💳Automated settlement

More automation - more power!

In a nutshell

We have designed the first of its kind auto settlement to bring the most smooth on/off-ramping experience to the DeFi. This type of settlement is automated and being performed by our set of witness nodes. Crypto buyer just needs to send a payment and wait for the confirmation on witnesses side. Once bank transfer or any other payment system transfer is made - witnesses are screening crypto buyer's outgoing transactions list and looking for necessary transaction that should have "confirmed" status, which means it cannot be charged back.

Once minimum amount of witnesses confirm it - they have to sign their confirmation.

After this, a final list of confirmations is sent to a crypto buyer as a payment proof, which submits it to the smart contract to take crypto seller's crypto assets.

How does it work?

Market maker submits their payment system read-only API key to the leading witness that securely stores it in own encrypted data vault.

Once a user requests a deal with a market maker, and the market maker accepts it, user must provide payment data (for example IBAN and BIC for SWIFT transfers or email for Wise transfers), market maker side makes a hash from it and submits the hash to the leading witness in the witnesses network.

After this, leading witness is sharing this payment data hash with other witnesses and they all are starting a job that is screening outgoing transactions history of the market maker, and once they find it - they are signing the following data set: transaction creation time and exact amount.

Once minimum amount of witnesses have fetched the data - the market marker can fetch the list of proofs and submit it to the smart contract. The leading witness node can also submit the proof list to the smart contract if there is enough fee to cover gas expenses.

Smart contract verifies if the proofs are consistent (same transaction creation time, amount and etc), and verifies the signature of every witness proof in the list. If everything is okay - crypto is being released to the market maker (in case of off-ramping, and to the taker in case of on-ramping).

This system also allows to on-ramp non-crypto users for their very first time, we will publish on-ramping flow at a later time.

Supported payment systems

For public testnet and beta mainnet we are aiming to support Wise (ex. TransferWise) and Revolut (via Nordigen) for the auto-settlement feature, as it allows to perform international money transfers for the majority of the fiat currencies. Moreover, Wise allows to fund a transfer using external bank or payment system which significantly improves the flexibility. Takers are not required to use Wise and are not required to provide an API key for anything, only market makers are required to do it once.

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