Who gets to migrate?

Eligibility requires passing all checks:

1. Active Users: Transaction made in the last 45 days.

2. KYC Compliance:

   • Must be approved by our new partners.
   • Previous approval doesn’t guarantee new system approval.

3. Onboarding in Batches:

   • Batch 1: Recent payments from Gusto, Deel, Stripe, Upwork.
   • Batch 2: Payments from employer's business accounts.
   • Batch 3: Payments from your own accounts.
   • Batch 4: Payments from int’l payment platforms (e.g. Wise, Paypal; excluding Payoneer).
   • Batch 5: Payments from other platforms (e.g. JP Morgan, Airbnb, Etsy).

   Users w/ deposits from third party individuals in the last 45 days are not yet eligible.

How will Parallax communicate updates and important information during the transition?

We encourage all our users to join our Slack community for real-time updates and information. It's also a great place to communicate with our support staff if you need assistance.

Will there be any changes to the fees or rates with the new system?

We anticipate that our fees and rates will remain consistent once we resume normal operations. As a gesture of our appreciation and to say sorry for the inconvenience, active users from the last 30 days will enjoy reduced fees for a week. :) More info soon.

Will there be any new features or improvements after the transition?

Absolutely! We're excited about Thunder, our upcoming major update that will enhance reliability and speed by building our own payment infrastructure. This will reduce our reliance on external partners and, down the line, enable features like peer-to-peer sending and credit/debit card deposits. Stay tuned for Thunder's release before mid-2024!

After I migrate to the new system, can I receive payments from any source?

To ensure security and compliance, you'll be able to receive payments only from the sources you've had approved during our verification process. This means if you've confirmed that you'll be receiving payments from your own accounts, or directly from employers or clients, those are the sources we've green-lit for transactions in your Parallax account. Please contact support if you need new payment sources approved.