# Changelog

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### VelaFi API Documentation V2

**Release Date: 2025-06-13**

#### 1. Workflow Update: Merchant Creation Process

[Guides – Creating Your Merchant](https://docs.velafi.com/velafi-1/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](https://docs.velafi.com/velafi-1/api-reference/merchant/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](https://docs.velafi.com/velafi-1/api-reference/merchant/activate-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<br>](https://docs.velafi.com/velafi-1/api-reference/merchant/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.

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**Release Date: 2025-05-08**

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**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.

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**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.

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#### 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.

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#### 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.

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#### 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.

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#### 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.

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#### 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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