      'X-API-KEY': chimoneyAPISecret,
    },
    body: JSON.stringify({
      name: 'Jane AI Doe',
    }),
  };

  const response = await fetch(url, options);
  const json = await response.json();
  console.log(json);
} catch (error) {
  console.error('error:', error);
}
````


**Code Example: Initiate a Payment Request**

```
const fetch = require('node-fetch');
const chimoneyAPIBase = 'https://api-v2-sandbox.chimoney.io/v0.2'; // Sandbox
const chimoneyAPISecret = process.env.CHIMONEY_API_SECRET;

try {
  const url = `${chimoneyAPIBase}/payment/initiate`;
  const options = {
    method: 'POST',
    headers: {
      accept: 'application/json',
      'content-type': 'application/json',
      'X-API-KEY': chimoneyAPISecret,
    },
    body: JSON.stringify({
      amount: 'AMOUNT_YOU_CHARGE_FOR_N_NUMBER_OF_CREDITS', // decided by your pricing plan
      currency,
      payerEmail,
      redirect_url,
      meta: {
        orulyType: 'credit_purchase',
        userId: 'your_platform_user_id',
        credits: 'NUMBER_OF_CREDITS_TO_PURCHASE',
      },
    }),
  };

  const response = await fetch(url, options);
  const json = await response.json();
  console.log(json);
} catch (error) {
  console.error('error:', error);
}
````

**Code Example: Direct Debit their Platform Wallet**

````
const chimoneyAPIBase = "https://api-v2-sandbox.chimoney.io/v0.2"; // Sandbox
const chimoneyAPISecret = process.env.CHIMONEY_API_SECRET;

try {
  const url = `${chimoneyAPIBase}/payment/initiate`;
  const options = {
    method: "POST",
    headers: {
      accept: "application/json",
      "content-type": "application/json",
      "X-API-KEY": chimoneyAPISecret,
    },
    body: JSON.stringify({
      subAccount: "THE_USERS_MULTICURRENCY_ACCOUNT_ID",
      amountToSend: "10",
      originCurrency: "USD",
      receiver: "YOUR_CHIMONEY_ACCOUNT_EMAIL",
      destinationCurrency: "USD",
      narration: "AI Credit purchase",
      meta: {
        orulyType: "credit_purchase",
        userId: "your_platform_user_id",
        credits: "NUMBER_OF_CREDITS_TO_PURCHASE",
      },
    }),
  };

  const response = await fetch(url, options);
  const json = await response.json();
  console.log(json);
} catch (error) {
  console.error("error:", error);
}const fetch = require("node-fetch");
````

**Code Example: Credit Entry**
````
interface CreditEntry {
  transactionId: string;
  creditsPurchased: number;
  creditsUsed: number;
}

let userCredits: CreditEntry[] = [];
````
**Code Example: Deduct Credit**

````
function deductCredits(
  userCredits: CreditEntry[],
  creditsToDeduct: number
): boolean {
  let remainingCredits = creditsToDeduct;

  for (let i = userCredits.length - 1; i >= 0 && remainingCredits > 0; i--) {
    const entry = userCredits[i];
    const availableCredits = entry.creditsPurchased - entry.creditsUsed;

    if (availableCredits > 0) {
      const creditsUsed = Math.min(availableCredits, remainingCredits);
      entry.creditsUsed += creditsUsed;
      remainingCredits -= creditsUsed;
    }
  }

  return remainingCredits === 0;
}
````
**Code Example: Top-up credit**

````
function addCreditEntry(
  userCredits: CreditEntry[],
  transactionId: string,
  creditsPurchased: number
) {
  userCredits.push({ transactionId, creditsPurchased, creditsUsed: 0 });
}
````
**Code Example: Calculate Credit Balance**

````
function calculateTotalCredits(userCredits: CreditEntry[]): number {
  return userCredits.reduce((total, entry) => {
    return total + Math.max(0, entry.creditsPurchased - entry.creditsUsed);
  }, 0);
  ````
**Code Example: Credit Balance Endpoint**
````
app.get('/api/user/credits', (req, res) => {
  const userId = req.query.userId;
  const credits = calculateTotalCredits(getUserCredits(userId));
  res.json({ availableCredits: credits });
});
````

**Code Example: Monitor Chimoney Webhooks**

