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Zennopay operates in USD only. We never hold THB or VND. Local-currency conversion happens inside our licensed payout partner network for the destination corridor.

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The four account categories that matter

Every transaction touches some subset of these. All Zennopay-side balances are USD-denominated.
AccountWhat it holds
Partner FBO (at Unit)USD the partner has pre-funded for its end users. Held in a For-Benefit-Of account at Zennopay’s US banking partner. Restricted custody.
Partner FBO liabilityThe offsetting liability — Zennopay’s obligation to return the partner’s pre-funded balance. Always equals the FBO cash balance.
Payout-partner pre-funded receivable (per corridor)USD Zennopay has pre-funded to its payout partner for the corridor (one balance per corridor); drawn down as transactions in that corridor settle.
Zennopay commercialWhere Zennopay’s margin lands after the daily sweep from FBO. Operating income.

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Custody posture

  • Zennopay holds USD in an FBO account at our partner bank (Unit). The funds remain attributable to the partner — and beneficially to the partner’s end users — at all times. Zennopay holds them in trust-like fashion.
  • Zennopay is a US Delaware C-Corp registered with FinCEN as a Money Services Business (MSB), operating as a payment facilitator (agent of payee).
  • Zennopay is not an e-money institution. We never co-mingle partner FBO funds with operating funds.
  • We are USD-only. All FX happens inside the payout partner network for the destination corridor.

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A $100 transaction, step by step

For a $100 transaction in the Thailand corridor (th_promptpay):
PlayerWhat changes
End userSees $100 USD in their partner-app wallet decrease. Sees THB equivalent paid to merchant.
Partner FBODrops by $101.50 ($100 user value + $1.50 Zennopay margin).
Zennopay margin accrualRises by $1.50. Swept to commercial at end of day.
Payout-partner pre-funded receivable (TH)Drops by $99.00 — the $100 Zennopay sends downstream, minus the corridor’s $1.00 pass-through fee.
Corridor pass-through feeRises by $1.00.
Thai merchantReceives THB equivalent of $99.00 at the payout partner’s quoted FX rate.
In ledger terms, the journal entry at payout-partner success looks like: 
                                            DEBIT       CREDIT
  clearing.in_flight                                    $101.50
  receivables.payout_partner.th_promptpay   $99.00
  expense.provider_fee.th_promptpay         $1.00
  receivables.zennopay.margin               $1.50
                                            ───────     ───────
                                            $101.50     $101.50
The clearing.in_flight account was loaded earlier when the partner FBO was debited; it zeros out here when the payout partner confirms success.

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When things fail

ScenarioWhat happens to funds
Partner auth declines before debitNothing moves. The intent is logged as failed.
Payout partner returns failure after FBO debitThe FBO debit is reversed. No margin recognized, no pass-through fee incurred.
Payout-partner success, then settlement reported failed (CAPTURE_REVERSED)Step-by-step reversal. Net: partner FBO restored, payout-partner pre-funding restored, no margin, no fee. The intent ends in failed and we emit a payment_intent.failed webhook.
User-initiated refund within the corridor’s refund window (T+7 for TH, T+1 for VN)The downstream payout partner refunds the merchant; Zennopay reverses the margin and credits the partner FBO.
Refund requested after the corridor’s refund windowPayout partner rejects. From Zennopay’s books, no entries. Commercial-side resolution between partner and end user.
The full T-account walkthrough lives in Zennopay’s internal ledger spec and is dry-run against the live ledger at each daily close.

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Pre-funding cadence

MovementTriggerFrequency
Partner → Partner FBO (top-up)Float < 1.2× daily burnOn demand; partner-initiated
Zennopay commercial → payout-partner pre-fund (per corridor)Corridor pre-fund < 1.2× daily burnDaily, automatic
Partner FBO → Zennopay commercial (margin sweep)End of dayDaily, automatic
Pre-funding shortfalls are caught by monitoring that fires before they actually go below the daily burn threshold. We do not run out of float mid-day for a partner in good standing.

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What you receive as a partner

  • A monthly statement showing transaction count, gross TPV, gross margin, and any commitment-fee passthroughs.
  • A reconciliation report per corridor, comparing Zennopay’s ledger against the downstream settlement record.
  • A monthly invoice for any commitment fees due.
See Settlement & reconciliation for cadence and break-resolution flow.