Payment FAQs

1. What payment methods does StraitsX support?

StraitsX supports two primary methods for receiving payments:

• Virtual Bank Accounts — Unique bank accounts assigned to your merchant account or customer profiles, supporting FAST, SWIFT and MEPS transfers (SGD and USD).
• PayNow — Singapore's real-time payment network via QR code or Virtual Payment Address (VPA), supporting SGD only. This is only available to Singapore-registered entities with a valid UEN number.

You can use both methods in combination depending on your use case.

2. Does StraitsX maintain a balance ledger for each end user?

No. StraitsX does not maintain a ledger that records each end user's account balance. When a deposit is received, the funds (or equivalent stablecoins) are credited directly to your merchant account. If you need per-user balance tracking, you should maintain this on your own system using the transaction callbacks we provide.

3. What currencies can I receive deposits in?

You can receive deposits in:

Deposits can be credited as fiat (SGD/USD) or automatically converted to stablecoins (XSGD/XUSD), depending on your account configuration.

4. How do I get notified of incoming deposits?

StraitsX sends real-time webhook callbacks when a deposit is received and credited. You will need to configure your callback URL in the StraitsX Dashboard.

Key webhook events for payments:

• paymentStatusUpdated — Fiat deposit credited to your account

If your endpoint is unavailable, callbacks are retried with increasing intervals, up to 20 times.

5. How do I reconcile incoming payments?

Each deposit callback payload includes:

• Account number — identifies which virtual account received the funds
• endToEndRef — the bank reference provided by the sender (useful for matching against your internal records)
• Amount and currency — the credited amount
• Transaction ID — StraitsX's unique identifier for the transaction

For virtual bank accounts assigned to individual customer profiles, you can match deposits to end users using the account number. For PayNow, use the transaction reference to reconcile.

6. What are the available transaction types for incoming payments?