````
app.post('/webhook/credits', (req, res) => {
  const { transactionId, creditsPurchased } = req.body;
  addCreditEntry(getUserCredits(req.userId), transactionId, creditsPurchased);
  res.sendStatus(200);
});
}
````





Lear how to monetize your AI business with a credit-based pricing system using Chimoney. This comprehensive guide explores the benefits of credit models for AI platforms, offering step-by-step implementation strategies and practical examples to enhance billing and customer experience. 

Building Credit-Based Pricing Systems for AI Platforms: How to Monetize Your AI Business with Step-by-Step Implementation Using Chimoney

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We’re excited to introduce the **Chimoney App**, designed to empower Canadians with simple, secure international transactions. With just an email address or phone number, users can send money to over 100 countries—making cross-border payments feel as easy as sending a text. Chimoney is one of Canada’s first companies to integrate with Interledger, enabling users to complete transactions on web monetization-enabled pages through the Chimoney App and receive payments from anyone online.

## Key Features of the Chimoney App

- **Global Money Transfers**: The Chimoney App allows users to send money across borders simply by using the recipient's email address or phone number, removing the need for complex account details. This feature supports transactions to over 100 countries, making global transfers as easy as sending a text.

- **Multi-Currency Wallets**: Users can hold and manage balances in multiple currencies—specifically USD, CAD, and NGN. They can switch seamlessly between currencies, making it convenient for cross-border transactions without needing separate accounts for each currency.

- **Flexible Payment Options**: Recipients can choose how to receive funds, including bank transfers, mobile money, airtime, gift cards, or local options such as CAD withdrawals via Interac Email, NGN withdrawals to Nigerian bank accounts, and USD withdrawals to U.S. bank accounts.

- **Universal Payment Links**: Chimoney’s Universal Payment Requests enable users to request payments in CAD, USD, or NGN from specific email addresses directly through the app. Once a payment request is made, the payer receives an email with a secure payment link, which they can use to fulfill the payment. The requested amount is instantly credited to the requester’s Chimoney App wallet in the specified currency, providing a smooth and efficient transaction experience.

## Designed to Support Canadians in Every Walk of Life

### Everyday Canadians and Small Businesses
Chimoney recognizes the everyday challenges Canadians face, from rising costs to daily essentials. Designed to support hard-working Canadians and small businesses, Chimoney offers CAD bank accounts, simple payment solutions, and currency exchange services that make managing finances affordable and accessible. Whether sharing bills or sending funds internationally, Chimoney provides essential tools for economic stability.

### Freelancers and Remote Workers
Canada’s freelance and remote talent requires reliable payment options. With Chimoney’s Universal Payment Links and multi-currency wallets, Canadian freelancers and remote workers can easily receive international payments, strengthening Canada’s role as a global talent hub.

### International Students
For Canada’s diverse student community, Chimoney provides financial flexibility. Without needing additional bank accounts, international students can manage funds efficiently, allowing them to focus on academics and contribute meaningfully to Canadian society.

### Canadian Associations and Community Groups
Chimoney proudly partners with Canadian associations and community organizations, offering tailored financial solutions and perks that support group finances and member engagement, making Chimoney a trusted choice for organizations across the country.

## What Powers Chimoney App?

The Chimoney App is powered by the **Chimoney API**, which provides a secure and user-friendly payment experience through the Interledger Protocol (ILP). This integration not only simplifies global transactions but also equips Canadians with financial tools that bypass traditional banking obstacles.

### Key API Features

- **[Multi-Currency Wallet Creation](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-create)**: When users sign up, multi-currency wallets are automatically created for them allowing them to manage balances across USD, CAD, and NGN within the Chimoney ecosystem.

- **[Issuing Interledger Wallet Addresses](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-wallet-address)**: Each user is assigned an Interledger wallet address, which allows them to receive payments directly through the link into their Chimoney App wallet.

- **[Multi-Currency Wallet Transfers](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-transfer)**: The **Get Paid** feature allows users to get paid when the sender clicks 'Pay Now'. The transfer of payment from the sender's wallet to the receiver's wallet is powered by the multi-currency wallet transfer endpoint which routes the payment through the Interledger network when 'send via Interledger' is enabled.

- **Webhook Notifications**: Chimoney sends webhook notifications to both parties involved in the payment process, confirming that the sender’s wallet is debited and the receiver’s wallet is credited.

## Integrating with the Chimoney Interledger-Enabled API

1. **Register for API Access**: Start by signing up at [**sandbox.chimoney.io**](https://sandbox.chimoney.io) to obtain your API key.

2. **Explore the Documentation**: Our [**Chimoney API Documentation**](https://chimoney.readme.io/reference/introduction) provides step-by-step guidance on creating multi-currency wallets, issuing Interledger wallet addresses, and managing wallet transfers.

3. **Test and Deploy**: Use our Sandbox environment for testing to ensure smooth integration before going live.

## Get Started with Chimoney

For businesses seeking to explore how to integrate Chimoney App features  using our API, [book a demo with us today!](https://chimoney.io). For more details about our mission to enable financial freedom, visit our website at [chimoney.io](https://chimoney.io).


The Chimoney App offers Canadians a seamless solution for global payments, enabling secure transactions to over 100 countries with just an email or phone number. Manage multi-currency wallets, send money easily, and enjoy flexible options tailored for freelancers, students, small businesses, and community groups.

Introducing the Chimoney App: Seamless Global Payments for Canadians

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This month, we've introduced several exciting new features and improvements to enhance your experience and make managing transactions even more seamless. Below, you’ll find a detailed breakdown of the latest additions, fixes, and updates.

## New Features

- **Added the `Issue Interledger Wallet Address to a User`**: This feature allows the issuance of Interledger Wallet Addresses to users through their `userID` and `ilpUsername`. [View the update here](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-wallet-address).

- **Easier access to statements**: Accessing statements is now more user-friendly! You can view and download statements with pre-filled date ranges based on your URL parameters (`from`, `to`).
![september.png](/uploads/september_8bfdf9dc23.png)

- **Subaccount tab on Transactions page**: We’ve added a new Subaccount tab on the Transactions page, allowing users to easily view transactions initiated from subaccounts.
![sub accounts.png](/uploads/sub_accounts_79b46c1cfe.png)

- **Sub-account spending management**: A new feature has been added to help monitor and manage sub-account spending. This feature provides insights into weekly spending activity compared to allowed limits.

## Updates

- **Transaction Analytics improvements**: We’ve improved the Transaction Analytics page, adding more efficient currency switching via the new Currency Toggle Button. Additionally, "USD" is now the default when the selected currency is unavailable.
![sub accounts (1).png](/uploads/sub_accounts_1_c6b8b94c55.png)

- **Crypto wallet addresses**: We’ve added support for issuing crypto wallet addresses to users. Admins can now enable this feature, which automatically assigns and saves a wallet address to the user's profile with they can view [here](https://dash.chimoney.io/identity/profile/crypto).

- **Optional walletID for payment requests**: We’ve introduced `walletID` as an optional parameter when initiating a payment. For more details, refer to the [initiating a payment request endpoint](https://chimoney.readme.io/reference/post_v0-2-payment-initiate-1).

## Fixes

- **Duplicate organization entries**: We fixed an issue where users were seeing duplicate entries of their organizations.


Discover the latest features, updates and fixes in our September Changelog

September Changelog

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We are excited to share the latest updates from August 2024! Here’s a summary of the improvements, and bug fixes we’ve released, all made with our users in mind:

## Improvements
**Chimoney Web App Dashboard Updates**

We’ve made significant enhancements to the Chimoney web app dashboard for a more intuitive experience:

1. **Reorganized Navigation & UI:** The dashboard is now divided into four main sections: Dashboard, Payments, Developers & API, and Identity Management for easier access to key features.
![Bulk pay.png](/uploads/Bulk_pay_4d3bd622ee.png)

2. **New Pages in the Dashboard Section:**

 - **Dashboard Page:** Send payouts globally and manage multi-currency wallets.

 - **Transactions Page:** View and filter all transactions, with a new option to download statements.

- **Organizations Page:** Create organizations and add team members for collaboration.

- **Transaction Insights Page:** Access analytics, key metrics, trend analysis, and redemption tracking.
![Insights.png](/uploads/Insights_665e727baf.png)

3. **Payments Section Updates:** All payment-related features are now consolidated into a single section with new pages like Bulk Pay, Groups, Quick Pay, Collections, and Payables to streamline your payment operations.
![Pay.png](/uploads/Pay_ebbdbbd9a2.png)
4. **Dedicated Developers & API Section:** New pages for API Credentials and Webhooks to give developers better control over their API integrations and webhook management.
![Dev.png](/uploads/Dev_7cd8e0e7a7.png)

Explore these updates by logging into your Chimoney account at [**dash.chimoney.io**](http://dash.chimoney.io)!


**UPA Page Enhancements:**
  - We updated the UPA page (Payment Profile) to allow saving contacts on mobile devices, making it easier for you to manage your contacts on the go.
   ![shots (6).png](/uploads/shots_6_7c9e32ad15.png)
  - We also added a QR code on the page.
![shots (9).png](/uploads/shots_9_b66d344850.png)

**Payment Profile Visibility:**
  - We now display payment profiles regardless of Interledger support (presence of an Interledger Payment Pointer)

**Swagger Documentation Update:**
  - We updated the [**Redeem Gift Card**](https://api.chimoney.io/api-docs/#/Redeem/post_v0_2_redeem_gift_card) endpoint by adding a detailed schema under `redeemOptions`. This schema now explicitly lists `email`, `countryCode`, and `productId` as properties, each with corresponding types and example values, to provide you with better clarity. We also defined the `chiRef` and `redeemOptions` as required fields.
  
  - We removed redundant `email` and `phoneNumber` fields from the [**Multi-currency wallets transfer**](https://api.chimoney.io/api-docs/#/MultiCurrency%20Wallets/post_v0_2_multicurrency_wallets_transfer) endpoint request schema. The transfer process now prioritizes the `receiver` field, which accepts a valid Chimoney Multi-currency Account, User, or Organization ID, while retaining key fields like `originCurrency`, `receiver`, and `destinationCurrency` to streamline your transfer experience.
  
  - We also removed the `subAccount` field from the request schema in the [**Get Public Profile of a Chimoney User**](https://api.chimoney.io/api-docs/#/Account/post_v0_2_accounts_public_profile) endpoint but maintained the `userID`, `linkCode`, and `p_id` fields to ensure clear and precise account identification.

