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How CargoWALLET's Financial System Works
How CargoWALLET's Financial System Works
Fanny Leong avatar
Written by Fanny Leong
Updated over a week ago

With CargoWALLET, we've got your finances covered. We work with trusted financial partners to make sure your money is secure and accessible.

  1. Network of Financial Institutions:

    CargoWALLET operates with licensed financial institutions, including both fintech companies and traditional banks. This extensive network allows for the collection of funds using various methods, such as bank transfers, ACH, wire transfers, credit card payments, and other methods, tailored to the requirements of each country.

  2. Fund Notification and CargoWALLET Update:

    When a financial institution receives funds for a CargoWALLET user, we are promptly notified. The user's CargoWALLET is then updated with the corresponding funds, enabling the payer to use these funds for transactions with other CargoWALLET users.

  3. Funds Held Securely:

    Throughout these transactions, the actual funds remain securely deposited in the same licensed financial institutions until a user requests to withdraw them.

  4. Withdrawal Process:

    When a user requests a withdrawal, we will send an order to the financial partner responsible for processing withdrawals. This partner is authorized to transfer the funds only to the user's designated bank account.

  5. Withdrawal Frequency:

    Withdrawals can be automated on a regular basis, such as weekly or daily, or triggered when the user's CargoWALLET balance reaches a specific threshold.

CargoWALLET prioritize the security and efficiency of our users' financial transactions. Our partnership with licensed financial institutions and the robust infrastructure we've built allow users to collect and manage funds, as well as withdraw them safely and conveniently. We aim to provide a seamless and user-friendly experience while maintaining the highest standards of financial security.

We hope you find this article useful!

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