To obtain electronic money for the TiFi corporate e-wallet, the User needs to make a bank wire to a designated virtual IBAN[IBAN: Individual Bank Account Number] linked to its TiFi e-wallet (an e-money account). The virtual IBAN is issued by TiFi’s bank partner after TiFi completes KYC on the customer.

The settlement funds-collection service from E-commerce marketplace (i.e Amazon, Aliexpress) will enable merchant customers to receive settlement funds for goods and services they have sold on e-commerce platforms from the e-commerce platforms’ payment service provider.

In this case, Marketplace will pay the requested amount to TiFi's virtual account provided by bank partner in the name of the User and TiFi will credit an amount of electronic money equivalent to the payment amount received.

Pay-out Service allows a User to send local or cross border payments to companies (i.e. suppliers) and persons who do not hold a TiFi Account ("third party"). TiFi will redeem from its User's TiFi Account a sum of electronic money equivalent to the User's order by deducting the available balance from the User's TiFi account, then send the funds to a third party's bank account.

To transfer electronic money from a corporate User's TiFi Account to another corporate User's TiFi Account (within the TiFi merchant eco-system), the User can simply use the "Send E-Money" function in the TiFi Account interface and provide the TiFi Account ID of the intended recipient. When the User initiates sending of electronic money, the User instructs TiFi to transfer electronic money from the User's TiFi Account to the recipient's TiFi Account.

Some examples of the use case may be where both merchant and supplier are customers of TiFi. Hence, it satisfies the condition that the electronic money is accepted by a person other than the electronic money issuer.

If a User has a credit balance on its TiFi Account, the User can instruct TiFi to transfer all or part of the funds from its TiFi Account to his bank account. The said instruction is normally provided using the transfer functionality available in the TiFi Account interface. From a legal standpoint, a transfer from an e-wallet account to a bank account constitutes a "redemption" of electronic money.

Under normal circumstances, TiFi will complete the transfer from the User's TiFi Account as soon as TiFi is allowed to (for example, within one business day) after all reasonably controls have been satisfactorily performed to mitigate money laundering or fraud risk.