How do I execute a book transfer?

Learn how to execute fiat and crypto book transfers

The book transfer capability offers significant flexibility in controlling funds on the Cybrid Platform, and offers a zero cost method to move funds between accounts on the platform. The follow types of book transfers are supported:

• bank -> customer
• customer -> bank
• customer -> customer

All transfers on the platform must be like for like. This means you can perform the following types of transfers:

• fiat -> fiat
• crypto -> crypto

As long as the source account and destination account are of the same asset type (e.g. USD -> USD, BTC -> BTC), with a bank account on one side and a customer account on the other side, then transfers are quick and easy.

Fiat book transfer

As an example, let's use the book transfer feature to transfer $1 USD from a fiat funding bank account to a fiat funding customer account.  Here are the steps to complete this transaction:

• Create a quote using the POST /api/quotes endpoint
  • Provide the "book_transfer" value in the product_type parameter
  • Provide the "USD" value in the asset parameter
  • Note: The side is omitted for book transfers, all book transfers will be "deposit"
  • We're book transferring $1 USD to the customer account so we'll also provide that amount in the receive_amount parameter

{
  "product_type": "book_transfer",
  "asset": "USD",
  "receive_amount": 100
}

• Create a transfer using the POST /api/transfers endpoint
  • Provide the quote_guid value from the quote created above
  • Provide the "book" value in the transfer_type parameter
  • Provide the source_account_guid and destination_account_guid values.  Since we're transferring from the bank account to the customer account, the source in this example is the bank account and the destination is the customer account

{
  "transfer_type": "book",
  "quote_guid": "<quote_guid>",
  "source_account_guid": "<bank account_guid>",
  "destination_account_guid": "<customer account_guid>"
}

• Once executed, you should immediately see the transferred amount reflected in the platform_available of the bank account and the customer account

Crypto book transfer

In the example, let's transfer 1 USDC (Ethereum) from a crypto trading bank account to a crypto trading customer account.

• Create a quote using the POST /api/quotes endpoint
  • Provide the "book_transfer" value in the product_type parameter
  • Provide the "USDC" value in the asset parameter
  • Note: The side is omitted for book transfers, all book transfers will be "deposit"
  • We're book transferring 1 USDC to the customer account so we'll also provide that amount in the receive_amount parameter

{
  "product_type": "book_transfer",
  "asset": "USDC",
  "receive_amount": 1000000
}

• Create a transfer using the POST /api/transfers endpoint
  • Provide the quote_guid value from the quote created above
  • Provide the "book" value in the transfer_type parameter
  • Provide the source_account_guid and destination_account_guid values.  Since we're transferring from the bank account to the customer account, the source in this example is the bank account and the destination is the customer account

{
  "transfer_type": "book",
  "quote_guid": "<quote_guid>",
  "source_account_guid": "<bank account_guid>",
  "destination_account_guid": "<customer account_guid>"
}

• Once executed, you should immediately see the transferred amount reflected in the platform_available of the bank account and the customer account