Transfers

We are excited to announce the launch of our new feature: Batch Crypto Withdrawals.

Batch crypto withdrawals enable the transfer of crypto assets to several external wallets through a single request. This feature applies only to UTXO-based chains, such as Bitcoin. To begin a batch crypto withdrawal, generate a quote with all the specified destination wallets. After obtaining the quote response, proceed with executing the transfer. This approach minimizes network expenses by combining several transfers into one transaction. It effectively lowers network charges and streamlines the process of withdrawal.

You can find more details about this feature in our documentation, including a sample API.

Transfers

We are excited to announce the launch of RTP and FedNow for deposits and transfers.

For the partners taking advantage of Cybrid’s Deposit Bank Accounts, deposits can also be made to those accounts using RTP and FedNow. For withdrawals, depending on whether your external bank supports RTP or FedNow, our system first tries to initiate the withdrawal Funding Transfer using RTP. If RTP is not supported, the system tries FedNow, and if both are not supported, the transfer will fail. To leverage withdrawals on the RTP and FedNow rails, specify the payment_rail="rtp" when creating a Transfer.

The RTP / FedNow transfer types enable the immediate 24/7 transfer of funds to and from the Cybrid Platform and improve the overall experience with our Funding Transfers.

External Bank Accounts

We are thrilled to announce a new feature: credit-only external bank accounts for counterparties.

As of now, the Cybrid platform allows customers and partners to set up external bank accounts for counterparties, facilitating third-party payouts. By supplying the required bank routing information (routing_number_type, routing_number, account_number), you can set up these (credit-only) external accounts, which are designated solely for credit transactions, allowing funds to be sent to them only.

You can find the technical guide and documentation for credit-only external bank accounts here.

Transfers

⚠️ New Major Feature - Breaking Change ⚠️

As you know from our announcements in the Slack channels, we are thrilled about the Counterparty feature in transfers. This feature significantly enhances Cybrid transfers by adding a counterparty as the sender or receiver participants of transactions.

Using counterparties enables Cybrid's partners to capture and provide detailed information about the source and destination of funds, which helps Cybrid conduct proper sanction screening and meet regulatory requirements.

Based on feedback from some partners, we are postponing the effective date for requiring counterparties as participants of transfers to October 15, 2024.

Partners must specify the source/destination participants for transfers initiated on the Cybrid platform. This requirement does not apply to inbound wires and crypto deposits (which are initiated outside of Cybrid platform). Source/destination participants can be any of the following types: banks and customers, or counterparties

This change will be applied to both the Sandbox and Production environments. Our counterparty documentation contains more technical guides.

Welcome to the developer hub and documentation for Cybrid!