Fiat Transfers FAQ
What can I do with the Fiat Transfers API?
- Paxos can accept wires from or send wires to a bank account, even if the bank account owner is not the same as the individual or institution onboarded with Paxos. This means Paxos allows wire transfers involving third-party bank accounts, subject to applicable compliance and regulatory checks.
- Fund your Paxos corporate account or withdraw your funds to an external bank account.
- Enable your users to directly fund their account or withdraw their funds to an external bank account.
How do I get the Identity ID required in requests?
- Paxos will send you the Identity ID for your corporate account.
- For user-based funding, Integrate the Identity API and use the corresponding endpoints.
How do I input the routing number (ABA) for US wires (Fedwire)?
Use routing_number_type = ABA. For US domestic wires, set fiat_network = WIRE and routing_number_type = ABA.
How do I input the SWIFT/BIC code for SWIFT wires?
Use routing_number_type = SWIFT. For SWIFT wires, set fiat_network = WIRE and routing_number_type = SWIFT.
Do I need JWS request signing?
It is recommended to have JWS request signing for fiat withdrawals. JWS request signing uses a public-key cryptography with a client-controlled private key. It adds an additional layer of security to withdrawals. It can prevent malicious withdrawals even if the API key secret is compromised. When used, all API calls with this key will require a JWS signature.
How do I retrieve fiat account information?
Use Get Fiat Account to get complete details of the fiat account. List Fiat Account excludes beneficiary name and address details and only includes the last four (4) digits of the account number.
Are there fees associated with fiat transfers?
For withdrawals, fees are in addition to the requested amount. For deposits, fees are deducted from the received amount. See Deposit & Withdrawal Fees for the current fee structure.