updated over 2 years ago
The workflow of fiat withdraw request looks as follows:
- Customer requests withdrawal by specifying a bank account and amount via customer interface. Immediately after the confirmation by customer, corresponding amount of the stablecoin is sent from his account to a a designated reserve account, that belongs to the platform operator.
- Admin signs in to the admin area, navigates to "FIAT withdraw requests" page.
- Admin sees a new request in "PENDING" status, clicks "edit.".
- The edit request page shows customer bank credentials where the wire transfer should be sent, and the amount.
- Admin navigates initiates the wire transfer through their bank interface.
- Once the transfer is confirmed by the bank, admin should add a transaction reference number, provided by the bank to the "bank transaction id" field, and update status to "DONE". Customer will receive corresponding email notification.
- Admin burns corresponding amount of stablecoins or moves them to the account, designated for stablecoin tokens that don't have fiat backing.