Core Concepts
Understand Slyk’s core concepts and functionalities.
Slyk is a platform that allows you to build and manage your own network of wallets. On a high level, Slyk effectively functions as a value-transfer layer which is fully under your control, which is in turn connected to banks, cryptocurrency networks and various types of payment methods.
You start by creating your Slyk, which provides a wallet ecosystem for your network of users, customers, partners, suppliers, employees, or any group of people and organizations with whom you’re connected. Users can then download the Slyk mobile app, join your Slyk, and start taking advantage of their new wallet, typically in connection with your services. Enterprise Slyk customers may also provide custom made mobile apps or using Slyk over the web.
Below are the fundamental concepts in Slyk.
Your Slyk
Your Slyk is how we refer to the self-contained value-transfer ecosystem created and managed by you. It’s like your own micro-economy for which you set the rules. It's essentially a group of digital wallets for your users. It's somewhat like operating your own SlykSpace, only under your control.
You can choose who can join your Slyk, which integrations to enable, what features are available, which funding/withdrawing methods to support, what type of transactions are allowed, and which kind of currency or asset are supported - you can even create your own assets, and call it what you want, like loyalty points or sugar points.
Wallets
Wallets are the interface between your users and your Slyk. A Wallet contains balances for each currency/asset, and a history of transactions.
Master Wallet
Every Slyk has a "Master Wallet", which is created automatically when the Slyk itself is created. A Master Wallet is slightly different from a standard user wallet, as it represents the entity operating the Slyk.
The Master Wallet is the recipient of transactions that don’t require a destination address, such as payments (to your Slyk). As such, it also serves as a fallback for transactions with a missing recipient.
Users
Users are the people in your network, the 3rd parties that interface with your Slyk, and who access its Wallets. A User is essentially a representation of the credentials required to access specific wallets.
If you're using the API to embed wallet capabilities into your own application, and you're managing the login process yourself, you don't necessarily need to create Users. But if you'd like people to use the Slyk mobile and web apps on your Slyk, or if you want to take advantage of our login security features, then every wallet you create will have its own user. In fact, the default behavior when creating a user is to also create a wallet.
Transactions
There are four main types of transactions that can be executed on wallets, depending on the configuration of your Slyk:
Deposit: funding a wallet through any of the supported payment methods;
Withdrawal: withdrawing assets that correspond to external assets (like dollars or bitcoin) via one of the supported payment methods;
Transfer: sending assets between wallets, by debiting the origin Wallet and crediting the destination Wallet. Transfers are restricted to wallets within the same Slyk, but if you'd like to connect to other Slyk, we'd love to hear from you - Note: this features needs to be requested.
Payments are a special type of transfer where the destination is fixed (typically by each Slyk), and with optional added logic for defining fees.
Exchange: debiting one type of asset and crediting another. This sort of transaction is often requested with just the debit amount, and then the credit amount is calculated by 3rd party exchange services that apply an conversion rate.
Transaction flow and movements
Transactions affect balances as they change status, by creating simple credit / debit actions called Movements.
The following are all possible statuses
Pending - Initial status, when the transaction is created and submitted to the system.
Processing - Transactions that have been accepted enter a processing state, which means there are steps being taken to complete the transaction.
Completed - The transaction is finalized and all its movements have been created. The change from “Processing” to “Completed” can either have an automated logic associated or it can require manual confirmation - depending on the payment method.
Rejected - Transaction was rejected (eg, manually by an admin or automatically based on logic).
Failed - Something went wrong and transaction couldn’t be completed.
Integrations
Integrations allow Slyk to offer connections to various other 3rd party systems. Currently we offer integrations for Payment Methods.
Payment Methods
Payment Methods are a specific type of integration that acts as a gateway between your Slyk and an external financial system. We’re constantly working to add new methods and new regions, so if you have a use case that requires a method we don't support, please get in touch. Currently we support:
Bank Transfers Deposit or withdraw via US (Fedwire, ACH), Europe (SEPA), International (BIC/SWIFT), Brasil (TED/TEF)
Credit / Debit Card Deposit via Stripe, Paypal
Cryptocurrency Deposit or Withdraw Bitcoin, Ethereum & ERC20 tokens
Alternate Payment Methods Deposit or Withdraw via Paypal, AirTM
Gift Cards (coming soon) Withdraw by generating gift cards for a variety of retailers and services.
Please note that bank transfers require manual reconciliation of deposits and manual execution of withdrawals. However, if you have access to an API from your bank, you can use it to automate confirmation of deposits & withdrawals, or if you'd like we can automate it for you - just get in touch.
Identity Verification
Some Slyks may want to request some form of identity verification or KYC/AML. We connect with a few top providers in this space, including IdentityMind and Onfido. This is however a premium feature that depends on the regions you'd like to see supported in your Slyk.
You can also just do manual KYC/AML checks yourself.
Features
Features represent the type of actions that users have access to within the Slyk. These features depend on a number of settings, configuration parameters and active integrations.
The main features available for Users in a Slyk are as follows:
Add Funds Use any of the enabled payment methods to deposit funds into your wallet. Some payment methods cannot be used to add funds, such as Gift Cards. When completed, creates a deposit Transaction.
Withdraw Use any of the enabled payment methods to withdraw funds from your wallet. Not all payment methods allow withdrawing funds. When completed, creates a withdrawal transaction.
Send Send funds to an email, phone or generate an URL for someone to claim funds. When completed, creates a Transfer Transaction.
Payment Request Generate an URL that represents a payment request, with optional fees and purpose description. This is often used in payment scenarios, and can be presented as a QR code. It can also be used for friends requesting money from one another. When completed, creates a transfer Transaction.
Pay (Product or Service) Pay for an external service or product. This includes global services such as Netflix or Google Play, and also region-specific services such as phone recharges. When completed, creates a withdrawal transaction. We're constantly adding new options, but if you have a Slyk and there's something specific you'd like to see, please get in touch.
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