Learn how to execute fiat instant funding transfers

The Cybrid Platform offers an instant funding capability to accelerate the settlement of ACH/ EFT fiat funding deposit transfers.

To use this feature, partners must create and pre-fund their bank-level fiat account.

When an instant funding deposit transfer is submitted by the bank on behalf of their customer, the fiat amount is book transferred from the partner's pre-funded bank-level fiat account to the customer's fiat account.

Once the ACH is approved and submitted to the banking rails for processing the customer's fiat account is credited the fiat amount and is instantly available to the customer for use.

When the ACH ultimately settles on the Cybrid Platform, the fiat amount is made available in the partner's bank-level fiat account.

Partners can offer instant fiat settlement to their customers to improve the customer experience within their applications.

Steps

Once the bank-level fiat account has been pre-funded, here are the steps to execute an instant funding transfer:

• Create a quote using the POST /api/quotes endpoint
  • Provide the "funding" value in the "product_type" parameter
  • Provide the "USD" value in the "asset" parameter
  • Provide the "deposit" value in the "side" parameter
  • Provide the "customer_guid" parameter
  • Provide that amount in the "receive_amount" parameter (e.g. 100 for $1 USD)

{
  "product_type": "funding",
  "asset": "USD",
  "side": "deposit",
  "customer_guid": "<customer_guid>",
  "receive_amount": 100
}

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Instant funding transfers are only available for side=deposit quotes

• Create a transfer using the POST /api/transfers endpoint
  • Provide the "instant_funding" value in the "transfer_type" parameter
  • Provide the "quote_guid" value from the quote created above
  • Provide the "external_bank_account_guid" of the destination customer fiat account

{
  "transfer_type": "instant_funding",
  "quote_guid": "<quote_guid>",
  "external_bank_account_guid": "<external_bank_account_guid>"
}

• Once the transfer is submitted, the fiat funds will be available in the customer's fiat account when then transfer goes to the "pending" state

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While the funds are available once the transfer enters the "pending" state, the instant funding transfer will remain in "state":"pending" and won't progress to "state":"completed" until the same-day ACH has completed

Cancelled Instant Funding Transfers

As with regular funding transfers, instant funding transfers can be cancelled if the transfer has not yet been accepted by the bank for processing.

Cancelled instant funding transfers, however, potentially require additional action by the partner when cancelled.

A successfully cancelled funding transfer will show failure_code=cancelledwhen the Transfer state is retrieved from the Cybird Platform. Transfers in this state imply the following:

1. the book transfer from the bank-level fiat account to the customer-level fiat account has successfully completed, i.e., the customer has the funds; and,
2. the ACH/ EFT transfer from the customer's connected bank account to the platform has not completed, i.e., the bank does not have the funds.

Partners may want to book transfer the amount back out of the customer's fiat account in this scenario and they are able to do so via a book transfer.

Cybrid's support is available to work with the partner to help them implement the flow that makes the most sense for them in this scenario.