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🕕Changelog

VelaFi API Documentation V2

Release Date: 2025-11-18

Guides

1. Step-by-Step Guide

  • Updated the onboarding workflow description to improve clarity and reflect the latest merchant setup process.

2. Creating Your Merchant

  • Updated the KYC/KYB merchant creation process, including clearer guidance on verification steps and requirements.

3. Activate Merchant Account

  • Updated the merchant account activation flow, with clearer explanation of fiat account activation requirements.

4. Limits (New Guide)

  • Added a new guide introducing merchant limit levels, approval criteria, and instructions on requesting limit upgrades.

API Reference

5. Account – Get Account Details

  • Updated the API response structure to include merchant limit information and related fields.

6. Merchant – Create Merchant

  • Updated the KYC/KYB workflow for merchant creation.

  • Added improved API request and response examples.

7. Merchant – Get a List of Merchants

  • Updated API fields related to merchant limits, including limit status and approval/rejection reasons.

8. Merchant – Activate Merchant Account (Individual)

  • Updated the activation flow for individual merchants’ fiat accounts.

9. Merchant – Activate Merchant Account (Business)

  • Updated the activation flow for business merchants’ fiat accounts with refined workflow requirements.

10. Merchant – Get a List of Merchant Accounts

  • Updated API response fields related to merchant account limits and limit status tracking.

11. Merchant – Upgrade Merchant Limit

  • Updated the merchant limit upgrade process with revised approval logic and enhanced parameter definitions.

Release Date: 2025-06-13

1. Workflow Update: Merchant Creation Process

Guides – Creating Your Merchant The merchant creation process has been updated to adopt the KYC/KYB model.

Note: Endpoints prior to 2025-06-13 will remain functional for the time being, but support will be deprecated at a later date. Users are encouraged to migrate to the new flow promptly.

2. API Update: Create Merchant Endpoint

API Reference – Create Merchant The create merchants API endpoint has been updated to align with the new KYC/KYB process.

Note: Existing endpoint versions released before 2025-06-13 will continue to work temporarily, but deprecation is planned.

3. New Feature: Activate Merchant Account (Guide)

Guides – Activate a Merchant Account A new step has been added to allow users to activate fiat accounts once a merchant entity is successfully created. This ensures the merchant is fully operational in terms of fiat transactions.

4. New API Endpoint: Activate Merchant Account

API Reference – Activate Merchant Account Introduces a new API endpoint that enables merchants to activate their fiat account after the initial merchant setup is complete. This ensures the merchant is fully operational in terms of fiat transactions.

Release Date: 2025-05-08

1.Funding Records Message Push Webhook This update aims to provide more detailed funding record information for better tracking and management of fund sources.

  • Request Body Parameters:

    • New Fields:

      • payerName: string: name of the entity sending funds

      • payerAccount: string: bank account of the entity sending funds

2. Added API endpoint /v2/merchant/transfer for internal fund transfers.

Release Date: 2025-04-14

This version introduces new API endpoints and webhook functionality related to the Pending Fund system, as well as updates to available payment methods.

1. Payment Method Update in Guides

  • New Payment ID: 70 – VelaFi Pending Fund When creating an order via API, users can now select VelaFi Pending Fund as the payment or receiving method. This enables faster transaction processing by utilizing preloaded funds.

2. New API Endpoint: Retrieve Pending Fund

Location: API Reference > Merchant

  • Allows users to query their Pending Fund account via API.

  • Enables users to preload funds into the account, avoiding delays from external transfer confirmation during transactions.

3. New API Endpoint: Claim Pending Fund

Location: API Reference > Merchant

  • Enables withdrawal of available balances from the Pending Fund account to a specified payment method.

  • Withdrawals are available at any time, allowing flexible fund management.

4. New API Endpoint: Retrieve Funding Records

Location: API Reference > Merchant

  • Provides detailed records of all Pending Fund-related activities, including deposits, withdrawals, usage, and refunds.

  • Supports full traceability and financial transparency.

5. New Webhook: Funding Records Message Push

Location: Webhooks

  • Introduces webhook notifications for Pending Fund events.

  • Merchants receive real-time updates with structured transaction data, improving operational automation and monitoring.

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