Transfers

Levl's Transfer API endpoint enables you to transfer funds on behalf of your customers to their beneficiaries. Once your wallet has been funded you are ready to start raising transfer requests. A transfer request specifies who you are sending funds on behalf of, the intended recipient of those funds, the source wallet to be used for funding the transfer, the amount of funds to be transferred and the currency (transfer currency) that the funds should be received in.

Source Amount vs Transfer Amount

The Levl Transfer API enables you to express whether you want to send a specific amount of the source currency (currency associated with the funding wallet) or if you want the beneficiary to receive a specific amount of a given target (transfer) currency. The flexible model accommodates both remittance and bill payment transfer scenarios.

Remittance

As an example of a remittance-type scenario, if your intention was to use 100 USDT to fund the transfer and for the beneficiary to receive GBP (amount dictated by the prevailing interbank FX rate and your pre-agreed fee schedule) then in your transfer request you would specify a source_amountof 100and leave transfer_amountblank; the levl system will calculate the transfer_amountto be received.

Bill Payment

As an example of a bill payment-type scenario, if your intention was to for the beneficiary to receive a specific amount of a target currency, for example £1000 GBP for payment of an invoice, you would specify a transfer_amountof 1000and leave source_amountblank; the levl system will calculate the source_amountof the source currency required to facilitate the transfer.

Transfer States

The current state of a transfer is given by its corresponding statusvalue. Possible states that a Levl transfer can be in include:

• INITIATED- the initial state for every transfer once submitted
• PROCESSING- Transfer is currently being processed
• COMPLETED- Transfer fully processed and completed
• HOLD- Transfer put on hold due to levl compliance, risk concerns, or client requested to hold - if client client requested to hold, it needs to be in the INITIATED state and not have already transitioned to PROCESSING
• INCOMPLETE- It was not possible to complete the transfer due to rejection by levl and/or Third Party Partner
• REFUNDED