Applications
Creating an application
Use Applications in the Management UI to onboard your Customers onto the Layer2 Platform and open their first Account. This is akin to a prospect filling out an application form so that they can become a customer.
📝 Note:
In sandbox, you have to always create an Application to create a customer. However, once you create the application and customer, an account is automatically created as well.
🔐 Authentication:
Authentication occurs via email and password. If you wish to update your password, navigate to the login screen, click on Forgot Password, and follow the prompts to update your password appropriately.
Begin by clicking on the “Applications” tab on the left column and then “+ Create application on the top right”. Disregard any existing applications at this time.
A popup box will appear to create the application and have fields to indicate the customer id, customer name, and details around the account to open for that customer.
📝 Note on Accounts:
Accounts are at the heart of the Layer2 platform. They are the core book of record for a customer’s financial transactions and are backed by a complex set of double-entry ledgers. An account has to belong to a customer and its behaviour is determined by a combination of the Product and Asset types.
We have 3 types of accounts : Fiat Deposit, Crypto Deposit and Crypto Payment. Click here to learn more about the various product types, supported assets, and operations. A single account can only hold a single asset (e.g. ETH, USDC-ETH, BTC, USD). Today we support various fiat and crypto currencies.
Once complete and confirmed, you are able to edit the application directly to add in personal data and information for the users, beneficial owners, etc. By clicking on the “Edit Application” button a new window will open for onboarding. There you can fill out all of the information about the company, legal structure, etc.
Below you can see the onboarding application and process. By filling out each portion of the application, you are dynamically asked updated questions and all fields have validations in place.
📝 Note - Sharing the onboarding link:
You can fill this out yourself, or you can pass the link on to the company themselves. The onboarding application via this link is publicly available and accessible to make it easy to pass to your clients.
Once completed, on the last page the user will Accept the Terms and Conditions.
Layer2 Financial requires that users sign an account agreement. This can be accomplished a few ways: The client can hand sign or docusign the agreement and upload to the form They can agree to the terms and conditions via an e-signature/agreement. If that is the case, Layer2 Financial will need to verify the agreement and the flow for the users to make this agreement.
Once submitted, the application will begin processing. If there is additional information needed by Layer2 or our partners, we will proactively reach out to you for the clarification or additional information or documentation as required. In general, these approvals are automatic and are processed within the hour, but sometimes that same day.