Use Case - Remittances
Release Details
Release date: October 25th, 2024
Release Type
Informational
Summary
Zero Hash has launched our Remittances product. This product allows remittance Platforms to offer capital efficient and low-cost remittance transfers to their End Customers. See detailed integration guide here.
Capital Efficient
Previously, offering instant remittance services (e.g., an American sending US Dollars to a recipient in Mexico who receives Mexican Pesos) required platforms to hold a local currency float in the destination country (e.g., holding Mexican Pesos in Mexico). This practice was necessary to offset the settlement delays associated with cross-border transfers, which can take up to 3 business days.
By leveraging the speed and efficiency of ~instant transfers on Layer 1 and Layer 2 blockchains, our solution allows Platforms to use USDC to completely eliminate the need to hold a local currency float. This innovation removes the traditional barriers associated with cross-border remittances, reducing both capital lock-up and operational complexity. Platforms can now offer seamless, near-instant transfers without the overhead of managing local currency reserves, enhancing liquidity and operational flexibility.
Low-cost
The aforementioned costs of legacy remittance flows are ultimately passed onto the End Customers. This new USDC-powered remittance flow allows Platforms to lower the fees passed onto End Customer while still maintaining sufficient margins
Use Cases
- Cross Border Remittances: Platforms can offer more capitally-efficient and cheaper remittance products to their End Customers
Developer Documentation
- Remittance Integration Guide here
Key Features
- Remittance API Suite: Streamline your remittance flow with just 5 simple, executable endpoints—while maintaining full control over your personalized front-end user experience (UX).
- USDC Support Across 10+ Blockchain Networks: Initiate remittance transactions on the blockchain network of your choice, with full support for USDC across multiple chains.
- Participant Tiering: Custom onboarding workflows that require minimal KYC data, ensuring compliance with regulatory standards while minimizing friction for users.
- Built-in Compliance: Zero Hash's transaction monitoring suite ensures that all transfers do not involve sanctioned or otherwise unpermitted actors
- Developer-Friendly: Access our comprehensive developer documentation to seamlessly integrate our solution into your platform.
Action Required
N/a
Endpoints impacted
- POST /participants/customers/new
- GET /participants
- GET /participant
- GET /participant/[participant_code]/limits (NEW)
- PATCH /participants/customers/{participant_code}
- POST /participants/beneficiaries/new
- PATCH /participants/beneficiaries/{participant_code}
- POST /liquidity/rfq
- POST /liquidity/execute
- POST /transfers
- GET /transfer
- POST /withdrawals/requests
- GET /withdrawals/requests
- GET /withdrawals/requests/{id}
See detailed integration guide here.