Convert funds (on-ramp)
An on-ramp is the process of automatically converting value from fiat currency into crypto, offering customers greater financial flexibility by providing them direct access to crypto from fiat payments without multiple manual steps.
Within BVNK, this is enabled through the payment rules endpoint, which allows you to define rules on a fiat virtual account. These rules automatically convert fiat funds deposited into the virtual account into crypto then transfers them to a designated blockchain address.
This solution is comparable to the stablecoin payout flow. However, here, instead of the conversion and payout steps being distinct, sequential actions that you trigger, an on-ramp is set up as a one-time rule triggered by a system event (when fiat funds land in your virtual account).
For who is this product intended?
This feature is designed for companies that operate mainly in fiat and want to continually convert funds to crypto and send them to a blockchain address all in one movement. Thus, decreasing effort and complexity of integration.
The product is best suited for:
- Payment Service Providers (PSPs)
- Employer of Record services
- Marketplaces
- Neobanks
What is a standard use case for on-ramp payments?
Imagine a following scenario:
You represent an Employer of Record service (let's name it Deal, Inc) and you want to offer your employees the ability to pay 50% of their salary into a stablecoin of their choice, which will be sent to their MetaMask wallet. Each time the salary gets paid, you will take 50% of that, convert it, and then send it to a blockchain address.
To achieve that with just one action, you will create an on-ramp rule for the customer's wallet. This rule will be triggered whenever funds are transferred into that wallet. After that, the funds will be automatically converted to a stablecoin and sent to the specified external blockchain address.
How on-ramp works?
Ready to start? Once you have completed all prerequisites above, you can proceed with the integration. The next sections will guide you through: