Cross Withdrawal

When making a cross currency withdrawal, the withdrawal or destination currency is different from the balance currency. Simply put, withdrawals can be made in one currency using the balance of another currency. So, a merchant can make an NGN withdrawal using their USDT balance and without having to add funds to their NGN balance.

This withdrawal method is best for merchants who are in the remittance or Crypto industry. In remittance, a user on their platform may wish to remit funds to their family or friends in another country. Considering that both countries have separate currencies and the user may not have access to their family or friend's currency. In crypto, the user's balance will largely be denominated in cryptocurrencies. However, limitations to widespread adoption of crypto means that they user has to use fiat currencies to pay for goods and service.

In both cases, the user sends in one currency and withdraws another. This presents a headache for merchants using direct withdrawal as they have to maintain a balance in every currency that their diverse users deposit or withdraw in. Thankfully, cross withdrawal (cross currency withdrawal) doesn't require balances in multiple currencies.

Let's look at the process flow for a cross currency withdrawal.

Stage 1 - Retrieving Rate

1. Merchant requests and receives rate from Shutterscore, and then displays this rate to the customer
2. Customer accepts the rate within the rate expiry time or receives and accepts a new rate
   
   

Stage 2 - Requesting Withdrawal

1. Customer requests payout on merchant's application based on the accepted rate
2. Merchant receives the request, processes it and forwards it with a rate reference to Shutterscore
   
   

Stage 3 - Processing Withdrawal

1. Shutterscore converts an equivalent amount of the source currency to the destination currency's balance and uses the new balance to process the payout automatically
2. The customer's bank account is credited with funds from the merchant’s balance
3. Merchant receives webhook notification from Shutterscore as the status of the transaction changes till the transaction is successfully completed