Overview

You can use Fireblocks to move funds across borders for settling internal accounts. Using crypto to exchange between international currencies allows you to make internal settlements without sending your funds through a chain of banks to reach the desired destination. Cross-border transactions in Fireblocks require fewer steps, providing greater predictability and finality within minutes.

After initiating a cross-border payment, Fireblocks automatically processes your funds across several steps:

• First, your initial currency deposits to an on-ramp platform associated with the country you are transferring from.
• The on-ramp platform converts your funds from the native currency into stablecoin.
• Your funds are then transferred to an off-ramp platform associated with the country you are transferring to.
• The off-ramp platform converts your funds from stablecoin into the desired currency.
• Your funds can then be transferred to your fiat bank account or crypto wallet.

Every step of the process is performed within the Fireblocks infrastructure, so you can track the status of each step to verify funds have been moved. Fireblocks notifies you if any step in the process fails.

You can initiate cross-border settlements directly in the Fireblocks Console or using the Fireblocks API.

Creating a cross-border payment flow

Cross-border payment flows allow you to define the international currencies you want to exchange.

1. In the Fireblocks Console, go to Payments > Create > Cross-border transfer.
2. Select the fiat currencies you want to exchange, then select Continue.
3. Choose an exchange for converting the initial fiat currency into a stablecoin associated with your desired fiat currency, enter your slippage tolerance, and select Save.
4. Select the next step in the payment flow, and then select a vault account to receive the stablecoin. You can select other types of accounts to receive the funds; however, Fireblocks recommends transferring the funds to one of your vault accounts before transferring them to external accounts.
5. Select the next step in the payment flow, and then select an external account, such as an exchange, to receive the funds.
6. Select Create payment flow.

If needed, you can add steps for converting your stablecoin into fiat currency and transferring the fiat currency to a fiat account.