SendR Overview

SendR Payout

This is simply a cross-currency payout where a Merchant pays a beneficiary account in a currency different from the Payout account. A cross-currency payout refers to the entire transaction chain which results in the debiting of an account in one currency and the crediting of the equivalent amount into an account in another currency.

Sample Illustration

• Rachael (Merchant) needs to send Joseph (Beneficiary) $1000 from her GBP Account

• Rachel only has a GBP balance in her Leatherback Payout Account. This means Rachael needs to know the amount in GBP for a $1000 transfer to Joseph

• Based on the above, source_currency(Base_currency) is GBP, Quote_currency is USD, destination_amount is 1000 and credit_amount is unknown which is $1000 equivalent in GBP

• To get the Credit_amount, Rachael makes an API call to Exchange Rate Endpoint to get the equivalent credit amount and follow other processes as detailed below.

The following are the stages involved in the SendR process for Rachael to successfully transfer $1000:

As a merchant, you will need to confirm the different Accounts you have with Leatherback you can transfer from and also currencies in which the Beneficiary can receive funds. This endpoint shows a Consolidation of currencies in which Beneficiaries can receive funds and also Currencies in which Merchant can transfer from.

Click here to view the endpoint

This endpoint helps to retrieve Payment methods and Metadata (requirements) required to transfer to a Beneficiary Account in a specific currencyTo consume this endpoint, Pass Beneficiary Currency Code and Beneficiary Country code. For example, If you want to retrieve payment method & metadata for an account in USD domiciled in the local country (United States), you pass Beneficiary Currency Code= USD and Beneficiary Bank Country code=USA (This is a local Transaction), and for USD domiciliary Account opened outside the local country. E.g. USD Accounts opened in Nigeria will have Beneficiary Currency Code= USD and Beneficiary Bank Country Code=NGA (This is an International Transaction). There are different Payment method types and requirements as this is determined by the Beneficiary Account Currency. Examples of Payment Method types include; AbaRouting, WireRouting, BicSwift, SortCode, etc. Each of these identified Payment methods has additional metadata (information) required to be provided for a successful transaction to take place.

Click here to view the endpoint

This retrieves the rate utilized during the conversion between two currency pairs. The Merchants pass the Base Account currency, Base Amount (Optional) & Quote currency to the endpoint. The response shows the credit Amount equivalent to be credited to the destination Account (Beneficiary Account) and also the applied rate.  

The applied rate expires after 300secs. The rate is assigned a rate ID for subsequent reference. Click to see details on the Exchange Rate Endpoint

To initiate the Payout transaction, Gather the transaction details as shown on the Request payload and

Call Initiate Transaction Endpoint, Pass Rate Id from Response in the Exchange Rate Endpoint, set reference Id or we generate it for you, Pass the payment method type, Payment Method Value as required. To get the Payment method type /Metadata for a specific currency as seen on the Request params, call the Payment Method Requirement endpoint by passing the Beneficiary Currency Code and Beneficiary Bank Country code.

You may use this endpoint to retrieve specific transaction details by Passing a Reference Id from the Initiate Transaction Endpoint

You may use this endpoint to retrieve all transaction details. This is paginated for proper representation.

\uD83D\uDCCB Related articles

• Page:
  Initiate SendR Payout Transaction Endpoint
• Page:
  Request Payload for GBP Payout
• Page:
  Redirect
• Page:
  API Authentication
• Page:
  NGN Cards Integration