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How to initiate a Remittance transaction

Unblock's vision is to power a more efficient movement of money worldwide; allowing users to move between fiat and crypto is the first step of a more efficient value transmission system.

The second step is to be able to send a 3rd party recipient their local currency using the stablecoin the user has just moved from the fiat world. This is precisely what our Remittance product allows merchants to provide to their users.

The Remittance product is now available for INR and PKR currency.

Please note: all users who are using the Remittance product need to be fully onboarded and KYCed according to our standard KYC / AML procedures

The following steps walk you through the full flow of onboarding a new user and performing a remittance transaction to a third party (another person in a different jurisdiction).

1. Setup a new user and sign-in

First, we need to create a new user; this can be done using this recipe:

Make sure to store the user_uuid

To get the user_uuid via API, please refer 👉 here

2. KYC the user

This can be done following this guide Guide to KYC a user

3. Setup a 3rd party beneficiary

You will now be able to setup a 3rd party beneficiary for this user, as a return you will get a receiving 0x address that is associated to this specific beneficiary, this can be achieved using this endpoint.

4. Send stablecoins to be remitted to the Beneficiary in local fiat


The beneficiary Unblock wallet can only receive funds from the user's target address

To make sure that the wallet of the beneficiary is only used by the Unblock user signed up earlier, any stablecoin sent to the wallet address (receiving 0x address) returned in the above API call will only be converted to the local Fiat currency of the beneficiary if it comes from the target address of the Unblock user.

In case if the user's target address does not match the sending address, the FAILED webhook will be sent to you. The refund process will be also scheduled.

Once the beneficiary is setup, the user is then able to transfer any stables that is supported by Unblock on any of the blockchains.

Once the stablecoin is received on chain, it will be settled directly into the bank account / mobile money wallet of the beneficiary in their local currency.

Cashback, fees and exchange rates
Unblock offers 0 fees on remittance transactions, we also offer the spot exchange rate (available here) in some Fiat currencies we also offer a bonus cashback. This bonus cashback is applied on the fiat that the Beneficiary will receive (it varries between 1% and 2%), to know more please get in touch with Unblock

Our goal is fast and unclogged transactions. Remittance transaction should be instant and take no longer than 2 minutes. The duration of a transaction may increase in case of interference from outside parties.

Expected Webhooks
We will send you regular webhooks during the process. You can refer to webhook guide here

Changelog Reference
SANDBOX release v2.1.0
PRODUCTION release v2.1.0