Remittance: Global Payouts

What is Remittance?

The Remittance API enables your platform to send payouts to recipients in supported regions, directly in their local fiat currency. Ideal use cases include:

• Cross-border payroll: Pay international employees and contractors efficiently.
• Content creator payouts: Distribute earnings to global content creators in their preferred local currency.
• International vendor payments: Streamline payments to suppliers and partners worldwide.
• Cross-border transfers: Enable users to send money to family and friends internationally.

Bakkt handles the complexities of currency conversion and local payment rails, providing a simplified API for initiating and managing global payouts.

Transaction Flow

1. User Onboarding and KYC: The sender must be a fully onboarded and KYC-verified Individual or Corporate user.
2. Create Remittance Recipient: Register the recipient using POST /user/remittance/beneficiary with:
   • First and Last Name
   • Country of Residence
   • Bank Account Details (varies by region and currency)
   • The API response will include a receiving 0x address (for internal use only — do not share with the user).
3. Initiate Stablecoin Transfer: Instruct the sender to transfer stablecoins to the recipient's receiving 0x address.
   • Important: Funds are only processed if they originate from the sender user's registered target address. Transfers from other addresses will be rejected and refunded.
4. Automatic Fiat Conversion and Payout: Upon receiving the transfer, Bakkt automatically converts stablecoins to local fiat at the current spot exchange rate and initiates payout to the recipient's bank account.
5. Webhook Notifications: You will receive real-time updates via cryptoToFiat webhooks.

Key Considerations

• Zero transaction fees: Bakkt offers 0 fees on remittance transactions.
• Cashback bonus: In certain fiat currencies, a bonus cashback (1-2%) is applied to the recipient's received amount. Contact Bakkt for details.
• Spot exchange rates: Bakkt uses spot exchange rates for currency conversion.
• Timeline: Remittance transactions typically complete within minutes, though processing times may vary.

API Endpoints