How Striga is helping its partners to embed crypto and banking functionalities within the same platform?
How Striga is helping its partners to embed crypto and banking functionalities within the same platform?
- Striga
- 6 min read
Table of Contents
In a nutshell, the Striga platform allows its partners to build applications (Web/Mobile/Telegram/Slack/IOT or anything else) that implants crypto and banking functionalities, rejecting the logic and orchestration of modules to you, without having to worry about any of the compliance and regulatory overhead.
Create and manage your users with a straightforward KYC and KYB
Striga lets the companies onboard users located in the EEA region (30 countries). Before creating a payment account, a user must be fully onboarded and verified to comply with all relevant rules and regulations. Striga is a VASP-regulated entity and its compliance team manages the entire cycle of remaining compliant when onboarding new users.
You simply need to call a few APIs, make a verification token and have their users pass KYC through our partner service Sum & Substance. Once verified, you can begin linking payment tools and issuing cards to your users.
The following steps are completed in the following sequence in order to create a verified identity that is granted access to financial instruments such as IBANs, crypto addresses, and cards.
Manage fiat and digital assets on the Striga platform
On the Striga platform, once an identity has been verified successfully, a wallet is provisioned for the identity. A wallet is simply a collection of accounts. When setting up your Striga developer account, you are given the option to select the currencies you wish to enable for your users.
Therefore, every verified identity is provisioned with an account in each of the currencies you selected. This does not incur any fees as an account is simply a representation of an object that stores value.
In order to obtain deposit credentials for an account (Such as an IBAN, crypto address, les cartes VISA,etc.) please refer to the “Enrichments” section. Enrichments are subject to compliance requirements as money moves in and out of the system in this manner.
Wallets as a service
A wallet on the Striga platform contains accounts. Accounts are the lowest divisible unit of value storage and are each represented in one currency only. When creating a wallet, accounts for each of your configured currencies are created and linked under that wallet.
A card may further be linked to a specific account depending upon your selected application model.
Launch your banking and crypto business with Striga's crypto Neobank model
Every created user can create numerous wallets and accounts, with the freedom to link a particular card to an account. At the time of a card transaction, the linked account is checked for balance.
Wallets have accounts and accounts can be enriched using funding sources to let your users send and receive money in the currencies enabled for your application.
Banking and crypto as a service platform: Various transactions with multiple enrichments methods
There are three types of transactions likely on the Striga platform and these are configured relying on the model set during application setup.
Inter Ledger Transactions
Inter-ledger transactions convey those transactions that happen between identities of different denominations, either between yourself (a corporate) and your user or vice versa.
Intra Ledger Transactions
Intra-ledger transactions convey those transactions that happen between identities of the same denomination, either between two consumers or two corporates.
Outgoing Transactions
Sending funds outside of the Striga ecosystem either using banking or crypto rails, depends upon the account currency denomination.
Banking accounts
For EUR accounts, SEPA, and Instant SEPA are available and the out API takes an IBAN + BIC as input.
Bitcoin accounts
For Bitcoin accounts, on-chain transactions and Lightning transactions are available and take in legacy, segwit, bech32, taproot, and Lightning invoices respectively as appropriate.
Comptes crypto
For crypto accounts, on-chain transactions can be made by specifying an address.
Receiving Money
To receive money into accounts, they must first be “enriched” with deposit credentials. Enrichments are chargeable actions.
For example – Euro accounts can be enriched with IBANs and crypto accounts can be enriched with deposit addresses.
SEPA Transactions
Once a EUR account has been enriched, the enrich API returns bank credentials which consist of an IBAN and a BIC that can be used to send/receive EUR over SEPA to/from accounts in the same name as the account holder. Please ensure that when sending or receiving funds to IBANs, a message is displayed to your users to only send/receive funds from accounts at other banks/fintechs that are in their own name. Transfers to/from third parties will fail.
Striga Crypto-native Banking as a Service:
Your path to building and launching financial products
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
