SendR Overview

Owned by Leatherback, created
Last updated: Oct 18, 2023
4 min read

SendR Payout

This is simply a cross-currency payout where a Merchant pays a beneficiary account in a currency different from the Merchant’s Payout account. A cross-currency payout can also be seen as an entire transaction chain that 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 equivalent 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 $ 1,000 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 the Exchange Rate Endpoint to get the equivalent credit amount and follow other processes as detailed below.

Conditions to be met

  • ·       Merchants must maintain a Payout Account in the Base (Source) currency with Leatherback i.e. Merchant must have Accounts maintained with Leatherback in the sender’s Currency before such process can be successful

  • ·       (The To/quote/Beneficiary currency)must be part of currencies supported by Leatherback Payout

(This criteria can be checked using the Payout/Disbursement/SendR/Currencies endpoint )

  • ·      NB: Leatherback Payout must support transfers to Beneficiary’s Account Currency before such process can be successful

 

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

Step 1: Call /payout/Disbursement/SendR/currencies

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.

Click here to view the endpoint

Referencing the illustration above, the list of Merchant account currencies returned by this endpoint must have GBP for Rachael’s transaction to even kick start.

 

This endpoint helps to retrieve Payment methods and Metadata (requirements) required to transfer to a Beneficiary Account in a specific currency. To consume this endpoint, Pass BeneficiaryCurrencyCode, and BeneficiaryBankCountrycode, Amount, and CurrencyCode(Sender). For example, If you want to retrieve payment method & metadata for an account in USD domiciled in the local country (United States), you pass BeneficiaryCurrencyCode= USD and BeneficiaryBankCountrycode=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 BeneficiaryCurrencyCode= USD and BeneficiaryBankCountryCode=NGA (This is an International Transaction).

There are different Payment method types and requirements (and these attributes are 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. See other Payment Methods/requirements for other currencies we currently offer service for.

Additional supporting documents are required for upload when the Amount passed in the Payment Method endpoint is greater than the Threshold limit defined for the customer. Supported file upload formats are PNG, JPG, JPEG, and PDF. A unique reference is returned after a successful upload.

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) and 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 300 seconds. 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 RateId from Response in the Exchange Rate Endpoint, set referenceId or we generate it for you, Pass the PaymentMethodType, PaymentMethodValue 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 BeneficiaryCurrencyCode and BeneficiaryBank CountryCode, Amount, and lastly, pass the SupportingDocumentReference gotten from /payout/Disbursement/SendR/upload-supporting-doc

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

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

 

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