Cross-border payments, defined

A single price for a transfer that already includes the FX conversion and every fee, shown before you commit. Elytra quotes one all-in price, a fraction of typical bank FX, before you commit.

An arrangement in which banks hold accounts with each other so they can make payments in markets where they have no branch. A cross-border payment often hops through three or four of them, and each can hold it, charge a fee and apply an FX spread.

A specific route between two currencies or markets, for example GBP to AED. Pricing, speed and the payout rail are set per corridor.

A payment where the sender and the recipient are in different countries, usually in different currencies. Traditionally it passes through a chain of correspondent banks; Elytra carries it on local rails at each end and a stablecoin in between.

Holding money on behalf of someone else. In an Elytra transfer licensed institutions hold funds at every leg; Elytra orchestrates the transfer and never takes custody.

The difference between the exchange rate a provider gives you and the mid-market rate. In correspondent banking it is often applied in the middle of a payment and only discovered afterwards.

An HTTP status code that tells a client payment is needed. In Elytra Billing an AI agent that reaches its spending cap receives a 402 and can top up, wait or re-authorise.

A unique value sent with an API request so that retrying it never performs the action twice. Elytra uses idempotency keys for transfers and payouts.

In a transfer, converting the stablecoin into the destination currency at the far end, at the rate quoted before the transfer was committed.

The midpoint between the buy and sell prices of two currencies on the wholesale market, often used as the reference point for measuring an FX spread.

An account a bank or payment company holds, in local currency, with a bank in another country so it can pay out there. Keeping it funded ties up working capital that earns little while it waits.

Converting a stablecoin back into local currency and paying it into a bank account on a domestic rail.

Converting local currency into a stablecoin. In an Elytra ramp a licensed partner holds the fiat leg and the stablecoin is delivered on the other side.

The domestic payment system that delivers money to the recipient’s account, such as SEPA in the euro area, Faster Payments in the UK or UAEFTS in the UAE.

Depositing money in a payout market before a transfer is sent, so the far end can pay out immediately. Elytra transfers fund their own payout, so nothing has to be pre-funded.

How long a transfer takes from the sender’s deposit to money arriving in the recipient’s account. With Elytra it takes minutes on live corridors.

In Elytra Billing, the most a customer allows to be pulled from their wallet in a period. They approve it with one signature and can revoke it onchain.

A digital token designed to hold a steady value against a currency, usually the US dollar, and backed by reserves. It can move between parties onchain at any hour.

Issuing a digital token one-for-one against money held in an account. In an Elytra transfer a licensed partner issues stablecoin against the deposit in the origin market.

A US dollar stablecoin issued by Circle and backed by cash and short-dated US government securities. Elytra supports it for transfers, ramps and billing settlements.

A US dollar stablecoin issued by Tether. Elytra supports it alongside USDC.

An HTTP request a service sends to your system when something changes, such as a transfer completing, so you do not have to poll for status.