Bank Account Verification

COUNTERPARTIES

XFT JPMorgan Chase Bank, N.A.arrow-up-right Plaid

CONTRACT ADDRESSES

PLAID 0xb1f18cbF6E75d0fb7b96dFE8383F8dAb1cE3A555arrow-up-right JPMD 0x364389941976Af06e47366D4DeE46b726403917Darrow-up-right XFT Token Service 0xf052Bf5Da50Af04f74511ee60b85F54Fe1f4B47earrow-up-right


STABLECOIN INSTANT MICRODEPOSIT VERIFICATION

1. Plaid collects bank account info 2. Plaid sends bank account info to XFT Token Service 3. XFT creates onchain bank account given ABA RTN 4. XFT instantly mints two small PLAIDarrow-up-right or JPMDarrow-up-right deposits to new wallet 5. User instantly sees microdeposits in Chase bank account 6. User enters deposit amounts on Plaid 7. Bank account verified!

Example Auth data for US bank account
"numbers": {
  "ach": [
    {
      "account": "1111222233330000",
      "account_id": "bWG9l1DNpdc8zDk3wBm9iMkW3p1mVWCVKVmJ6",
      "routing": "011401533",
      "wire_routing": "021000021"
    }
  ],
  "bacs": [],
  "eft": [],
  "international": []
}

MICRODEPOSIT VERIFICATION FLOW

  1. User enters bank account and routing numbers

  2. PayPal initiates two small deposits w/ XFT

  3. XFT sends two swaps to

Plaid = instant verification / microdeposit service to authenticate payer account

XFT = transfer product to facilitatte actual transmission of funds


Kraken

USDK is a stablecoin issued by XFT for Kraken.

Flow: Duke → ODFI → XFT → Plaid → Alex

PART I: Verify bank account via Plaid

Flow: Duke → ODFI → XFT → Plaid → Alex

COUNTERPARTIES

Kraken Digital Dollar (USDK) 0x28c14C7C2FF9774a1F7C6E5ce0ea2f422b6d134farrow-up-right Plaid Digital Dollar (PLAID) 0xb1f18cbF6E75d0fb7b96dFE8383F8dAb1cE3A555arrow-up-right JPMD 0x364389941976Af06e47366D4DeE46b726403917Darrow-up-right XFTRoutingFactoryV6 0xfAA296a4FF71427801358B419AA78D41aEB4e47e

FLOW

1. Create JPM bank acc given ABA RTN 2. Mint Plaid microdeposits to wallet 3. Enter amts on Kraken 4. Cleanup/burn Plaid microdeposits

PART II: Prefund Kraken brokerage acc via sending USD from offchain investor bank acc to XFT.

Kraken user loads $20 → Balance: 20.00 USDK

COUNTERPARTIES

USDK 0x28c14C7C2FF9774a1F7C6E5ce0ea2f422b6d134farrow-up-right USD XFT Bank Acc Investor Bank Acc Investor Kraken Subaccount Wallet XFTRoutingFactoryV6

FLOW

1. Create Kraken omnibus subaccount wallet for investor given cc # 2. Kraken user initiates ACH transfer 3. Kraken user bank sends USD to XFT 4. XFT mints USDK to Kraken user omnibus subacc wallet 5. Cleanup/burn USDK from wallet

PART III: Buy tokenized AAPL stock on Kraken

Investor buys AAPL tokenized stock. Kraken uses USDK to settle cash legs and AAPL gets transfered from seller wallet to buyer wallet.

USDK transfers from buyer Kraken omnibus subaccount wallet to seller wallet

AAPL = contracts/Share.sol:Share

contracts/XFTMultiAssetSwap_V2.sol:XFTMultiAssetSwap

contracts/XFTMultiAssetSwap.sol:XFTMultiAssetSwap

COUNTERPARTIES

USDK 0x28c14C7C2FF9774a1F7C6E5ce0ea2f422b6d134farrow-up-right AAPL 0x02eE7B622FeEE18A8fC3226cd5d8CD9DE548BF6F XFTMultiAssetSwap_V2 0x43A8a85A2E8bc98D1c54c3244C3b61230b3cf5E6arrow-up-right

Kraken buyer wallet Kraken seller wallet

FLOW

  1. Whitelist needed tokens USDK + AAPL

  2. Create Kraken omnibus subacc seller wallet (now we have 2 kraken omnibus wallets)

  3. Mint 10 AAPL to seller wallet

  4. Send AAPL from seller wallet to XFTMultiAssetSwap_V2

  5. Send USDK from buyer wallet to XFTMultiAssetSwap_V2

  6. Execute atomic swap

XFTAssetSwaps_V5 0x05EC1faCe695f78a5A9530c612345603f926EAa7arrow-up-right

FLOW

  1. Initiator locks multiple tokens, sets hashlock/timelock

  2. Participant locks single whitelisted token (USDXT)

  3. Secret reveal triggers simultaneous token exchange

  4. Emergency refund after timelock + 1 day


RESOURCES

https://sc.xft.finance/idn_microdeposits.txtarrow-up-right

https://sc.xft.finance/plaid_microdeposits.txtarrow-up-right

https://sc.xft.finance/duke_idn_plaid.txtarrow-up-right

https://sc.xft.finance/duke_idn_woodlands.txt arrow-up-right

FedNow and Faster Payments in the USarrow-up-right

Automated Clearinghouse Servicesarrow-up-right

XFT TOKEN SERVICE ABI [contracts/XFTRoutingFactory.sol]

PLAID DIGITAL DOLLAR ABI [contracts/Dollar.sol]

XFTRoutingFactoryV6 ABI [contracts/XFTRoutingFactoryV6.sol]

XFTMultiAssetSwap ABI [contracts/XFTMultiAssetSwap.sol:XFTMultiAssetSwap]

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