Crypto payments

Let’s take an example of a generic crypto wallet and payment provider to see how the Flagright API can be used as the compliance and anti-fincrime infrastructure for the fiat transactions. Flagright also enables crypto businesses to centralize their on-chain alerts onto Flagright case management through the Management API.

1. On Ramp

An on-ramp or deposit is when a User transfers money from an external fiat source (e.g., bank, credit card) to their crypto wallet.

For deposits, the origin payment method is the external source, for example, a CARD transfer, and the destination payment method is the wallet type. In this case, the originUserId would be empty and the destinationUserId would be the userId of the user. The originAmountDetails would have the fiat currency and the destinationAmountDetails would have the cryptocurrency.

originPaymentMethod would contain information on the CARD transaction and the destinationPaymentMethod would contain the payload for the crypto wallet details of the user where the money is being deposited.

To make the following request, you’ll need an API Key. Please reach out if you don’t have one.

You would make an API call to the POST /transactions to verify this transaction before processing, with the payload like so:

POST /transactions
$    curl --request POST \
>    --url https://sandbox.api.flagright.com/transactions \
>    --header 'Content-Type: application/json' \
>    --data '{
>    "transactionId": "7b80a539eea6e78acbd6d458e5971482",
>    "type": "DEPOSIT",
>    "destinationUserId": "9350a2611e0771cba03310f74bf6",
>    "originAmountDetails": {
>        "country": "NL",
>        "transactionAmount": 800,
>        "transactionCurrency": "EUR"
>    },
>    "destinationAmountDetails": {
>        "country": "DE",
>        "transactionAmount": 0.34,
>        "transactionCurrency": "ETH"
>    },
>    "timestamp": 1641654664,
>    "originPaymentDetails": {
>        "method": "CARD",
>        "swiftCode": "AAAABB11CC",
>        "cardFingerprint": "3ef913ae22cfae303aeefbcc2e22cfae303a1",
>        "cardBrand": "VISA",
>        "3dsDone": true,
>        "cardAuthenticated": true
>    },
>    "destinationPaymentDetails": {
>        "method": "WALLET",
>        "walletId": "20ac00fed8ef913aefb17cfae1097cce"
>    }
>    }'

2. Off Ramp

An off-ramp or withdrawal is when a User transfers money from the crypto wallet to an external fiat source.

For withdrawals, the destination payment method is the external fiat source, for example, a SWIFT transfer, and the origin payment method is the wallet type. In this case, the originUserId would be the userId of the user and the destinationUserId would be empty. The originAmountDetails would have the cryptocurrency and the destinationAmountDetails would have the fiat currency.

originPaymentMethod would contain information on the crypto wallet and the destinationPaymentMethod would contain the payload for the SWIFT details of the user where the money is being withdrawn.

To make the following request, you’ll need an API Key. Please reach out if you don’t have one.

You would make an API call to the POST /transactions to verify this transaction before processing, with the payload like:

POST /transactions
$    curl --request POST \
>    --url https://sandbox.api.flagright.com/transactions \
>    --header 'Content-Type: application/json' \
>    --data '{
>    "transactionId": "7b80a539eea6e78acbd6d458e5971482",
>    "type": "DEPOSIT",
>    "originUserId": "9350a2611e0771cba03310f74bf6",
>    "originAmountDetails": {
>        "country": "DE",
>        "transactionAmount": 800,
>        "transactionCurrency": "EUR"
>    },
>    "destinationAmountDetails": {
>        "country": "DE",
>        "transactionAmount": 0.34,
>        "transactionCurrency": "ETH"
>    },
>    "timestamp": 1641654664,
>    "originPaymentDetails": {
>        "method": "WALLET",
>        "walletId": "20ac00fed8ef913aefb17cfae1097cce"
>    },
>    "destinationPaymentDetails": {
>        "method": "SWIFT",
>        "swiftCode": "AAAABB11CC",
>        "accountNumber": "32213423221",
>        "accountType": "SAVINGS"
>    }
>    }'

3. Crypto to Crypto Transfer

For peer-to-peer transfer, the destination payment method and the origin payment method are of wallet type. In this case, the originUserId would be the userId of the user making the payment and the destinationUserId would be the userId of the user receiving the payment.

originPaymentMethod would contain information on the wallet and the destinationPaymentMethod would contain the payload for the wallet details of the user where the money is being transferred.

You would make an API call to the POST /transactions to verify this transaction before processing, with the payload like:

POST /transactions
$    curl --request POST \
>    --url https://sandbox.api.flagright.com/transactions \
>    --header 'Content-Type: application/json' \
>    --data '{
>    "transactionId": "7b80a539eea6e78acbd6d458e5971482",
>    "type": "DEPOSIT",
>    "originUserId": "9350a2611e0771cba03310f74bf6",
>    "destinationPaymentMethod": "ac00fed8ef913aefb17cfae1097cce07a0",
>    "originAmountDetails": {
>        "country": "DE",
>        "transactionAmount": 22,
>        "transactionCurrency": "BTC"
>    },
>    "destinationAmountDetails": {
>        "country": "NL",
>        "transactionAmount": 417.34,
>        "transactionCurrency": "ETH"
>    },
>    "timestamp": 1641654664,
>    "originPaymentDetails": {
>        "method": "WALLET",
>        "walletId": "2704ebec3fab4402a4cbbf7190ff31fa"
>    },
>    "destinationPaymentDetails": {
>        "method": "WALLET",
>        "walletId": "ac00fed8ef913aefb17cfae1097cce"
>    }
>    }'