**Bulk Send App Process Enhancements:**
  - The mobile money provider selection dropdown is now dynamically populated based on the selected country, ensuring that you can only select valid mobile money providers specific to your region.
   
![shots (7).png](/uploads/shots_7_24ca12d066.png)
  
  - We updated the label for the country selection dropdown from "Mobile money provider" to "Country of Provider" for improved clarity and ease of use.
  
![shots (8).png](/uploads/shots_8_f69b1b3dd0.png)
  - We now check that all required fields (_email, phone number, country, mobile money code, and full name_) are populated before enabling the verification process, preventing incomplete redemptions and ensuring a smooth experience for you.
  
  - We expanded the webhook handler logic to calculate the expected amount based on the currency and convert amounts between currencies when necessary, ensuring accurate and reliable payment processing.
  
  - We updated the checkout page with a dynamic filter option, showing only the relevant payment methods selected by users (e.g., Card/Bank, Crypto, and Chimoney), instead of all default payment options, to make the process more intuitive.


## Fixes

- We’ve ensured that you are securely redirected to the appropriate URL based on your KYC status (complete or ineligible) after completing the verification process.


Discover the latest fixes and updates from August 2024.

August 2024 Changelog

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## Introduction
We are excited to announce the next chapter in our partnership with the [Interledger Foundation](https://interledger.org/news/interledger-foundation-partners-chimoney)! Building on the success of our [Interledger Financial Services Research Grant](https://chimoney.io/blogs/chimoney-and-interledger-bridging-global-payment-systems-for-the-future/), we're thrilled to announce an expansion of the Partnership to enable Interledger Support in Chimoney’s Multicurrency Wallets. This advancement marks a significant leap towards our mission of financial inclusion and economic empowerment.

## Economic Empowerment with Enhanced Interledger Integration
At Chimoney, we believe that financial services should be a universal right, not a privilege. Our integration will significantly boost the capability of Chimoney Wallets. This will enable secure and compliant transactions using Interledger Payment Pointers, facilitate Peer-to-Peer (P2P) transfers, and ensure seamless cross-border payments, expanding digital financial services to tens of thousands of users globally.

## Key Benefits of The Interledger Integration:
- **Interledger Payment Pointers:** Ensures secure and compliant transactions.
- **Peer-to-Peer (P2P) Transfers:** Facilitates easy and instant transfers between our users.
- **Seamless Cross-Border Payments:** Enhances global financial money movement through Chimoney [Global Payouts](https://chimoney.io/payouts/) and [Payment Infrastructure and APIs.](https://chimoney.io/developers-api/)
- **Web Monetization:** Offers new ways for our users to earn and spend money online through micropayment powered by Interledger.

## Advancing Global Financial Inclusion and Innovation
Our collaboration with the Interledger Foundation is more than just a partnership; it's a commitment to breaking down financial barriers and democratizing access to financial services. The Chimoney Interledger App, along with the enhanced integration, represents a step towards realizing our vision of a financially inclusive world where everyone is empowered to earn, spend, and send money freely like Chi*.

## Join the Movement
- **For Fintech Builders and Innovators:** Ready to integrate inclusive financial solutions into your platform? Partner with Chimoney and leverage our improved Interledger capabilities. [Book a demo today](https://chimoney.io/demo)

- **For Our Global Community:** Follow us on [Twitter](https://twitter.com/chimoney_io), [LinkedIn](https://www.linkedin.com/company/chimoney/), and [Instagram](https://www.instagram.com/chimoney_io/) to stay updated on our progress and join us in our mission to democratize financial services worldwide. Together, let's build a world where financial empowerment is accessible to all.
___
_* Chi is your life force, the energy that flows through you and through everything. Chi in Chimoney is our vision to make money flow through every payment system in the world._

Chimoney expands its partnership with Interledger to enhance financial inclusion with secure, seamless global transactions.








Chimoney & Interledger: Expanding Global Financial Access

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We are excited to share the latest updates from June and July 2024! Here’s a summary of the new features, improvements, and bug fixes released during this period:

#### New Features

- **New Endpoints:**
  - We've introduced a new endpoint [`Get Community Members`](https://chimoney.readme.io/reference/get_v0-2-sub-account-community-members-1) that allows you to retrieve all members of a particular community via the Community ID.
  - Now, you can search for [Payee/Merchant information](https://chimoney.readme.io/reference/post_v0-2-info-bill-merchants-ca-1) and seamlessly integrate Canadian bill payments into your applications using the new [`Payout Canadian Bill Payment`](https://chimoney.readme.io/reference/post_v0-2-payouts-bills-ca-1) endpoint.
  
- **Personalized Onboarding Email:** New users on Sandbox now receive a personalized email from our CEO during onboarding. It’s our way of saying “Welcome to the family!”
![Pink Blue Purple Modern Gradient Music Youtube Banner.png](/uploads/Pink_Blue_Purple_Modern_Gradient_Music_Youtube_Banner_943f354da2.png)
  
- **[Use Case Page:](https://chimoney.io/api-use-cases/)** We’ve added a new use case page on the Chimoney website detailing various Chimoney API use cases. This page is your go-to guide for understanding how to leverage our API in real-world scenarios. 
  ![shots.png](/uploads/shots_e3668dd305.png)
- **[Developer Toolkit Page:](https://chimoney.io/toolkit/)** Our new developer toolkit page is live! It features resources and tools for developers, including documentation, SDKs, and integration guides, to ensure your development process with the Chimoney API  is smooth.
  
  ![shots (1).png](/uploads/shots_1_e627299ac3.png)

#### Improvements

- You can now add a personalized message of up to 250 characters in payout transaction bodies and API responses.
- We’ve refined the Transactions table logic to better display wallet-based transactions and incorporate user-specific currency wallets, making it easier for you to track your transactions.
- We enhanced the user search functionality on our Chimoney user management admin dashboard. Finding users is now quicker and simpler, just for you!
- The [Canadian bills payment endpoint](https://api.chimoney.io/api-docs/#/Payouts/post_v0_2_payouts_bills_ca) endpoint now supports USD/CAD with the optional debitCurrency parameter, and we’ve removed the valueInUSD limitation in the Swagger docs for more flexibility in your transactions.
- We’ve added the logic of cleaning up the organization’s member email list by removing users with invites still showing after acceptance, ensuring your lists are accurate and up-to-date.
- We updated the [privacy policy](https://chimoney.io/privacy-policy/) to provide a comprehensive legal framework for users.
- We also improved the UI of our [testimonials page](https://chimoney.io/testimonials/) to make browsing through user/client feedback a pleasant experience.
   
  ![shots (2).png](/uploads/shots_2_9d377d18ff.png)

#### Bug Fixes

- We’ve fixed the logic for marking transactions as debit or non-debit based on the issuer and wallet owner to ensure your transaction records are always accurate.

- Now, you are able to send money to wallets using account IDs.

- We've corrected the double card bug in the organization team section, caused by client IDs being added to both admin and member arrays, to keep your team list clean and accurate.

- We've prevented organization users from inviting already existing emails, including their own, to avoid duplicates and confusion. 

- Airtime redemption in Kenya is now restricted to Safaricom, ensuring a more reliable service for our Kenyan users.

- The organization onboarding process has been improved by rendering validation errors in real-time, allowing you to correct mistakes before form submission for a smoother experience.

We hope these updates enhance your experience with Chimoney! As always, we welcome your feedback and are here to help with any questions.

Read about the latest updates and improvements in our June/July 2024 Changelog, including new features, enhanced functionalities, and bug fixes.








June/July Changelog

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Finding the right payment solution can greatly enhance your business operations, making them more efficient and improving the customer experience. Since handling payments is crucial for any business, choosing the best solution is essential. The right payment system should boost your business performance and meet your specific needs. Fortunately, there are many payment options available today.

In this article, we will guide you through selecting the ideal payment solution for your business. Additionally, we will explore why Chimoney stands out as an exceptional payment solution, offering unique features that can significantly improve your business operations.
## Understand your Specific Business Requirements

The first step to consider as you are in the process of deciding on the best payment solution is to evaluate the following; business model, transaction volume, customer base, and global reach.

### Business Model

Different business models have unique payment needs. For example, if your business is an online store, you’ll need a payment solution that supports various payment methods, such as credit/debit cards, digital wallets (like PayPal and Apple Pay), and bank transfers.

For businesses that offer subscription services, such as streaming platforms or SaaS companies, you’ll need a payment solution that handles recurring payments and supports automated billing cycles, flexible subscription plans, and easy payment updates.

Traditional retail stores will require a payment solution that supports in-person transactions. This includes POS (Point of Sale) systems that can process credit/debit card payments, contactless payments (like NFC), and mobile wallets.

### Customer Base

Depending on your services, customers will have their preferred payment option and this is also a key factor as you choose a payment solution. Different options that are currently available are:

- **Credit/Debit Cards:** These are commonly used worldwide and are essential for any payment solution. For example, in North America and Europe, credit cards are a dominant payment method. Ensuring your payment solution accepts major card networks like Visa, Mastercard, and American Express is vital.

- **Digital Wallets:** Digital wallets such as PayPal, Apple Pay, Google Wallet, and Samsung Pay have gained popularity, and younger demographics and those in regions with high smartphone penetration rates often prefer these methods due to their convenience and security features.

- **Bank Transfers:** In some regions, direct bank transfers are the preferred method of payment. This is particularly true in parts of Asia and Europe, where services like SEPA (Single Euro Payments Area) transfers and local bank transfer options are commonly used. In Canada, Interac e-Transfer is a popular option, enabling secure and quick bank transfers directly between accounts.

- **Mobile Money:** In Africa, particularly East Africa, mobile money has become the predominant payment solution. Mpesa, which originated in Kenya, is a prime example of this widespread adoption.

### Transaction Volume

- **Daily Transactions:** If your business processes a high volume of transactions daily, such as a popular e-commerce site during a sales event, you need a payment solution that can handle the load without delays or downtime. High transaction volume can impact processing times and fees, so it's important to choose a provider that offers robust infrastructure and competitive pricing.

- **Weekly/Monthly Transactions:** For businesses with more predictable or lower transaction volumes, such as a subscription service with monthly billing cycles, the focus should be on ensuring reliability and accuracy in recurring billing processes. The payment solution should handle scheduled payments seamlessly and provide clear reporting for financial management.

