How RaaS Works

Simplified Flow

Step-by-Step Flow

1. Partner Integrates Once

   1. The bank/fintech/wallet connects to the RaaS API or uses the dashboard.

   2. API keys and webhooks are configured; allowed corridors and payout methods are enabled.

2. Corridor & Payout Discovery

   1. Partner queries corridors to see which send→receive routes, currencies, and payout options (bank, wallet, cash) are available.

   2. The product UI uses this data to show users which countries and payout channels they can send to.

3. Sender Onboarding & KYC

   1. Partner (with Sender’s UI) creates a Sender via the API (name, address, ID details, etc.).

   2. RaaS runs KYC / AML checks and returns the sender status (verified/ pending / rejected).

   3. Only approved and not blacklisted senders can initiate transactions.

4. Beneficiary Onboarding & Validation

   1. Partner (with Beneficiary’s UI) creates a Beneficiary (country, payout method, account or wallet details).

   2. RaaS runs KYC / AML checks of the beneficiary and returns the sender status (verified / pending / rejected).

   3. RaaS validates format (IBAN, bank code, mobile wallet scheme, etc.) and links the beneficiary to a corridor.

5. Quote Request (FX + Fees)

   1. Sender requests a Quote for a selected corridor with:

      1. Send currency and amount

      2. Destination currency and payout method

      3. Sender + beneficiary IDs

   2. RaaS:

      1. Checks corridor availability and limits

      2. Verifies corridor, senders, and beneficiary against compliance rules

      3. Calculates FX rate, fees, and expected delivery time

      4. Returns a quote ID, amounts, and expiry time.

6. Sender Reviews & Confirms

   1. The partner app shows the quote to the sender (send amount, receive amount, fees).

   2. The sender confirms the transaction; partner calls the New Transaction endpoint referencing the quote ID.

7. Funding & Treasury Management

   1. RaaS checks whether the partner’s treasury wallet in the origin currency is sufficiently funded:

      1. If continuous funding is enabled, the balance is already pre-funded.

      2. If not, a manual funding cycle (e.g., weekly) is used to top up liquidity.

   2. If funding is insufficient, the transaction is rejected or queued with the corresponding messaging.

8. FX Conversion & Cross-Border Settlement

   1. RaaS instructs the Outgoing Currency Treasury Partner to debit the origin wallet.

   2. Funds are converted according to the quote FX rate and sent to the Incoming Currency Treasury Partner in the destination country.

   3. Internal settlements and confirmations ensure that books are balanced on both sides.

9. Payout to Beneficiary

   1. Once funds are available on the destination side, RaaS triggers the payout operation:

      1. Bank account credit, mobile money top-up, or cash payout request.

   2. The payout network returns a settlement confirmation or an error (e.g., invalid account, payout network issue).

10. Status, Notifications & Webhooks

    1. Throughout the process, the transaction status is updated.

       1. Possible statuses:

          1. Created

          2. Pending

          3. Processing

          4. Completed

          5. Failed

          6. Rejected

    2. Webhooks notify the partner of key events:

       1. KYC (verified / pending / rejected )

       2. Transaction (created / pending / processing / completed / failed / rejected)

       3. Payout (success/ pending / failure)

11. Reconciliation, Reporting & Compliance

    1. Partners can fetch transaction histories, quotes, and balances for reconciliation.

    2. RaaS maintains audit trails and supports regulatory reporting (limits, sanctions screening, transaction monitoring).