General

API Key

A unique identifier used to authenticate and authorize requests to the API.

Idempotency Key

A unique key used to ensure that a request is processed only once to prevent duplicates.

KYC/KYB

Stands for "Know Your Customer" and "Know Your Business." These processes verify the identities of individuals and businesses to meet legal requirements to protect financial institutions against fraud, corruption, money laundering and terrorist financing.

Onramp

The conversion of fiat money to digital currency (eg. USD -> USDC)

Offramp

The conversion of digital currency to fiat money (eg. USDC -> USD)

ACH (Automated Clearing House)

A network for electronic funds transfers and payments in the USA.

SEPA (Single Euro Payments Area)

An EU initiative that simplifies bank transfers in Euro.

PIX

A Brazilian instant payment system that allows for quick and efficient electronic transfers between bank accounts.

Wallet Address

A blockchain address used to send and receive cryptocurrencies. It uniquely identifies a user’s account on the blockchain.

Chain

A blockchain or distributed ledger that records and verifies transactions in a secure, decentralized manner. Eg. Ethereum mainnet is the original and primary network where real Ethereum cryptocurrency transactions occur between users.

Stablecoin

A type of cryptocurrency designed to maintain a stable value relative to a fiat currency (e.g., USD) or other assets. Stablecoins aim to provide the benefits of digital currencies while minimizing the volatility typically associated with cryptocurrencies. Eg. USD Coin (USDC) is a widely used stablecoin pegged to the US Dollar, designed to maintain a 1:1 value ratio with USD.

User

Terms of Service Page

Users must review and accept HIFI's terms and conditions before proceeding with user profile creation and transaction initiation.

User Object

Represents an individual or a business entity within our system. All transactions and accounts are associated with a user object.

Account

Onramp Account

A bank account used as the source for the onramping process. For example, during onramping, fiat currency from the onramp account is converted into stablecoin.

Offramp Account

A bank account used as the destination for the offramping process. For example, during offramping, stablecoin is converted into fiat currency and sent to the offramp account.

Virtual Account

A virtual bank account is an onramp account created by our system to facilitate onramping. Users can deposit fiat money into the virtual account, and the deposited funds are automatically converted into stablecoin.

Liquidation Address

A liquidation address is a wallet address created by our system to facilitate offramping and it is tied to an offramp bank account. Stablecoins that are sent to the liquidation address will be converted to fiat currency and sent to the offramp bank account.

Transfer

Transaction Types

Various transaction types such as crypto-to-crypto, crypto-to-fiat, and fiat-to-crypto, each serving different use cases.

Developer Fee

You can charge a custom fee to your end-users when they perform transactions using the fee parameters in the crypto-to-crypto, crypto-to-fiat, or fiat-to-crypto endpoints.