Cion Digital Developer Portal
  • Getting Started
    • Introduction
    • Overview
  • Fundamentals
    • General Information
      • Supported Countries
      • Cryptocurrencies & Rates
      • Cryptocurrency Wallet Management
      • Network Fees
    • Architecture
    • Setup
      • Bank Accounts
      • Crypto Wallet
  • Platform Capabilities
    • Glossary
    • Foundation
      • User Management
        • Multi-Rooftop
      • Onboarding
      • Funds Management
        • Fiat Fund Management
        • Crypto Fund Management
    • Crypto Payments
      • Offline Stores
        • Stand-Alone
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    • Crypto Loans
      • Borrower Features
        • Loan Offer(s)
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          • Loan Application
          • Lenders
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          • Loan Application
          • DeFi Protocols
          • Loan Servicing
        • Integration with PoS
  • Industry Solution
    • Merchants
    • Distributors
    • OEM Partners
      • Crypto Payment Integration
      • Crypto Loans Integration
    • Exchanges
      • JSON RPC Methods
        • Funds Transfer
        • Confirming the Funds Transfer
  • Training, Tools & Libraries
    • FAQs
      • Dealership Payments Onboarding
      • Crypto-Secured Loans
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On this page
  • Assumptions and Constraints
  • Functional Flow
  • APIs
  1. Platform Capabilities
  2. Foundation
  3. Funds Management

Fiat Fund Management

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Last updated 2 years ago

The prerequisites to manage Fiat funds using the Cion Digital platform are:

  1. The user should have an account with a financial institution.

  2. The user should have an intent to deposit Fiat currency.

The Cion Digital platform captures user account details and stores the details for future reference.

Assumptions and Constraints

  1. The Fiat currency considered is USD.

  2. The transaction history for a user is available on the Cion Digital platform.

  3. The deposit process can happen with the following modes:

a. Wire - Wire transfer, bank transfer, or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through the transfer of cash at a cash office. For the scope of this document, assume the deposit process is done using the wire transfer.

b. Credit or debit card

4. The Cion Digital platform has user account details due to the KYC process.

Functional Flow

For Funds Deposits

  • The user can log in to the Cion Digital platform with

    • Username - email ID(assuming it is the username), mandatory to fill.

    • Password - alphanumeric, mandatory to fill.

  • The user can navigate to a section/tab/screen to deposit and withdraw funds. For ease of understanding, assume such a section/tab/screen is denoted as ‘Funds’.

  • The user can view existing funds in the account.

  • The user can also initiate a deposit request.

  • On initiating the deposit request, the user can enter the deposit amount.

    • deposit amount- the amount in USD, mandatory to fill.

  • The user can post the above transaction by clicking 'Continue/Next’.

    • On clicking the Continue/Next button, the "Stripe page" is displayed.

      • Using Stripe, the user can deposit the funds using payment methods like

        • Credit or Debit Cards

        • Net banking from any bank account

    • On completing the deposit, the user is navigated back to the Cion Digital platform - Funds screen.

  • The user can now view the updated funds.

  • Using the Transaction History tab, the user can view previous transaction records.

The Cion Digital platform should have a zero-state transaction screen for a user with no previous transaction history.

For Funds Withdrawal

  • The user can log in to the Cion Digital platform with

    • Username - email ID(assuming it is the username), mandatory to fill.

    • Password - alphanumeric, mandatory to fill.

  • The user can view existing funds in the account by clicking "Existing Funds".

  • The user can initiate a withdrawal request by clicking on "Withdraw".

  • The user can enter the withdrawal amount in USD

  • On clicking Withdraw, the user can view the withdrawal status:

    • Pending

    • Completed

The status is fetched from Custodian

  • Using the Transaction History tab, the user can view previous transaction records.

The Cion Digital platform should have a zero-state transaction screen for a user with no previous transaction history.

APIs

For API integration, connect with the Cion Digital team to perform these functionalities without using the Cion Digital UI.