### Global Reach

If your business operates internationally, you need a payment solution that supports multiple currencies, cross-border transactions, and regulatory compliance:

- **Multiple Currencies:** Your payment solution should be capable of handling various currencies to cater to customers from different countries. This includes offering a currency conversion feature and multi-currency wallets.

- **Cross-Border Transactions:** International transactions can involve additional complexities, such as higher fees, regulatory compliance, and fraud risk, so it’s essential to choose a payment provider with experience in cross-border payments.

- **Regulatory Compliance:** Ensure your payment solution complies with international regulations and other local regulations. This ensures smooth operations and avoids legal issues.

## Key Features To Look For

Once you have a clear understanding of your business needs, evaluate the payment solutions available based on the following features:

- **Ease of Integration:** Choose a payment solution that can be easily integrated with your existing systems and platforms. Integration should be straightforward and minimally disruptive to your operations. 
[Chimoney offers a comprehensive API that ensures smooth and efficient integration](https://chimoney.io/developers-api/), making it easy to incorporate into your current workflow.

- **Security and Compliance:** Security is paramount when dealing with financial transactions. Ensure that the payment solution complies with industry standards and regulations. 
Chimoney provides security features, safeguarding both your transactions and customer data against potential threats.

- **Versatility and Flexibility:** An ideal payment solution should support various payment methods and currencies to cater to a diverse customer base. 
Chimoney excels in this area by offering [payouts to over 100 countries](https://chimoney.io/payouts), and multi-currency wallets in USD, CAD, and NGN. Users can also cash out to a variety of options including Bank transfers, Mobile Money, and Gift cards. This versatility ensures that you can meet the needs of different customers, regardless of their preferred payment method.

- **Cost-Effectiveness:** It's important to consider the costs involved with each payment solution, including transaction fees, setup fees, and any hidden charges. 
Chimoney provides transparent pricing, ensuring you understand what you're paying for and receive good value for your money.

- **Customer Support:** Reliable customer support is essential for promptly resolving any issues that may arise. 
Chimoney offers dedicated support to assist you whenever needed, ensuring that any problems are addressed quickly and efficiently. Good customer support can make a significant difference in maintaining smooth operations and customer satisfaction.

## Benefits of Choosing Chimoney

- **[Multi-Currency Wallet as a Service (WaaS)](https://chimoney.io/multi-currency-wallets/):** Chimoney’s Multi-Currency Wallet as a Service (WaaS) allows businesses to create and manage digital wallets effortlessly. This feature is particularly beneficial for businesses looking to offer a seamless and secure way for customers to store and use funds in multiple currencies. WaaS integrates smoothly with various platforms, providing both flexibility and ease of use, ensuring a seamless customer experience. 

  _For more details on Chimoney's Multi-currency wallets, you can read the blog post: [Exploring the Future of Global Payments with Multi-Currency Wallets](https://chimoney.io/blog/multi-currency-wallets)._

- **[Payouts to 100+ Countries:](https://chimoney.io/payouts/)** For businesses with a global reach, Chimoney’s ability to facilitate payouts in over 100 countries is a significant advantage. This feature ensures efficient management of international transactions, reducing the complexity and cost associated with cross-border payments. With Chimoney, businesses can streamline their international payout processes, enhancing operational efficiency and customer satisfaction. 

  _[Test out payouts here](https://chimoney.io/)._

- **[Developer API:](https://chimoney.io/developers-api/)** [Chimoney’s Developer API](https://chimoney.io/developers-api/) enables businesses to integrate advanced payment functionalities seamlessly. With comprehensive documentation, robust security, and real-time transaction monitoring, developers can quickly implement and customize payment solutions. The API supports multiple platforms, scales effortlessly, and facilitates transactions in over 100 countries, making it a versatile tool for businesses looking to streamline their payment processes and improve operational efficiency. 

   _For more details, read our blog post: [The Ultimate Guide to Simplifying Global Payouts for Your Business with API Solutions](https://chimoney.io/blog/api-solutions)._

- **[Payment Requests & Invoices:](https://chimoney.io/payment-requests/)** Chimoney’s Payment Request feature simplifies the process of requesting and receiving payments. Freelancers, service providers, and businesses dealing with multiple clients can benefit greatly from Chimoney’s Payment Requests feature. It streamlines your payment process, ensuring timely and accurate payments.

## Steps to Implementing Chimoney

1. **Assessment and Planning:** 
- Evaluate your current payment processes and identify areas for improvement.
- Determine how Chimoney can address these needs effectively. 
-  [Booking a demo meeting with us here](https://chimoney.io/demo) can provide you with a personalized walkthrough of our solutions, helping you understand how Chimoney can seamlessly integrate into your business and optimize your payment operations.

2. **API Integration and Customization:**
- Access Chimoney’s comprehensive [API documentation](https://chimoney.io/api-docs) to understand the various endpoints and functionalities available.
- Integrate the Chimoney API into your application using the sandbox environment provided by Chimoney to test all functionalities without processing real transactions.
- Customize the API integration to suit your business needs, including setting up payment workflows, configuring multi-currency wallets, and implementing payout mechanisms.

3. **Security and Compliance:**
- Implement security measures to protect sensitive data, leveraging Chimoney’s built-in security features and following best practices for API security.
- Ensure your integration complies with relevant financial regulations and standards, facilitating smooth operation across different regions.

4. **Testing and Go-Live:**
- Conduct thorough testing in a live environment to ensure everything works as expected, including transaction flows, error handling, and user experiences.
- Once all tests are successful, move your integration to the live environment and start processing real transactions.

5. **Monitoring and Support:**
- Use Chimoney’s dashboard to monitor transactions in real-time, quickly identifying and resolving any issues.
- Take advantage of Chimoney’s dedicated support team for assistance with any technical issues or questions post-implementation.

## Conclusion

Choosing the right payment solution is a strategic decision that can significantly impact your business’s efficiency and growth. By considering your business needs, evaluating key features, and leveraging the benefits of Chimoney, you can ensure a satisfying payment experience for your customers. [Book a meeting with us today to experience this](https://chimoney.io/demo).


Learn how to choose the best payment solution for your business and discover why Chimoney is the ideal choice.








A Guide to Choosing the Right Payment Solution for Your Business

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Payment API 102 Managing User Accounts with Chimoney's API.png

## Introduction
The Chimoney API's Account Endpoints allow for the management of user accounts and transactions, from retrieving transaction details to transferring funds between accounts. These endpoints are essential for verifying transaction status, ensuring record accuracy, and resolving disputes in transactions, which ultimately enhances customer support and financial management. Additionally, they facilitate user interaction through public profile retrieval, allowing users to share their social and payment links.

This article will guide you through using the Chimoney API's Account Endpoints to manage user accounts and transactions. You'll learn how to retrieve transaction details, transfer funds, and handle other essential operations to enhance customer support and financial management in your application.

## Prerequisites
Before we begin, ensure you have the following:

- A Chimoney developer account
- Your API key from the Chimoney Developer Portal
- Node.js installed on your machine
- Axios library installed in your project

> If you haven't set up your Chimoney developer account yet, refer to our [previous article](https://chimoney.io/blogs/chimoney-guide-series-101-an-introduction-to-the-chimoney-api/) on how to get started with the Chimoney API.

## Introduction to the Account Endpoints
The Account Endpoints are designed to handle various operations related to user accounts and transactions. Here’s a brief overview of the Account Endpoints:

1. **Get Transaction Details by issueID:** Retrieves the details of a specific transaction using its unique identifier.
2. **Get Public Profile of a Chimoney User:** Fetches the public profile information of a Chimoney user. [Example of a user profile](https://profile.chimoney.io/IOjQ4fAHCFbELfKbpYZxmRke7392)
3. **Get All Transactions by Account:** Retrieves all transactions associated with a specific account.
4. **Get Single Transaction Detail:** Retrieves the details of a single transaction.
5. **Account Transfer:** Transfers funds from one account to another.
6. **Delete an Unpaid Transaction:** Deletes an unpaid transaction. 

## Integrating the Endpoints
In this section, we will explore how to integrate each of the Chimoney API's Account Endpoints into your application. 
> **Note:** Ensure you are calling the correct endpoint URL (sandbox or production). If you encounter issues, kindly verify that the appropriate endpoint is being used.

![demo (15).png](/uploads/demo_15_7309224ce8.png)
### 1. Get Transaction Details by issueID
**Endpoint:**
[POST /v0.2/accounts/issue-id-transactions](https://chimoney.readme.io/reference/post_v0-2-accounts-issue-id-transactions-1)

This endpoint allows you to retrieve the details of a specific transaction using its issueID. This is particularly useful when you need to verify the status or details of a transaction after it has been initiated.

**Application**
- Verify the details of a transaction to ensure it was processed correctly.
- Assist customer support in resolving queries related to specific transactions.

> Before we get started, you need to have an issueID. To get it you can initiate a test payout by following these steps:

- Visit the payout chimoney endpoint in the Chimoney API Documentation [here](https://chimoney.readme.io/reference/post_v0-2-payouts-chimoney-1).
![demo (14).png](/uploads/demo_14_349c27e058.png)
- Enter test details in the Body Params section;  `Recipient email address`, `Amount in USD to send`.
- Click the "Try It" Button, this will send a request to the Chimoney API and generate an issueID.
- After clicking "Try It", the issueID will be generated and displayed in the output console.
Copy the generated issueID.

#### Request Example
The code below makes a POST request to the Chimoney API using the Axios library in JavaScript. 
It sets up the request options in the options object and specifies the method as 'POST'. It provides the URL for the Chimoney API endpoint: [https://api-v2-sandbox.chimoney.io/v0.2/accounts/issue-id-transactions](https://api-v2-sandbox.chimoney.io/v0.2/accounts/issue-id-transactions). You will need to add your issueID at the end of this URL.

In the headers, include 'accept' as `application/json`, 'content-type' as `application/json`, and 'X-API-KEY' with your actual API key.
                                                                                                                                                           
```js.
const axios = require('axios');

