Payouts are used from a Main Account holder or a Sub-Account to transfer funds from their Ryft account to an external bank account.
Please note that, as mentioned in the Payouts overview page, payouts have two frequencies that either the Main Account holder or Sub-Account holder can manage:
- Manual Payouts: These are created on demand by the Main Account holder or Sub-Account holder.
- Automatic Payouts: These are created automatically by Ryft on a daily basis.
To manage the frequency of payouts:
- Please refer to the Payout Settings section of the Ryft Portal for Main Accounts and Sub-Accounts onboarded using the Hosted flow.
- For Sub-Accounts onboarded using the API (Non Hosted) flow, the Main Account holder can manage the payout frequency via the API endpoint.
To create a payout from a Main Account, the following prerequisites must be met:
- The Main Account must have a valid Bank Account set up using our Ryft Portal. Please note that a Bank Account is required for each currency you wish to create a payout in.
- The Main Account must have a sufficient balance in the currency of the payout.
- The Main Account must have completed the necessary KYB/KYC verification steps and provided all required information and documentation. Overall, the Main Account status must be "Verified".
You can check if one or more of these prerequisites are not met by navigating to the Payouts page of the Ryft Portal. If any prerequisites are not met, you will see a message indicating what needs to be done.
The only way to create a payout from a Main Account is through the Ryft Portal. To create a payout, simply navigate to the Payouts page of the Ryft Portal and click on the Create Payout button. You will then be prompted to select the currency and amount for the payout, as well as the Bank Account to which the funds should be sent.
After submitting the payout request, it will be processed by Ryft. You can check the status of the payout on the Payouts page of the Ryft Portal. The payout will typically be completed within a few business days, depending on the destination bank and currency.
To create a payout for a Sub-Account, the following prerequisites must be met:
- The Sub-Account must have a valid Bank Account set up:
- by the Sub-Account holder using our Ryft Portal, if onboarded using the Hosted flow, or
- by the Main Account holder via the API, if onboarded using API (Non Hosted) flow - see here. Please note that a Bank Account is required for each currency you wish to create a payout in.
- The Sub-Account must have a sufficient balance in the currency of the payout.
- For Sub-Accounts of type:
- Business, the Sub-Account must have completed the necessary KYB/KYC verification steps and provided all required information and documentation. Overall, the Sub-Account status must be "Verified".
- Individual, payouts are allowed without KYC/KYB verification until a threshold of 2,500 GBP (or equivalent in other currencies) is reached in their balance. Once this threshold is reached, the Sub-Account must complete the necessary KYC verification steps and provide all required information and documentation and their status must be "Verified".
For Sub-Accounts onboarded using the API (Non Hosted) flow, the Main Account holder can check if one or more of these prerequisites are not met by:
- Navigating to the Accounts page of the Ryft Portal and selecting the relevant Sub-Account. If any prerequisites are not met, you will see a message indicating what needs to be done.
- Alternatively, the Main Account holder can use the subAccountGetById API endpoint to check the status of the Sub-Account and ensure that all prerequisites are met.
For Sub-Accounts onboarded using the Hosted flow, the Sub-Account holder can check if one or more of these prerequisites are not met by navigating to the Payouts page of the Ryft Portal. If any prerequisites are not met, you will see a message indicating what needs to be done.
In order to create a payout for a Sub-Account onboarded using the API (Non Hosted) flow, the Main Account holder must first create a Payout Method for the Sub-Account using the payoutMethodCreate API endpoint. They will need to provide the Sub-Account ID, as well as the necessary Bank Account details.
Request Example:
{
"type": "BankAccount",
"currency": "GBP",
"country": "GB",
"bankAccount": {
"bankIdType": "SortCode",
"bankId": "123456",
"accountNumberType": "UnitedKingdom",
"accountNumber": "12345678",
"address": {
"lineOne": "123 Street",
"city": "Manchester",
"country": "GB",
"postalCode": "M1 1AA",
},
},
}Please note that we don't currently verify whether the Bank Account details provided are correctly associated with the Sub-Account holder. It is the Main Account holder's responsibility to ensure that the details provided are accurate and belong to the Sub-Account holder.
The only way to create a payout for a Sub-Account onboarded using the Hosted flow is through their Ryft Portal. To create a payout, they can simply navigate to the Payouts page of the Ryft Portal and click on the Create Payout button. They will then be prompted to select the currency and amount for the payout, as well as the Bank Account to which the funds should be sent.
For Sub-Accounts onboarded using the API (Non Hosted) flow, the Main Account holder must create a payout on behalf of the Sub-Account using the payoutCreate API endpoint. They will need to provide the Sub-Account ID, currency, amount, and Payout Method ID for the payout.
We highly recommend that Main Account holders subscribe to our Payouts Webhook to receive real-time updates about the status of payouts created for both Main Accounts and Sub-Accounts.