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.