| Verivend’s payment network is powered by the proprietary Digital Wallet to transfer and store user funds. A Digital Wallet is a financial transaction application that allows users to securely transfer funds to and from one another using their own personal devices. The Verivend account owner enters and stores their bank account information on the application and can then instantly begin exchanging funds with other users, with the Digital Wallet acting as a virtual intermediary. |
Verivend's proprietary Digital Wallet technology is an immutable and fully auditable ledger of all historical and current fund ownership across Verivend’s payment network. All funds within a given organization's Verivend Digital Wallet are completely under the control of the fund’s owner, the recipient of the funds. Settled funds can be withdrawn at any time with a same-day or next-day transfer to an external bank account or disbursed as instant payments across Verivend’s payment network to a recipient’s Digital Wallet.
Deposit to Wallet
This allows the Verivend account owner to deposit funds from a connected bank account into their Digital Wallet. Please see Bank Accounts Overview for more information about adding bank accounts and connecting them to your Verivend Organization (entity).
Transfer to Bank
This allows the Verivend account owner to withdraw funds to a connected bank account from their Digital Wallet. Please see Bank Accounts Overview for more information about adding bank accounts and connecting them to your Verivend Organization (entity).
Available Balance
The amount of your Verivend Wallet that can currently be used for payments and bank transfers. This may differ from your Pending Balance.
Pending Balance
The total amount of your Verivend Wallet including balances from pending transactions that have not yet posted. Once pending transactions have posted, they will be reflected in the Available Balance of your Verivend Wallet.