Remittance: Global Payouts

Unblock API's Remittance feature extends beyond simple fiat-to-crypto and crypto-to-fiat conversions, enabling you to offer global payout capabilities directly to beneficiaries in their local currencies. This guide details how to leverage the Remittance API to facilitate efficient and cost-effective international payouts.

🚀 What is Remittance?

The Remittance API empowers your platform to send payouts to recipients in supported regions, directly in their local fiat currency. This is ideal for use cases such as:

• Cross-border payroll: Pay international employees and contractors efficiently.
• Content creator payouts: Distribute earnings to global content creators in their preferred local currency.
• International vendor payments: Streamline payments to suppliers and partners worldwide.
• Cross-border transfers: Enable users to send money to family and friends internationally.

Unblock handles the complexities of currency conversion and local payment rails, providing a simplified API for initiating and managing global payouts.

⚙️ Remittance Transaction Flow

Here's the step-by-step process for initiating a Remittance transaction:

1. User Onboarding and KYC:

   • The user initiating the remittance (the sender) must be a fully onboarded and KYC-verified Individual or Corporate user within your Unblock integration. Remittance is only available for KYC-passed users to ensure regulatory compliance. Review KYC Guide or Review KYB Guide

2. Create Remittance Beneficiary:

   • Before initiating a remittance, you must register the beneficiary (the recipient) using the POST /user/remittance/beneficiary endpoint. This endpoint requires beneficiary details, including:

     • Beneficiary's First and Last Name
     • Beneficiary's Country of Residence
     • Beneficiary's Bank Account Details - Specific details vary by region and currency. See Create Remittance Beneficiary API

   • The API response will include a receiving 0x address associated with this beneficiary. Note: This address is for internal Unblock use and should not be directly shared with the user or beneficiary.

3. Initiate Crypto Transfer:

   • Once the beneficiary is set up and you have the receiving 0x address (returned during beneficiary creation), instruct the sender user to transfer stablecoins (supported by Unblock) to this address.
   • Important Security Note: Funds sent to the beneficiary's receiving 0x address will only be processed as a remittance if they originate from the sender user's target address registered within Unblock. Transfers from any other address will be rejected and refunded (a FAILED webhook will be triggered).

4. Automatic Fiat Conversion and Payout:

   • Upon receiving the stablecoin transfer from the authorized sender's address to the beneficiary's receiving 0x address, Unblock automatically:
     • Converts the stablecoin to the beneficiary's local fiat currency at the current spot exchange rate.
     • Initiates a payout in the local fiat currency to the beneficiary's provided bank account or mobile money wallet.

5. Webhook Notifications:

   • You will receive real-time updates on the remittance transaction status via webhooks, similar to standard crypto-to-fiat transactions. Refer to the Webhook documentation for details on cryptoToFiat webhook types and subtypes relevant to remittance.

💡 Key Considerations for Remittance

• Zero transaction fees: Unblock offers 0 fees on remittance transactions. Benefit from cost-effective global payouts, maximizing value for your users and your business.
• Cashback bonus: In certain fiat currencies, a bonus cashback (1-2%) is applied to the beneficiary's received amount, further enhancing the value proposition. Contact Unblock for details on cashback availability and rates.
• Spot exchange rates: Unblock uses spot exchange rates for currency conversion, ensuring competitive and transparent rates for remittance transactions.
• Timeline: Remittance transactions are designed for speed and efficiency, typically completing within minutes. However, processing times may vary depending on network conditions and external factors.

🔗 API Endpoints for Remittance

By integrating the Remittance API, you can provide your users with a powerful and streamlined solution for sending money globally, expanding your service offerings and reaching new international markets. Ensure you carefully review the API Reference for complete endpoint details and parameter specifications.