Deposits are made by transferring funds from the user’s bank account to their assigned Virtual Account (VA). The process generally follows these steps:

Step 1: Virtual Account Issued
Once the user has completed verification and the Virtual Account is activated, the VA details will be available.

Step 2: User Initiates Bank Transfer
The user transfers funds from their bank account under the same name as their verified profile to the provided Virtual Account using the supported deposit currency.

Step 3: Bank Processes the Transfer
The sending bank processes the transfer and routes the funds to the Virtual Account through the banking network.

Step 4: Processing and Conversion
Once StraitsX receives the fiat funds, the system processes the deposit. If you are using the On/Off-Ramp solution, the fiat currency (such as USD or SGD) will be automatically converted into the equivalent stablecoin (such as XUSD or XSGD).

Step 5: Funds Credited
The converted stablecoins are credited to your platform’s StraitsX Digital Assets Account. At the same time, a system notification will be sent to your platform so the updated balance can be reflected on the end-user’s dashboard.

Important Notes for Deposits

To ensure deposits are processed smoothly:

• Deposits must be made from a bank account under the same name as the verified user
• The transfer should be made using the supported currency for the Virtual Account
• Users should follow the bank details exactly as shown in the Virtual Account instructions
  
  

Failure to meet these requirements may result in processing delays or rejected transfers.