Riffs are Finay’s in-app currency, allowing you to buy, sell, and engage with media across the platform. Here’s a step-by-step guide on how to deposit and withdraw Riffs, as well as information on the KYC process required for withdrawals.

Depositing Riffs

To start using Riffs on Finay, you’ll need to deposit funds in fiat currency, which will be converted into Riffs:

1. Go to Your Wallet

   • Navigate to the dropdown menu in the top right corner of the page and select Wallet.

2. Deposit Funds

   • Click on the Deposit button in your Wallet. You’ll be prompted to enter the amount you’d like to deposit.

3. Payment Options

   • Finay uses PayPal as its payment processor, allowing you to deposit funds securely through a variety of options, including credit/debit cards and PayPal. PayPal will convert your fiat currency into Riffs.

Once completed, your Riffs will be available in your Wallet, ready for you to purchase media or interact within the Finay ecosystem.

Withdrawing Riffs

To withdraw Riffs and convert them to fiat currency, you’ll need to complete the KYC (Know Your Customer) process, which is mandatory for security and regulatory compliance.

Why KYC is Required

KYC helps create a safe, trusted environment on Finay, protecting artists and fans alike. By verifying identities through SumSub, Finay ensures that only legitimate users are engaging in financial transactions, reducing the risk of fraud. SumSub is a trusted global provider known for secure, compliant identity verification.

Steps to Complete the KYC Process with SumSub

1. Go to Your Profile

   • Click on KYC Status in your profile and select Apply for KYC. SumSub will guide you through the steps needed to verify your identity.

2. Submit Identification

   • SumSub requires certain identification details, including your name, ID, and any other relevant information based on your region. Once submitted, SumSub processes your application, typically providing instant feedback on approval status.

3. Approved Status

   • Once approved, you’ll be able to proceed with withdrawals.

Steps to Withdraw Riffs

1. Complete the KYC Process

   • Before you can withdraw funds, go to your Profile and click on KYC Status. Follow the steps to complete Tipalti’s KYC requirements, which will include providing identification and payment details.

   • Once KYC is approved, you’ll be eligible to withdraw Riffs.

2. Go to Your Wallet Page

   • After KYC approval, navigate to Wallet from the dropdown menu.

3. Click the Withdraw Button

   • Select Withdraw and follow the steps provided by Tipalti to confirm your withdrawal preferences.

4. Enter the Amount to Withdraw

   • Specify the number of Riffs you want to convert into fiat currency. A 5% conversion fee is applied to support platform maintenance.

5. Select Withdrawal Method

   • Tipalti offers multiple options for withdrawals, including ACH (bank transfer), wire transfer, and PayPal. Fees may vary by method:

     • ACH: $1.00 per transfer

     • Wire Transfer: $15.00 for domestic and $20.00 for international transfers

     • PayPal: Fees vary by location and currency, including credit card transaction fees

6. Confirm and Withdraw

   • After entering your desired withdrawal amount and selecting your preferred payment method, confirm your withdrawal. Funds will be transferred to your designated account.

Gas-Free Transactions

Finay covers all gas fees for blockchain transactions, ensuring that your transactions within the platform are free of additional blockchain costs.

By following these steps, you can efficiently manage deposits and withdrawals in Riffs, helping you make the most of your Finay experience.