Glossary¶
Quick definitions for the terms that show up across the dashboard and the docs.
- Audit log
- A chronological record of significant actions - payments, customer onboarding, recipient edits, fee changes, operator invites and role changes. Visible to every operator including read-only.
- Customer (organization)
- An end-client of your fintech that holds a balance and sends or receives money. The dashboard and this wiki use "customer" and "organization" interchangeably; the API uses "organization".
- Fintech
- You. The Magma customer. Your fintech contains operators (the people who use the dashboard) and customers (the legal entities you transact for).
- Idempotency key
- A UUID sent in the
Idempotency-Keyheader on payout requests. If a request is replayed (network retry, duplicate click), the upstream provider returns the original result instead of charging twice. See Fiat payouts. - KYC / KYB
- Know-Your-Customer (individual) and Know-Your-Business (legal entity). Magma triggers the upstream provider's hosted verification flow for every new customer and tracks the resulting status. Documents are not stored by Magma. See KYC / KYB status.
- On-ramp
- A pass-through flow where the customer wires USD into a dedicated crypto VA and the upstream provider auto-converts to USDC or USDT and forwards on-chain to a saved wallet. See On-ramp.
- Operator
- A user inside your fintech with access to the dashboard. Three roles: admin, operate, view. See Roles & permissions.
- Pass-through
- A payment flow where the customer's USD balance is not affected - funds enter and leave at the rails without ever sitting on the balance. Crypto-to-fiat payouts and on-ramp deposits are both pass-through.
- Rail
- The settlement network: ACH, Wire, SWIFT, FX, internal transfer, or a crypto chain. Each rail has its own fees and settlement timeline.
- Recipient
- Where money lands. A bank account scoped to a single customer, picked during the add-recipient wizard. See Recipients overview.
- Reference
- A human-readable identifier prefixed by transaction type. Payouts are
PO-XXXXXXXX. Use this when communicating with support or your customer. - Reserved balance
- Funds locked by an in-flight transaction. They count against the customer's wired-in total but are not available for new payouts until the in-flight one settles.
- Saved wallet (destination wallet)
- A crypto address registered on a customer for use as the destination of an on-ramp deposit. Each saved wallet has exactly one paired crypto VA. One wallet per
(network, token)pair per customer. See On-ramp. - Settlement
- The point at which money has actually moved at the rail. Wire is 1–3 business days; SWIFT is 3–5; ACH varies. The transaction status moves to
completedat settlement. - TOTP
- Time-based One-Time Password. The 6-digit code from an authenticator app. Used for both login second factor and payout confirmation.
- Virtual account (VA)
- A real bank account at the upstream provider used to receive USD wires on behalf of a customer. Two modes:
fiat(one per customer, holds the USD balance) andcrypto(one per saved wallet, auto-converts inbound USD to stablecoin and forwards on-chain). See Virtual accounts.
Out of v1 scope (mentioned for context)¶
- Audit logs page - all the events listed above are recorded; a dedicated UI to browse them lands in a follow-up.
- Multi-currency - only USD in v1.
- Organization self-service dashboard - customers don't log into Magma directly in v1.
- Magma admin panel - used by Magma to onboard fintechs; not your concern.