Starting today, verified StraitsX API enabled businesses can accept or send funds up to S$200,000 per transaction via a new Customer Profile API flow, up from a transaction limit of S$20,000.
The Customer Profile API enables your business to create customer profiles for new users. These profiles are used as identifiers for virtual account payment methods, allowing you to add and verify bank accounts to accept and send funds up to S$200,000 per transaction. We do not perform personal identification verification (KYC) on users. Customer profiles are collated to comply with regulatory obligations in line with higher limits.
If you are utilising StraitsX APIs for the first time, and wish to get started with the Customer Profile API, you will need to complete the business verification process on the StraitsX Business Dashboard by submitting the relevant documents. Once your business account has been approved, we will generate the API keys for you under the Developer Tools Tab. These API keys will then be used as an identifier and allow you to easily link profiles to your platform.
Collect your user’s personal details to generate a customer profile. You may choose to collect this information via a user form or via Singpass myInfo data.
Initiating a request to get a list of supported banks enables your user to select their bank name easily when they are adding a bank account for transfers. We will match the bank account number to their incoming transaction.
Payment will be processed automatically once the source has been identified. The user’s successful payment will also automatically verify their bank account.
The new Customer Profiles API will also allow existing users who already have a Guest, or StraitsX Personal Account to be linked to a new customer profile. This increases the transfer limit from S$20,000 to S$200,000.
We will continue to support the existing Connect API but we are looking to deprecate the Connect flow in the long term. We recommend that you migrate your users to the Customer Profile flow.
Get the full summary of how to migrate Connect users to Customer Profile here.
Getting started with StraitsX APIs is easy. Our business development and integration teams will be happy to help you with any step. If you have any questions or would like to connect with our team, please do so via our Support page.