First Party Payout

Overview

Each CP/CP+ will only be allowed to withdraw to a verified customer profile bank account. Payouts in different currencies have different processing time, with SGD being near-instant and USD taking up to 2 business days depending on the beneficiary bank and country. Similar to payments, a webhook callback will be triggered to your system to indicate the transaction status when it's updated.

Sequence Diagram

Processing Payouts

When your user submits a withdrawal request on your platform, create a customer profile withdrawal request via our bank transfer payout endpoint. Withdrawal request can only be made to a verified customer profile bank account.

A contract (i.e. transaction) will be created in pending status and returned in the response. Upon processing the payout, StraitsX will send a callback notification to you via the callback URL indicated on the StraitsX Business Dashboard. Learn more about callback configuration.

For payout in USD via SWIFT, there may be request for additional information (RFI) before the payout can be completed due to our internal controls as well as our banking partners' controls. Our team will reach out to you in such scenarios to gather the necessary information and proof before processing the transaction.

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Sandbox Testing

To test your integration, you could initiate a withdrawal in sandbox and mock its status. Callback will also be sent in the sandbox environment.

Webhooks

Webhook callbacks use HTTP POST request and expects 200 OK in the response. Each failed webhook callback is retried up to 20 times with a 5-minute interval. If you need to retrigger callback for a single contract or a list of contracts, you can do so via our callback event endpoints.

For sample payloads and detailed field descriptions, see Payout Callbacks.