Transaction Mechanism
This page documents how funds flow through the Kulpay ecosystem, including the settlement model between Kulpay (KUL) accounts and Other Financial Institution (OIF) accounts.
Key Accounts
| Account | Purpose |
|---|---|
| Customer Account (KUL) | Kulpay wallet held in the BLNK ledger |
| Customer Account (OIF) | Account at the partner bank (Other Financial Institution) |
| Conta PNL Kul | Kulpay's P&L (Profit & Loss) account — collects fees from KUL-originated transactions |
| Conta PNL Kul OIF | P&L account for OIF-originated transactions |
| Conta Fiduciaria Kul-OIF | Fiduciary (settlement) account between Kulpay and the partner bank |
Fee Structure
Every transaction incurs a charge composed of:
| Component | Description |
|---|---|
| Commission | Service fee for processing the transaction |
| Selo | Stamp tax (regulatory requirement in Mozambique) |
Example: On a MZN 100 transfer, the charge is MZN 3 (Commission + Selo), debited from the sender.
Settlement Scenarios
There are four distinct settlement scenarios depending on whether the sender and receiver hold Kulpay (KUL) or partner bank (OIF) accounts.
Scenario 1: KUL → KUL (Internal Transfer)
Transfer between two Kulpay wallet holders. Funds remain within the BLNK ledger — no inter-institutional settlement is needed.
- Sender is debited MZN 103 (amount + fee)
- Beneficiary is credited MZN 100
- Fee (MZN 3) goes to Conta PNL Kul
- No fiduciary record — the transfer is entirely internal to the BLNK ledger
Scenario 2: KUL → OIF (Outbound Transfer)
A Kulpay customer sends funds to a beneficiary at the partner bank. This requires inter-institutional settlement.
- Sender is debited MZN 103
- Beneficiary receives MZN 100 at the partner bank
- Fee (MZN 3) goes to Conta PNL Kul
- Fiduciary account records MZN 100 for inter-institutional settlement
Scenario 3: OIF → KUL (Inbound Transfer)
A partner bank customer sends funds to a Kulpay wallet holder.
- Sender is debited MZN 103 at the partner bank
- Beneficiary receives MZN 100 in their Kulpay wallet
- Fee (MZN 3) goes to Conta PNL Kul OIF (OIF-originated fee account)
- Fiduciary account records MZN 100
Scenario 4: OIF → OIF (Pass-through Transfer)
A partner bank customer sends to another partner bank customer. Kulpay acts as a pass-through.
- Sender is debited MZN 103
- Beneficiary receives MZN 100
- Fee (MZN 3) goes to Conta PNL Kul OIF
- No fiduciary record — both accounts are at the same institution
Summary Matrix
| Scenario | Sender | Receiver | Fee Account | Fiduciary Record |
|---|---|---|---|---|
| KUL → KUL | Kulpay wallet | Kulpay wallet | Conta PNL Kul | None |
| KUL → OIF | Kulpay wallet | Partner bank | Conta PNL Kul | Recorded |
| OIF → KUL | Partner bank | Kulpay wallet | Conta PNL Kul OIF | Recorded |
| OIF → OIF | Partner bank | Partner bank | Conta PNL Kul OIF | None |
Rule: The fiduciary account is only involved when funds cross the boundary between Kulpay and the partner bank. Internal transfers (KUL→KUL or OIF→OIF) don't require inter-institutional settlement.
Technical Decision: The fiduciary account model ensures clean separation between institutional funds. By only recording cross-boundary transfers, the settlement reconciliation between Kulpay and the partner bank is straightforward — the fiduciary account balance always represents the net position between the two institutions.