const options = {
  method: 'POST',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/accounts/issue-id-transactions?issueID= ' //Enter issueID,
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': ' ' //Enter your API Key
  }
};

axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
```
#### Sample Response
The response will include details of the specified transaction, such as the transaction amount, status, date, and any associated metadata. 

![demo (6).png](/uploads/demo_6_f74b7fd3de.png)

### 2. Get Public Profile of a Chimoney User
**Endpoint:**
[POST /v0.2/accounts/public-profile](https://chimoney.readme.io/reference/post_v0-2-accounts-public-profile-1)

This endpoint allows you to retrieve the public profile information of a Chimoney user including social media links.
[Example public profile page](https://profile.chimoney.io/IOjQ4fAHCFbELfKbpYZxmRke7392)

**Application**
- Display user profile information in your application.
- Build features that require user public information, such as user directories.

#### Request Example
Copy and paste the code below into your project where you need to make the API request. Replace 'user-id' in the data object with the actual user ID you want to query.

```js.
const axios = require('axios');

const options = {
  method: 'POST',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/accounts/public-profile',
   headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': '_YOUR_API_KEY_'
  },
  data: { userId: ' ' } //Enter userID
};

axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
```
#### Sample Response
The response will contain the public profile information of the specified user, including their `payment data`, `social media links` , `username` and any other publicly available details.

![demo (12).png](/uploads/demo_12_bc31d77dc1.png)

### 3. Get All Transactions by Account
**Endpoint:**
[POST /v0.2/accounts/transactions](https://chimoney.readme.io/reference/post_v0-2-accounts-transactions-1)

This endpoint allows you to retrieve all transactions associated with a specific account. This is useful for generating account statements or for reviewing transaction history.

**Application**
- Generate detailed account statements for users.
- Review all transactions linked to a specific account for auditing purposes.

#### Request Example:
Enter the accountID whose transaction details you want to retrieve.

```js.
const axios = require('axios');

const options = {
  method: 'POST',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/accounts/transactions',
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': '_YOUR_API_KEY_'
  },
  data: { accountId: ' ' } //Enter accountID
};

axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
```
#### Sample Response
The response will list all transactions associated with the specified account, including details such as transaction IDs, dates, amounts, and statuses.
![demo (7).png](/uploads/demo_7_bf17b1b340.png)

### 4. Get Single Transaction Detail
**Endpoint:**
[POST /v0.2/accounts/transaction](https://chimoney.readme.io/reference/post_v0-2-accounts-transaction-1)

This endpoint allows you to retrieve the details of a single transaction using its transactionID. This is particularly useful for verifying individual transactions and ensuring they were processed correctly.

**Application**

- Verify individual transactions to ensure they were completed successfully.
- Analyze the specifics of a transaction for reporting or troubleshooting.

#### Request Example
Enter the Transaction ID [t_ID] of the specific transaction whose details you want to retrieve.

```js.
const axios = require('axios');

const options = {
  method: 'POST',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/accounts/transaction',
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': '_YOUR_API_KEY_'
  },
  data: { transactionID: 'transaction-id' }
};

axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
```
#### Sample Response
The response will include detailed information about the specified transaction, such as the transaction amount, date, status, and any associated metadata. 

![demo (8).png](/uploads/demo_8_1df9ad86e6.png)

### 5. Account Transfer
**Endpoint:**
[POST /v0.2/accounts/transfer](https://chimoney.readme.io/reference/post_v0-2-accounts-transfer-1)

This endpoint allows you to transfer funds from one account to another. This can be used for various purposes such as internal fund transfers or sending money to another user within your application.

**Application**
- Facilitate transfers between user accounts within your application.
- Implement payment features that require transferring funds between accounts.

#### Request Example
Enter the recipient's ID for the person you intend to pay out to.

```js.
const axios = require('axios');

const options = {
  method: 'POST',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/accounts/transfer',
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': ' ' //Enter _YOUR_API_KEY_
  },
  data: {receiver: ' '} //Enter the recipient's ID
};

axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
```
#### Sample Response
The response will confirm the successful transfer of funds between the specified accounts, including details such as the `payment link`, `redeem data`, `status`, `transfer amount`, `payment date`. 

![demo (11).png](/uploads/demo_11_5deca2e3c2.png)


### 6. Delete an Unpaid Transaction
**Endpoint:**
[POST /v0.2/acconts/delete-unpaid-transactions](https://chimoney.readme.io/reference/delete_v0-2-accounts-delete-unpaid-transaction-1)

This endpoint allows you to delete an unpaid transaction using its transactionID. This is useful for cleaning up pending transactions that were not completed or need to be canceled.

**Application**
- Clean up unpaid transactions.
- Cancel transactions that were initiated by mistake.

#### Request Example

```js.
const axios = require('axios');

const options = {
  method: 'DELETE',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/accounts/delete-unpaid-transaction?chiRef= ', //Enter  chiRef ID
  headers: {
    accept: 'application/json',
    'X-API-KEY': ' ' //Enter YOUR_API_KEY
  }
};

axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
  ```
  #### Sample Response
The response will confirm the successful deletion of the specified unpaid transaction, ensuring that it is removed from the transaction history.
![demo (9).png](/uploads/demo_9_bbce29f486.png)

## Conclusion
By following the provided examples and explanations, you should now be able to integrate these Chimoney Accounts endpoints into your application easily. 

Stay tuned for the next article in this series, where we will explore the AI endpoint of the Chimoney API. If you have any questions or need further assistance, please reach out to us at [support@chimoney.io](support@chimoney.io).

Happy coding with the Chimoney API!



Explore the Chimoney API's Account Endpoints in this guide, featuring detailed examples, use cases, and step-by-step integration instructions.








Payment API 102: Managing User Accounts with Chimoney's API

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## Introduction

Cross-border payments have become increasingly popular and essential in today's global economy, benefiting both businesses and individuals. The Chimoney API addresses this need by offering payout and payment infrastructure. By using Chimoney, you can streamline cross-border payments, improve user experience, and expand your reach to over 130 countries.

This article showcases the key features of the Chimoney API and guides you through making your first Chimoney API call. For detailed examples and specific use cases, check out these blogs:

- [The Ultimate Guide to Simplifying Global Payouts for Your Business with API Solutions](https://chimoney.io/blogs/the-ultimate-guide-to-simplifying-global-payouts-for-your-business-with-api-solutions/)
- [Integrating Multicurrency Wallets: A Deep Dive into Multi-Currency Global Payouts](https://chimoney.io/blogs/integrating-multicurrency-wallets-a-deep-dive-to-multi-currency-global-payouts/)

Additionally, read about how Reeple is using our API for remittances to Africa in this [customer success story](https://chimoney.io/blogs/customer-success-story-reeple-s-seamless-remittance-solution-for-africans-powered-by-chimoney/). 

## What is Chimoney?

At its core, Chimoney is a provider of payment and payout infrastructure and an API, offering seamless cross-border payment solutions. Imagine a world where everyone, regardless of location or economic status, can easily receive payments and redeem them through international bank transfers, gift cards, airtime, and Mobile Money. This is precisely what Chimoney offers.

## What is the Chimoney API?
APIs _(Application Programming Interfaces)_ act as bridges allowing applications to communicate with each other. The Chimoney API enables the integration of Chimoney’s services into applications through various endpoints. It provides essential functionalities to streamline cross-border payments and improve user payment experiences via: 

- **Account and Sub-Account Management:** Create and manage user accounts and sub-accounts efficiently.
- **Multi-Currency Wallets:** Handle wallets that support multiple currencies seamlessly.
- **Global Payouts:** Facilitate payouts to over 130 countries with ease.
- **AI Invoice Generation:** Automatically generate invoices by writing a prompt.
- **Wallet and Account Transfers:** Perform transactions between different wallets and accounts.
- **Bill Payment:** Enable Canadian bill payment functionality within applications.
- **Interac Payouts and Payments**: Facilitate Payouts and collect Payments via Chimoney's Interac
- **Currency Conversions:** Manage conversions between various currencies effortlessly.
- **Payment Requests:** Initiate and manage payment requests effectively.
- **Redemption of Assets:** Redeem assets such as bank transfers and gift cards.


## Exploring Chimoney API Endpoints and Key Features

The Chimoney API is organized into several categories, each offering different Chimoney services:

#### Account Endpoints
- **Features:** Enable the creation and management of user accounts, retrieval of transaction details, and execution of account transfers.  
- **Example Endpoint:** [v0.2/accounts/transfer](https://chimoney.readme.io/reference/post_v0-2-accounts-transfer-1)


#### AI Endpoints
- **Features:** Utilize AI capabilities to automate the creation of invoices.                                   
- **Example Endpoint:** [v0.2/ai/invoice/generate](https://chimoney.readme.io/reference/post_v0-2-ai-invoice-generate)


#### Info Endpoints
- **Features:** Provide access to information such as exchange rates, Chimoney-supported countries and assets, and bank details.                                                                                                     
- **Example Endpoint:** [/v0.2/info/assets](https://chimoney.readme.io/reference/get_v0-2-info-assets-1)


#### Multi-Currency Wallets Endpoints
- **Features:** Enable the creation and management of wallets that support multiple currencies (CAD, USD, NGN). Facilitate transfers between wallets and other entities such as emails and phone numbers.                                                                                                                     
- **Example Endpoint:** [/v0.2/multicurrency-wallets/create](https://chimoney.readme.io/reference/post_v0-2-multicurrency-wallets-create)


#### Payment Endpoints
- **Features:** Enable the initiation and verification of payment requests, transactions, and payouts to various destinations, including banks, mobile money services, and gift cards.       
- **Example Endpoint:** [/v0.2/payment/initiate](https://chimoney.readme.io/reference/post_v0-2-payment-initiate-1)


#### Payout Endpoints
- **Features:** Support various types of payouts, such as bank transfers and gift cards.           
- **Example Endpoint:** [/v0.2/payouts/chimoney](https://chimoney.readme.io/reference/post_v0-2-payouts-chimoney-1)


#### Redeem Endpoints

- **Features:** Allow redemption of financial assets like airtime and gift cards.                           
- **Example Endpoint:** [/v0.2/redeem/any](https://chimoney.readme.io/reference/post_v0-2-redeem-any-1) 


#### Sub-Account Endpoints
- **Features:** Allow management of sub-accounts.                                                                               
- **Example Endpoint:** [/v0.2/sub-account/create](https://chimoney.readme.io/reference/post_v0-2-sub-account-create-1)

## Getting Started with Chimoney API

In this section, we'll guide you through the process of creating a Chimoney developer account, obtaining an API key, and initiating an API call with the Chimoney API.

### Step 1. Creating a Chimoney Developer Account

To begin integrating with the Chimoney API, you'll first need to create a developer account on the Chimoney platform. Follow these steps to get started:

1. **Visit the Chimoney Developer Portal:** Navigate to the Chimoney Developer Portal at [sandbox.chimoney.io](https://sandbox.chimoney.io).
![Pink Gradient Keep Going Desktop Wallpaper.png](/uploads/Pink_Gradient_Keep_Going_Desktop_Wallpaper_563e4dc80c.png)

2. **Create Account:** Click on create account to create your developer account and fill in your email address, and a password.
3. **Verify Your Email:** After signing up, Chimoney will send a verification email to the address you provided. Click the verification link in the email to confirm your account.
![Pink Gradient Keep Going Desktop Wallpaper (1).png](/uploads/Pink_Gradient_Keep_Going_Desktop_Wallpaper_1_d193749914.png)
4. **Complete Your Profile:** Once verified, log in to your Chimoney developer account and complete your onboarding. You can also opt to complete later by clicking on the _complete later_ button on the top right of the page.
![demo.png](/uploads/demo_36b4836823.png)

### Step 2. Obtaining an API Key

An API key is required to authenticate and authorize API requests to Chimoney. Here’s how you can obtain your API key:

1. **Navigate to Developers Tab:** Within the developer portal, create a new App.
![demo (1).png](/uploads/demo_1_f2cb69bf50.png)
![demo (3).png](/uploads/demo_3_019515b79c.png)
2. **Copy Your API Key:** Once you create a new App, your API Key will be generated. Copy the key securely as it will be used to authenticate your API requests.
![demo (4).png](/uploads/demo_4_70882be258.png)

### Step 3. Initiating API Calls with the Chimoney API

Now that you have your API key, you’re ready to start making API calls to Chimoney endpoints. Here’s a basic example of how to initiate an API call using Node.js:

#### Install Axios

First, you need to install the Axios in your project. You can do this using the following command:

```bash
npm install axios
```

After setting up your environment and installing Axios, you are ready to make your first call to the Chimoney API. The next step is to send a POST request to the Chimoney [Payout Chimoney](https://chimoney.readme.io/reference/post_v0-2-payouts-chimoney-1) endpoint, which allows the initiation of payouts. We'll explain each part of the code to ensure you understand how it works.

#### Import Axios

Start by importing the Axios library in your JavaScript file. Axios is a promise-based HTTP client for the browser and Node.js, which makes it easy to send asynchronous HTTP requests.

```js.
const axios = require('axios');
```

#### Configure Request Options

Define the options for the API request. The options include the HTTP method, the URL of the API endpoint, the headers, and the data to be sent.

- **Method:** Specify the HTTP method as 'POST' because we are sending data to create a new resource (initiate a payout).

- **URL:** Set the URL to the Chimoney Payout endpoint: [https://api-v2-sandbox.chimoney.io/v0.2/payouts/chimoney](https://api-v2-sandbox.chimoney.io/v0.2/payouts/chimoney). 

- **Headers:** Include the necessary headers:
  1. accept: The type of response data expected (in this case, JSON).
  2. content-type: The format of the data being sent (in this case, JSON).
  3. X-API-KEY: Your unique API key obtained from the Chimoney Developer Portal. Replace _YOUR_API_KEY_ with your actual API key.
 
 - **Data:** The data object contains the parameters required by the API. For the payout endpoint, you need to specify the `recipient's email` and the `amount in USD`. This data will be sent in the body of the POST request.

```js.
const options = {
  method: 'POST',
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/payouts/chimoney',
  headers: {
    accept: 'application/json',
    'content-type': 'application/json',
    'X-API-KEY': '_YOUR_API_KEY_'
  },
  data: {
    chimoneys: [
      {
        email: 'test@gmail.com',
        valueInUSD: 10
      }
    ]
  }
};
```
> **Note:** Ensure you are calling the correct endpoint URL (sandbox or production). If you encounter issues, kindly verify that the appropriate endpoint is being used.

![demo (15) (1).png](/uploads/demo_15_1_4bb137117b.png)
#### Make the API Request
- Use Axios to send the request with the configured options. The `.request` method sends the HTTP request and returns a promise.

- **Then Method:** The `.then` method is used to handle the response when the request is successful. The response data is logged to the console.

- **Catch Method**: The `.catch` method is used to handle any errors that occur during the request. The error is logged to the console.

```js.
axios
  .request(options)
  .then(function (response) {
    console.log(response.data);
  })
  .catch(function (error) {
    console.error(error);
  });
```

#### Complete Code Sample
Here’s the complete example code with additional comments to explain each part:

```js.
// Import the Axios library
const axios = require('axios');

// Configure the request options
const options = {
  method: 'POST', // HTTP method to use
  url: 'https://api-v2-sandbox.chimoney.io/v0.2/payouts/chimoney', // API endpoint URL
  headers: { // HTTP headers to include
    accept: 'application/json', // Accept JSON response
    'content-type': 'application/json', // Sending JSON data
    'X-API-KEY': '_YOUR_API_KEY_' // Your Chimoney API key
  },
  data: { // Data to send in the request body
    chimoneys: [
      {
        email: 'test@gmail.com', // Recipient's email
        valueInUSD: 10 // Amount to payout in USD
      }
    ]
  }
};

