Transfers

A transfer moves crypto or stablecoins from an originator to a beneficiary, each of them a customer of an institution. Before the funds move, the two institutions exchange the Travel Rule data about the transfer.

Three separate things

The transfer

The record of the movement, with its parties and its statuses. Both institutions keep their own copy.

The Travel Rule data

The originator’s and the beneficiary’s details, sent from one institution to the other.

The settlement

The movement of the funds on the blockchain, recorded on the transfer with its transaction hash.

What	What it is
The transfer	The record of the movement, with its parties and its statuses. Both institutions keep their own copy.
The Travel Rule data	The originator’s and the beneficiary’s details, sent from one institution to the other.
The settlement	The movement of the funds on the blockchain, recorded on the transfer with its transaction hash.

Authorization comes first and does not depend on the settlement, so a transfer can be authorized and not yet settled, or settled before every institution has authorized it.

The top of a transaction's page: Your authorization Pending, the Authorize, Reject, Add tx hash and Cancel transaction buttons, then when it was created, the network, the transaction hash and the transaction status — A transaction’s page: your authorization, its actions, and the transaction status

What each institution sees

Each institution keeps its own record of the transfer and they share only what they send each other, so two institutions can show different statuses for the same transfer.

On the transfer	What it says	Who sees it	In the dashboard
Your verdict	What your policies decided: approve, flag or reject. Policies explains it.	Only you	The transaction’s timeline
Your status	Where your institution stands: Pending, Authorized, Rejected or Canceled.	Every institution on the transfer	My Status, in the transaction list
Requirements	What must happen before an institution can be authorized, such as receiving the Travel Rule data.	Every institution on the transfer	Requirements, on the transaction page
Transaction status	Where the transfer stands across every institution and the settlement, such as Active or ReadyToSettle.	Every institution on the transfer	Transaction status, in the transaction list

On the transfer	What it says	Who sees it	In the dashboard
Your verdict	What your policies decided: approve, flag or reject. Policies explains it.	Only you	The transaction’s timeline
Your status	Where your institution stands: Pending, Authorized, Rejected or Canceled.	Every institution on the transfer	My Status, in the transaction list
Requirements	What must happen before an institution can be authorized, such as receiving the Travel Rule data.	Every institution on the transfer	Requirements, on the transaction page
Transaction status	Where the transfer stands across every institution and the settlement, such as Active or ReadyToSettle.	Every institution on the transfer	Transaction status, in the transaction list

A requirement is set by one institution and usually met by the other, and Requirements lists each one. On a deposit, for example, the receiving institution sets the requirement to receive the Travel Rule data, and the sending institution meets it by sending that data. The name check is one the receiving institution sets and meets itself. Every value of every status is listed in Statuses.

How a transfer moves

Create

The originator’s institution creates the transfer. Notabene finds the beneficiary’s institution from the address, or the transfer names it.

Evaluate

Each institution’s policies evaluate it, and the requirements on each side open.

ApproveFlagReject

Authorize

Each institution is authorized once its verdict is to approve and its requirements are met. A flagged transfer waits for a person on that institution’s team.

PendingAuthorized

Settle

When every institution is authorized, the status is ReadyToSettle. The originator’s institution sends the funds and records the transaction hash.

ReadyToSettle

The originator’s institution creates the transfer. Notabene finds the beneficiary’s institution from the address, or the transfer names it.
Each institution’s policies evaluate it, and the requirements on each side open.
Each institution is authorized once its verdict is to approve and its requirements are met. A flagged transfer waits for a person on that institution’s team.
When every institution is authorized, the status is ReadyToSettle. The originator’s institution sends the funds and records the transaction hash.

Withdrawals walks through these steps as the sender and Deposits as the receiver, including a deposit that arrives before its data. Every step is recorded in your audit log, which Security and status explains.

For your developers

Statuses and decisions in the API shows where your backend reads each of these on a transfer, with a transfer read through the API.