Introduction
Last updated
Last updated
submoney.co is an on-demand liquidity API that helps to provide FX liquidity for Fintechs, MTOs, SMEs and banks. Our API allows businesses and institutions to mint, redeem, and exchange non-USD stablecoins and payout fiat in seconds.
submoney is, at its core, a network of digital asset issuers and liquidity providers that facilitate the peer-to-peer exchange and movement of funds. submoney provides a set of enterprise-grade APIs that any developer, fintech, MTO, e-commerce, or SME can leverage to access FX liquidity and move funds faster than any traditional financial system. We also provide an ISO 20022 API so as to allow banks and fintechs to seamlessly provide data-rich financial messages.
The diagram below shows an overview of the submoney ecosystem.
The following are the participants on the submoney ecosystem
Digital asset issuers(Circle, NGNT.org and Paytrie are examples of issues)
Liquidity Providers(submoney open offer network, professional MMs and DEXs)
Digital asset issuers allows submoney to easiyly and speedily mint and redeem digital assets. submoney would continually take dilligent steps to add trusted and compliant digital asset issuers into the network.
These are entities who creates offers and liquidity into the network. The offers and liquidity are used for exchange and conversions between one digital asset to another. submoney uses three levels of liquidity providers;
submoney open offer network. We provide API and UI access for anyone to create an offer on the network.
submoney also access liquidity from Professionsl MMs.
submoney also access liquidity from DEXs (e.g. Uniswap, Curve, Bancor).
We aggregate and analyse all these levels of liquidity providers for every transaction and simply return the cheapest offer, thereby making submoney the cheapest way to access FX liquidity without having to do multiple integrations yourself.
The diagrambelow shows how submoney order executes.
Client calls the Get Best Offer API.
submoney initiates it's proprietry offer routing system. submoney broadcasts request for offers based on the aggregated routes.
LPs return their offers to submobey.
submoney selects the best offer based on price to the client.
Client books the offer by calling the Book Offer API. Each offer has their specific offer expiry time and some offers may not bookable.
submoney books offer and returns booked offer to client.
Client commit funds. For example, a client that has CAD and needs NGN, commit their CAD fund.
submoney mints the equivalent stable coin from the stablecoin issuer. In the example given aboe submoney mints CADC coin.
submoney initates a CADC to NGNT exchange from the owner of the selected or best offer.
No submoney have the equivalent NGNT from the LP(owner of selected/best offer).
submoney redeems NGNT with the stablecoin issuer.
NGN funds is deposited to the client.