// Send the API request
axios
  .request(options)
  .then(function (response) { // Handle successful response
    console.log(response.data); // Log the response data
  })
  .catch(function (error) { // Handle error
    console.error(error); // Log the error
  });
```
#### What to Expect
- When the API call is successful, you should see a response object in the console with details of the payout transaction like the example below
![demo (10).png](/uploads/demo_10_7388d10520.png)

- If there is an error (e.g., invalid API key, incorrect endpoint URL), the error details will be logged to the console.

## Conclusion
In the upcoming articles, we’ll explore the Chimoney API endpoints in greater detail. This concludes our initial setup guide for integrating with the Chimoney API. If you encounter any issues or have questions during the setup process, please reach out to us at [support@chimoney.io](support@chimoney.io) for assistance.

Happy coding with the Chimoney API!

Discover how to integrate with the Chimoney API in this introductory guide. Learn about Chimoney's payment solutions, key API endpoints, and step-by-step instructions for creating a developer account, obtaining an API key, and making your first API calls. 


Payment API 101: Getting Started with Chimoney's Integration and API

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small_Chimoney's Guide to Navigating Cross-Border Payments and Global Expansion@2x.png

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Chimoney's Guide to Navigating Cross-Border Payments and Global Expansion@2x.png


Expanding a business internationally is exciting, but managing cross-border payments comes with its own share of challenges. Dealing with different currencies, regulations, and payment methods make it complicated. Chimoney’s API and infrastructure can help make these payments easier and smoother.

In this guide, we’ll look at the main aspects of cross-border payments and show how Chimoney’s API can help businesses handle common challenges, making global expansion easier.

### Understanding Cross-Border Payments

Cross-border payments involve transactions where the payer and the payee are in different countries. These transactions can be complex due to varying regulations, currency conversions, and different banking systems. Key components of cross-border payments include:

- **Currency Conversion:** Converting one currency to another at the current exchange rate.
- **Compliance and Regulation:** Adhering to the legal and regulatory requirements of each country involved in the transaction.
- **Payment Methods:** Accommodating different payment preferences and methods across countries.

### Challenges in Cross-Border Payments

Businesses face several challenges when dealing with cross-border payments:

- **High Fees:** Traditional cross-border transactions often come with high fees, including conversion fees and transaction fees.
- **Slow Processing Times:** International transactions can take several days to process.
- **Regulatory Compliance:** Navigating the regulatory landscape of multiple countries can be complex and time-consuming.
- **Currency Fluctuations:** Exchange rates can fluctuate, impacting the amount received by the payee.

### How Chimoney's API Simplifies Cross-Border Payments

Chimoney's API is designed to address these challenges, providing businesses with a robust solution for managing cross-border payments efficiently.

- **Cost-Effective Transactions:** Chimoney's API offers competitive exchange rates and low transaction fees, helping businesses save on costs associated with cross-border payments.
- **Fast Processing Times:** Chimoney's API enables real-time processing of cross-border transactions, significantly reducing the time it takes for funds to reach the recipient.
- **Regulatory Compliance:** Chimoney's API is designed with compliance in mind, ensuring that all transactions adhere to the regulatory requirements of each country involved.
- **Multiple Payment Methods:** Chimoney's API supports a wide range of payment methods, allowing businesses to cater to the preferences of their international recipients.
- **Currency Conversion:** Chimoney's API handles currency conversion seamlessly, providing accurate and transparent exchange rates.

### Integrating Chimoney's API: A Step-by-Step Guide

Integrating Chimoney's API into your business can greatly simplify your cross-border payment processes. For a detailed walkthrough, please refer to our comprehensive blog post on [Integrating Chimoney's Global Payouts API](https://chimoney.io/blogs/the-ultimate-guide-to-simplifying-global-payouts-for-your-business-with-api-solutions/).

## Conclusion

Navigating cross-border payments doesn't have to be complex and costly. With Chimoney's API, businesses can streamline their international transactions, reduce costs, and ensure compliance with regulatory requirements. By leveraging the power of Chimoney's technology, businesses can focus on what matters most: growing their global footprint and delivering value to their international clients and partners.

[Book a demo](https://chimoney.io/?book_a_demo=1) with us today to see how Chimoney can transform your cross-border payment processes and support your business's global expansion.


Learn how to venture into an efficient global expansion with Chimoney's API! Discover how to simplify cross-border payments, reduce costs, and ensure compliance. Book a demo now for a seamless international payment strategy.







 Chimoney's Guide to Navigating Cross-Border Payments and Global Expansion

large_Why Canadian Startups Are Switching to Chimoney for Bulk Payouts@2x.png

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Why Canadian Startups Are Switching to Chimoney for Bulk Payouts@2x.png

According to KPMG's 2022 Global Technology Report*, a significant number of Canadian businesses are leveraging technology to advance their business strategies, with digital transformation playing a key role in improving efficiency and profitability. The global payments sector is experiencing substantial growth, with projections suggesting it will have an annual revenue growth of 9 percent by 2026.*

In this context, [Chimoney](https://chimoney.io/) has emerged as a leading solution for Canadian startups seeking to optimize their bulk payout procedures. In this article, we’ll explore the primary reasons why an increasing number of startups are choosing Chimoney, with relevant insights.

## Key Reasons Startups Are Choosing Chimoney

### 1. Chimoney-Interac Integration
[Chimoney’s INTERAC™ e-Transfer Bulk Payments](https://chimoney.io/blogs/interac-e-transfer-bulk-for-canadian-businesses-integration-and-api/) make it easy to send payouts to recipients across Canada. Additionally, the Chimoney Interac Collection API facilitates the efficient collection of payments from Canadian users. This integration appeals to startups seeking seamless, reliable, and scalable payment solutions that easily fit into their existing systems.

For example, [Reeple](https://www.reeple.ai/), a Canadian-based fintech company, integrates Chimoney’s Interac Collection API to collect funds from their clients. They then use the [Chimoney Payout API](https://chimoney.io/blogs/the-ultimate-guide-to-simplifying-global-payouts-for-your-business-with-api-solutions/) to facilitate smooth cross-border transfers, ensuring that funds sent from Canada reliably and securely reach their intended recipients in Africa.

### 2. Ease of Integration
[Chimoney](https://chimoney.io/) offers a straightforward API that simplifies the integration process for startups. Instead of juggling multiple payment APIs and dealing with complex compliance requirements, startups can seamlessly incorporate Chimoney’s payout services.

Startups that have adopted the [Chimoney API](https://chimoney.io/developers-api/) consistently praise its well-documented, straightforward integration process. The clear and concise [documentation](https://chimoney.readme.io/reference/introduction) reduces the time and effort needed for implementation, allowing engineering teams to focus on core business functionalities. 

### 3. Multi-Currency Support
With support for multiple currencies including USD, CAD, and NGN, [Chimoney](#) enables startups to handle international payouts effortlessly. This feature is particularly beneficial for startups aiming to expand their reach globally, eliminating the hassle of currency conversion.

Since partnering with [Chimoney](https://chimoney.io/), [Gamepride](https://www.gamepride.io/) has been able to expand across multiple countries allowing them to expand their reach and provide a seamless experience for their customers.

### 4. Real-Time Tracking and Reporting
[Chimoney](https://chimoney.io/) provides a user-friendly admin dashboard for real-time transaction tracking and detailed reporting. This feature helps startups maintain transparency and make informed financial decisions, enhancing their operational efficiency. Startups like Reeple have testified to improved financial decision-making, citing the dashboard’s ability to download detailed transaction statements, which they can share with investors and advisors. Additionally, the real-time tracking feature enables them to update customers on the status of their transactions promptly.

### 5. Scalability
As startups grow, so do their payout needs. [Chimoney](https://chimoney.io/)’s scalable solutions ensure that startups can handle increasing transaction volumes without sacrificing efficiency or security.

[Payfi](https://payfi.ca/), a fintech company specializing in rent guarantee and credit-building services for immigrants and international students, scaled its payout operations by 500% within 2 months of using Chimoney, without experiencing any disruptions.

## The Preferred Choice for Canadian Startups

In conclusion, Chimoney emerges as the optimal solution for Canadian startups seeking to streamline their bulk payout processes. The integration of Chimoney offers a seamless experience, combining ease of integration, real-time tracking, scalability, and exceptional customer support.

## Ready to Get Started?

[Book a meeting](https://chimoney.io/?book_a_demo=1) with us today and join the ranks of startups confidently prioritizing their core business activities with the assurance that their payout processes are in good hands.

___
*KPMG. (2022). Global technology report. https://assets.kpmg.com/content/dam/kpmg/ca/pdf/2022/11/KPMG-2022-global-technology-report-canada-en.pdf

*McKinsey.(2022). Global Payments Report. https://www.mckinsey.com/industries/financial-services/our-insights/the-2022-mckinsey-global-payments-report



Discover why Canadian startups are choosing Chimoney for bulk payouts. Learn about the seamless integration, multi-currency support, enhanced security, cost-effectiveness, and exceptional customer support that make Chimoney the preferred choice for modern businesses.


Why Canadian Startups Are Choosing Chimoney for Bulk Payouts

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Here’s a summary of new features, improvements & bug fixes released during May.

