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Use Case

Iron enables the creation of Autoramp configurations that enable third-party payment:
  • Onramp: Accept fiat payments from external bank accounts as a third-party source.
  • Offramp: Disburse fiat payouts to external bank accounts that are not owned by the initiating end customer (e.g., vendor, beneficiary, or third party).
Key use case is for users to be able to offramp / send stablecoins into third party bank accounts:
  • Crypto companies paying suppliers (USDC to EURO)
  • Payroll originating in USDC to get delivered as USD or EUR into bank accounts
  • Companies pay with stablecoins, freelancers receive fiat.
  • Cross border payments

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Example Flow

1
User connects their wallet to Iron
2
User sets up a new recipient (name, address, business details, bank account)
3
Iron spins up a wallet address which upon receipt of stablecoins, converts to fiat and pays recipient on their bank account

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Customer Jurisdiction restriction

  • Customers from the USA can’t enable EURO 3rd party accounts.

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Implementation

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API implementation

The only difference compared with a single party onramp/offramp is that the source_is_third_party parameter is set to true.
  • To enable third-party flows, you must configure the following: i. Add a 3rd party recipient: Fiat Addresses ii. Create an autoramp with 3rd party payment enabled: 
curl -X POST "https://api.sandbox.iron.xyz/api/autoramps" \
  -H "Content-Type: application/json; charset=utf-8" \
  -H "IDEMPOTENCY-KEY: <your-idempotency-key>" \
  -H "X-API-Key: <your-api-key>" \
  -d '{
    "source_currencies": [{
      "type": "Fiat",
      "code": "EUR"
    }],
    "destination_currency": {
      "type": "Crypto",
      "token": "USDC",
      "blockchain": "Ethereum"
    },
    "recipient_account": {
      "type": "Wallet",
      "blockchain": "Ethereum",
      "address": "myholdings.eth"
    },
    "customer_id": "123e4567-e89b-12d3-a456-426614174000",
    "source_is_third_party": true
  }'

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Your Dashboard

1
Create a 3rd party recipient
2
Create an autoramp onramp with 3rd party enabled