Introduction

The governance functionality for Fiat Accounts was developed to make the registration and management of fiduciary accounts (Fiat Accounts) more secure and efficient. It ensures that all new account registration requests undergo an approval process, reducing risks and ensuring operational compliance.


What is Fiat Accounts Governance?

Fiat Accounts Governance is a system that allows administrators to configure an approval policy for registering new fiduciary accounts. This process prevents accounts from being added without prior approval, protecting the system against unauthorized operations.


Benefits

  • Enhanced operational security.

  • Compliance with regulatory standards.

  • Complete control over registered accounts.


How It Works

  • All new account registrations must follow the configured approval flow, defined in the "Fiat Accounts" policy. This can be accessed in the platform via Governance > General Policies.
    • If no governance policy is configured, it will not be possible to add new records.


To register or modify the Fiat Account policy for your instance, please contact our support team: support@parfin.io


  • Only administrators can submit new registrations for approval.
  • Only approved Fiat Accounts will be available as withdrawal destinations.


Step-by-Step Guide to Registering a New Fiat Account

1. Starting a New Registration:

To register a new Fiat Account, follow these steps:

  • Navigate to Settings > Fiat Accounts.

  • Click the "+ Add Account" button to open the registration form.

  • Fill out the required fields, including: Name, Ownership Type, and Bank Account Details.

  • Review the information and click "Save," then provide your 2FA.




 

2. Tracking the Status:

After submitting the new registration, its status can be tracked on the Fiat Accounts page under the "Status" column.

A Fiat Account can have the following statuses:

  • Approved - registration approved by the governance flow.

  • Pending Approval - registration awaiting approval.

  • Canceled - registration request canceled by the initiator.

  • Expired - registration request expired, approval deadline missed.

  • Rejected - registration rejected by the governance flow.


Only Fiat Accounts with "Pending" or "Approved" statuses will appear in the Fiat Accounts list. Others can be accessed via Governance > Activity.



You can view the approval flow details by clicking on the Fiat Account listed in the table. The details will show the current status, number of pending approvals, and potential approvers to complete the quorum.


 


3. Approval Process for New Registrations

All Fiat Account registration requests with the "Pending Approval" status can be:

  • Approved - Only members of the approval groups associated with the approval quorum can approve the request.

  • Rejected - Only members of the approval groups associated with the approval quorum can reject the request.

  • Canceled - Only the request initiator can cancel it.

  • Expired - The request will expire if all necessary approvals are not completed by the expiration date.

To approve, reject, or cancel a request, simply access the details page of the pending Fiat Account, select the desired option, and provide your 2FA.


 

Frequently Asked Questions

1. What happens to Fiat Accounts registered before the update?

These accounts remain operational. However, governance flow details will not be displayed when accessing the account details. They will be listed in the Fiat Accounts table with the status column left blank.


2. When does a Fiat Account become available for withdrawal?

A Fiat Account becomes available for withdrawals only after being approved through the governance flow.


3. How can I check the history of Fiat Account requests?

You can access the request history under Governance > Activity, where all governance records are available. Requests related to Fiat Accounts will be listed as "New Fiat Account."


4. Who can create and approve Fiat Accounts?

Only administrators can create new Fiat Accounts. Approvals depend on the members defined in the approval quorum configured in the governance policy.


5. What should I do if a request expires?

If a Fiat Account request expires before approval, a new request must be created. The original request will automatically be removed from the Fiat Accounts listing.


6. How can I access Fiat Account governance details?

Governance details can be accessed on the details page of a specific Fiat Account under Settings > Fiat Accounts. Here, you will find account details, status, approvers, and approval history.


7. How do I modify the policy defining the approval flow for Fiat Accounts?

To modify the policy, contact our support team at support@parfin.io. Changes will be implemented according to the desired quorum and approval group configurations.