## New Features
- **Wallet page:** Added a Wallet page for user wallet details and navigation.
![Screenshot from 2024-07-03 23-31-30.png](/uploads/Screenshot_from_2024_07_03_23_31_30_15dae288ff.png)
- **Individual self-onboarding:** Introduced individual self-onboarding with verification and profile updates.
- **Sub-account support:** Added support for sub-accounts in transaction limit checks and enabled sub-account creation with email addresses.
- **KYC auto-approval:** Implemented auto-approval of KYC submissions for eligible users.
- **CSV export:** Allowed for exportation of transaction data to CSV format.
![Screenshot from 2024-07-03 23-34-35.png](/uploads/Screenshot_from_2024_07_03_23_34_35_b39f616d64.png)

## Improvements
- Enhanced validation for multicurrency transfers.
- Added the ability to fetch and display user wallets on the [Organisations Page](https://dash.chimoney.io/company/manage).
- Introduced visualizations and a tabbed interface for easier navigation between transaction lists and charts.
- Enhanced email notifications with detailed information about fee earnings, including transaction counts and dates.
- Added quick filter functionality to transaction details for efficient data search.
![Screenshot from 2024-07-03 23-42-10.png](/uploads/Screenshot_from_2024_07_03_23_42_10_86aac2d233.png)


### API Updates
- Modified API documentation in [MultiCurrencyWallets transfer endpoint](https://api.chimoney.io/api-docs/#/MultiCurrency%20Wallets/post_v0_2_multicurrency_wallets_transfer) to include a `narration` field in the request body.
- Implemented a new endpoint [/v0.2/sub-account/community/members](https://api.chimoney.io/api-docs/#/SubAccount/get_v0_2_sub_account_community_members) to fetch community members.
- Modified the [Swagger documentation](https://api.chimoney.io/api-docs/#/SubAccount/get_v0_2_sub_account_community_members) to include the `startAfterId` parameter description for fetching community members.
- Added the "paid" status to the list of accepted statuses in the [/v0.2/payment/simulate endpoint](https://chimoney.readme.io/reference/post_v0-2-payment-simulate-1).

## Bug Fixes
- Corrected email subject in notifications for accuracy.
- Fixed frontend bugs related to NFC Link Codes and email template URLs.
- Fixed display issues with recipient denominations and calculation errors.



Explore Chimoney's May updates featuring a new admin dashboard, improved authentication and security, enhanced user experience, API updates, and crucial bug fixes for better transaction processing and display accuracy.

May 2024 Changelog

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Here’s a summary of new features, improvements & bug fixes released during April 2024.

## New Features
**OTP on Payout**: Added an OTP verification field during Payouts requiring users to enter an OTP before proceeding to payout.

**Finance Dashboard**: Introduced a new financial dashboard for comprehensive monitoring and management, offering insights into transactional data such as total volume, opening/closing balances, credit/debit amounts, and detailed transaction information like date, batch ID, sender/recipient, and balance, enabling efficient financial analysis and statement generation.
![image (1).png](/uploads/image_1_2ee3141381.png)

**User Achievement Badges**: Introduced badges for user achievements such as completing KYC and utilizing the API.

![image.png](/uploads/image_2f08e48b53.png)
## Improvements

**Updated Supported Assets List**: Removed "Scrim" and added "Chimoney App" and "Virtual Card" with updated details for "INTERAC™ e-Transfer 🇨🇦".

**API Performance Optimization**
- Enhanced API performance by optimizing payout functions, adding a Chimoney parameter for [personalized messaging when sending Interac](https://chimoney.readme.io/reference/post_v0-2-payouts-interac), and improving email templates to include transaction comments.
- [Bank branch retrieval flexibility](https://chimoney.readme.io/reference/get_v0-2-info-bank-branches) was improved by allowing it to accept either bankID or bankCode parameters, ensuring compatibility with different bank identification systems.

**UI/UX Enhancements**
  - Updated titles and descriptions for balance cards (USD, CAD, Momo Wallets), simplified Interledger Payment Pointer description, clarified INTERAC™ e-Transfer details, and enhanced referral information.

**Redeem and Funding Updates**:
  - Added "cancel-transaction" redeem type.
    - Updated funding options to include "Interac".
  - Allowed payment options with Card/Bank.
  - Adjusted currency handling while paying with card, added alerts for exceeding payment limits, and updated Stripe integration.

**Badge Updates**: Optimized badge assignment and point calculation for badge management while also enhancing team creation and wallet updates to reward users for key actions like first payouts, bulk payouts, and funding.

**PDF Transaction Statements**: Users can now download transaction statements as PDFs. Introduced a new Screen component for quick PDF previews, including Download/Print functionality and pagination support.

**Payout Validation**: Updated the transfer limit for both airtime and mobile money transfers to $10,000, increased from $1,000.

**Interac Transactions Date Range**: Adjusted the date range for fetching Interac transactions from the past 2 days to the past 3 days for broader and more accurate transaction capture.


**API Docs Update**: 
  - Updated route summaries for [/v0.2/info/convert/local-amount-to-usd](https://api.chimoney.io/api-docs/#/Info/get_v0_2_info_convert_local_amount_to_usd) and [/v0.2/info/convert/usd-to-local-amount](https://api.chimoney.io/api-docs/#/Info/get_v0_2_info_convert_usd_to_local_amount).
  - Updated [Developer API documentation](https://chimoney.readme.io/reference/post_v0-2-sub-account-community-create) to include requirements for community-related properties such as `communityID`, `membershipID`, and `memberName`.
  - Updated the description object under Chimoney's Payload in [payout Chimoney](https://chimoney.readme.io/reference/post_v0-2-payouts-chimoney-1) endpoint to accept an empty value.
  - You can now fetch Chimoney transactions using their [unique transaction IDs](https://chimoney.readme.io/reference/post_v0-2-accounts-transaction-1) (t_id) alongside the existing method of fetching transactions by their issue IDs (issueID).

## Bug Fixes
- Resolved issues with Interac payments, improving transaction processing and Stripe checkout accuracy.
- Fixed authentication and user identification errors during payouts.
- Corrected currency mapping inconsistencies and enhanced wallet redemption handling.
- Improved validation and error handling in API endpoints.
- Enhanced security with data masking and safeguarding sensitive information in API requests and responses.
- Addressed minor issues with badge updates and profile rendering bugs.


Feature's Chimoney's latest April updates, featuring new OTP verification for payouts, community banner ads, an enhanced financial dashboard, user achievement badges, API and UI/UX improvements, SEO optimization, and crucial bug fixes ensuring smoother transaction processing and user experience

April 2024 Changelog

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Empower Your Community with Chimoney App.png


_TL;DR: Chimoney App empowers global communities by offering free, seamless cross-border payments and multi-currency wallets. Partner with us to give your members access to reliable financial tools and exclusive benefits. Join our mission to foster financial inclusion and global connectivity._
____
We recently launched the [**Chimoney App**](https://chimoney.app/download), designed to empower communities by offering seamless, cross-border payment solutions. Our multi-currency wallets allow communities to manage and transfer funds globally without any fees, breaking down financial barriers and fostering economic growth.

## Our Mission
At Chimoney, our mission is to unlock equal economic opportunities for everyone. We aim to achieve this by providing a platform that supports financial inclusion and global connectivity. We believe everyone should have access to reliable financial tools, no matter where they are. Our app makes cross-border payments fast, secure, and free of charge, so community members can focus on building and thriving together.

## ISIC Partnership
We have partnered with [**ISIC (International Student Identity Card)**](https://www.isic.org/) to provide free ISIC memberships to 5,000 students in the US unlocking discounts on flight tickets, hotel accommodations, and more. Chimoney is also now listed on the ISIC discounts page and official members can get free access to the Chimoney App which allows them to make cross-border transactions at no-cost via multi-currency wallets.

These partnership shows our commitment to empowering communities and providing valuable financial services to their members. 

## Partner with Us!
We are looking to expand our network and invite global communities to join us. If you would like your community to benefit from the Chimoney App, we want to hear from you! By partnering with us, you can offer your members access to powerful financial tools and exclusive benefits that enhance their overall experience.

## How to Partner with Us
Partnering with Chimoney is simple.  
- Simply [**fill out this form**](https://docs.google.com/forms/d/e/1FAIpQLSfiH4pj8fwrKQwlREtWRiDxq3XME0qTHcufi0kd_PcRA-UaIQ/viewform)  
- Our team will review your application and get back to you promptly to discuss potential collaboration.

## Why Partner with Chimoney?

- **Empower Your Community:** Provide your members with access to free global transactions, multi-currency wallets (USD, CAD, NDN, and soon EUR), and fast, secure cross-border transactions.
- **Increased Visibility:** Partner communities will be listed on the Chimoney App, expanding their reach and attracting more members to join the community.
- **Access to Exclusive Community Benefits:** Partner communities' members can join other communities listed on Chimoney App such as ISIC to access exclusive benefits offered by other communities, such as discounts on travel and special perks.
- **Global Connectivity:** Enable seamless cross-border transactions that foster international relationships and opportunities.

## Get in Touch

We are excited about the future and the possibilities that come with partnering with communities worldwide. Join us in our mission to create a more inclusive and connected world.

If you have any questions or would like more information, please contact us at [community@chimoney.io](mailto:community@chimoney.io). We look forward to the opportunity to work together and empower your community with the Chimoney App.
___
_**Empower your community today by partnering with Chimoney. Together, we can make a difference!**_

Discover how Chimoney App is empowering global communities by offering seamless, no-cost cross-border payments and multi-currency wallets. Partner with us to provide your members with powerful financial tools and exclusive benefits.



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