Fiat Fund Management
Last updated
Last updated
The prerequisites to manage Fiat funds using the Cion Digital platform are:
The user should have an account with a financial institution.
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.
The Fiat currency considered is USD.
The transaction history for a user is available on the Cion Digital platform.
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.
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.
For API integration, connect with the Cion Digital team to perform these functionalities without using the Cion Digital UI.
