Transfer Lifecycle

Introduction

A transfer is the movement of funds between financial accounts, ie: wallets and bank accounts. It contains a source and destination.

Usage

The instructions field of the transfer object describes what funds need to be sent to which destination in order for the transfer to be fulfilled.

On creating an off-ramp transfer, you may use the depositInstructions to build and deliver a transaction to your customers on the source network of transfer.

• Transfers that are funded will be executed on next transfer execution cycle.

Diagram

Lifecycle

Transfers are initialized with a status of pending and move into funded when the funds are sent to the address detailed in the depositInstructions field.

The transfer status can be one of the following:

• pendingFunding: SpherePay is waiting to receive funds from the customer before processing the transfer. This applies to incoming crypto deposits, wires, or ACH transfers.
• pendingReview: A rare, temporary state triggered when transfer data needs further confirmation. Typically resolves in seconds; otherwise, SpherePay will reach out within 24 hours.
• fundsReceived: SpherePay has received the funds from the customer and is preparing to process the transfer.
• processing: SpherePay is processing the transfer.
• succeeded: The transfer has succeeded and the funds have been delivered to the destination.
• undeliverable [deprecated]: This status is no longer used.
• returned: The transfer was returned by the destination bank and the funds will be returned to the customer as a refund.
• pendingRefundInformation: SpherePay is waiting for the customer to provide further refund information.
• failed: The transfer has failed and the funds will be returned to the customer as a refund.
• canceled: The transfer was canceled by the customer and the funds will be returned to the customer as a refund.
• refunded: The transfer has been refunded to the customer.
• unexpectedError: The transfer has encountered an unexpected error and the funds will be returned to the customer as a refund.
• failedPrecondition: The transfer has failed because the customer provided invalid information and the funds will be returned to the customer as a refund.