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

When the customer's ACH debit settles on the Cybrid Platform, the funds are deposited into the partner's bank-level fiat account to top back up the 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. $1 USD)

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

👍

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 executed, you'll immediately see the instant funding transfer amount reflected in the "platform_available" of the partner bank-level fiat pre-fund account and the customer fiat account

👍

While the funds are available immediately, 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.