XTRM Insights and Analysis
XTRM APIs makes the complicated simple with multi-currency on and off ramps, redundancy and operational efficiency for cryptocurrency exchanges.
The easy movement of funds between crypto currencies and fiat currencies is essential for the continued growth and acceptance of crypto currency. Enabling these flows efficiently, quickly and compliantly is a critical component in the interoperability needed for optimal customer experiences that foster customer trust and confidence.
Empowering customers with the fluidity to transact easily while moving funds between crypto and fiat currency systems is essential and now readily available by embedding XTRM Global Payments Platform capabilities within a crypto exchange tech stack.
Making the complicated simple is the fastest pathway to both operational efficiency and speed as well as customer acceptance. Simplifying administrative burdens while maintaining compliance lowers costs as well as improving speed. Providing full transparency for the fiat fund withdrawals ensures customer trust. Enabling FX currency exchange on the payments platform, can simplify CX requirements by providing this as a self-service feature at lower than market rates.
So, how can all this be accomplished? Let’s begin with APIs.
Embedding global payment platform services using APIs creates end-to-end payment processing and disbursement capabilities. The platform takes care of security through a laundry list of built-in protocols that ensure network and system security along with On Ramps and Off Ramps to/from traditional sources (credit card, ACH, wire transfer) and endpoints (primarily company and personal bank accounts). And, importantly, the platform takes on the privacy, ISO, PCI, SOC1-3, and regulatory KYC and AML compliance requirements.
Thus a crypto exchange can tap platform APIs to move funds into their customers bank account by either passing the amount, currency and banking details directly or move the funds into a customers digital wallet on the platform and allow the platform to collect the customers preferred bank details to complete the transaction. In the either case, the system has automated AML and KYC protocols to assure compliance.
Managing fiat funds received in an aggregated or master digital wallet and then using those funds to fulfill fiat currency withdrawal demands, can provide a currency exchange with consummate speed and considerable flexibility. Payments platform APIs can be configured, and inter-organizational processes streamlined for operational efficiency.
Leveraging a global bank infrastructure with over 50 banks in every region, allows XTRM to provide complete financial assurance to all its customers, partners and their managed customers, allowing crypto exchanges to build redundant off ramps with total confidence.
Embedding an end-to-end payment architecture within the CX exchange capabilities makes it seamless to create and manage a series of Individual or Company digital wallets allowing for the withdrawal of funds from the CX using off ramps directly to a users bank account. But it can also provide users a wider choice of endpoint options – ACH, EFT, wire, prepaid debit. Using multi-currency digital wallets, the payments platform can handle currency FX within its managed processes at much lower rates than a CX customer might receive externally via traditional methods.
Enabling the flow of monies seamlessly between CX and FX currency is the goal shared by nearly every CX exchange and millions of their customers. Using a purpose-built payments platform with built-in compliance attributes including AML, KYC and tax reporting, makes it possible for CX exchanges to look beyond traditional banks for these service while lowering the costs for their customers. XTRM makes this possible through a unique combination of a robust, secure payments platform, embedded APIs, and consistent business processes designed to ensure compliance and eliminate administrative burdens often associated with supporting multiple methods of payments
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