Overview and Guide

Power multi-currency payment acceptance and transfers

With Decentro's payment product, platforms gain the power to effortlessly collect and transfer funds using both domestic and SWIFT payment methods. Decentro provides the capability to collect funds in 11 different currencies and send payouts to more than 15 countries worldwide, leveraging a robust network of 50+ supported payment methods.

πŸ“₯ Payment Acceptance

Decentro powers payment acceptance in 11 different currencies via direct bank deposits on virtual accounts. The flow for collecting funds on virtual accounts is as follows -

  1. The platform obtains the currency account details where the transaction should happen. These details can be the Account number, IBAN, Account Routing Code, Account Name, SWIFT code etc depending upon the currency of the virtual account.
  2. The platform shares these account details with the payer and asks them to pay on these account details.
  3. The payer goes to their banking app, punches in the details obtained in step 1 and enters the amount.
  4. Once a transaction is initiated, Decentro receives a webhook notification from its banking partner, signalling that the transaction has been deposited into the respective virtual account. This webhook includes all the related transaction details and is called an Inward credit notification (ICN). Decentro propagates the same ICN to the platforms to notify them about the transaction.

πŸ“€ Payouts

Decentro powers payouts to beneficiaries based in more than 15 countries. The supported payment method cab be either the local payment method of that country if the transfer is domestic or SWIFT if the transfer is cross-border.

The flow is simple and can be broken down into the following steps:

  1. The platform creates a beneficiary using the Decentro's create beneficiary API or goes to the dashboard for the same.
  2. During the creation of beneficiary, Decentro collects the following information from the platforms:
    1. Beneficiary type: INDIVIDUAL or BUSINESS
    2. Beneficiary address
    3. Beneficiary bank details
    4. Beneficiary name
    5. Payment method
  3. Once the beneficiary gets created, platforms can execute Decentro's initiate payout API to process the outgoing transaction. Alternatively, the same can be done by using the payouts section under the Decentro dashboard
  4. During the creation of the payout, the platforms pass the following details:
    1. Beneficiary id
    2. Amount and
    3. Payment method
  5. When the payout reaches its terminal state; Success or Failure, Decentro notifies the platform with a webhook with the final status of the transaction and other details.