Skip to main content

Enable payouts for customers

The customer stablecoin payment flow enables Payment Service Providers (PSPs) to offer stablecoin payouts to their customers without requiring direct integration with cryptocurrency infrastructure.

For who is this product intended?​

This solution is designed for:

  • Payment Service Providers (PSPs) and Enterprises that want to offer stablecoin payouts to their customers' end-users while only maintaining a pre-funded fiat balance. Partners can extend their services to include such payments without worrying about stablecoin or crypto complexity.

What is a standard use case?​

You represent a PSP (let's name it PayCore) and want to offer stablecoin payout services to your customers. BVNK handles the exchange and transfer of fiat to stablecoins and ensures that stablecoins are settled to the intended Beneficiary

.

As the partner, after you have onboarded with BVNK, you will get access to a fiat wallet, to which you can deposit fiat funds. They will be used to facilitate the exchange and transfer of stablecoins to your customers. As the partner, you will need to onboard your customers to BVNK via the BVNK Portal or API. Once you have created your customer's account, and they have been successfully verified, you can start offering stablecoin payouts to your customers.

When your customer, a ride-sharing platform (let's name them WeRideShare), wants to offer stablecoin payouts to their drivers, the flow is as follows:

  1. WeRideShare will already have an available balance with PayCore to facilitate fiat payouts to WeRideShare drivers.

  2. PayCore uses its available liquidity to pre-fund a fiat balance with BVNK to enable stablecoin payouts to WeRideShare. WeRideShare does not need to have an account with BVNK.

  3. When WeRideShare requests a stablecoin payout to their drivers, PayCore initiates a payment request to BVNK via API.

  4. BVNK debits funds from PayCore's pre-funded fiat balance and converts the required amount to payout to the WeRideShare driver in USDC.

  5. During the payment flow, BVNK credits USDC to WeRideShare's embedded wallet and the USDC is immediately paid out to the external wallet address of the WeRideShare driver.

    The USDC wallet for WeRideShare is created automatically for the first payout and is completely separate from PayCore's wallet. For the following transactions, BVNK checks whether the customer's wallet already exists in the required currency and then re-uses it.

This model allows PayCore to offer stablecoin payouts as a product to WeRideShare, without WeRideShare having to manage stablecoin wallets or conversions directly. PayCore can offer this service using its existing funding infrastructure. It can have several customers and use their same pre-funded balance at BVNK to offer this service to all of them.

Supported payment types​

BVNK supports various payment combinations to meet different business needs:

  • Fiat to stablecoins: Convert fiat currency to stablecoins and send to crypto wallets.
  • Crypto to crypto: Convert from one stablecoin to another and pay out to wallets.

How it works?​

The customer stablecoin payment flow operates through a three-step process:

  1. Fund Conversion: Funds are pulled from the partner's pre-funded wallet and converted to USDC or other supported stablecoins.
  2. Wallet Credit: The converted stablecoin amount is credited to the customer's wallet.
  3. External Payout: The stablecoin is immediately paid out to the external wallet address

This product allows PSPs and Large Enterprises to leverage their existing pre-funded fiat balances to provide stablecoin payment services to their customers. Customers won't need to maintain direct relationships with crypto providers.

Ready to start? Once you have completed all prerequisites above, you can proceed with the integration. The next sections will guide you through:

Last updated on