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To make settlement convenient for you, Rime handles the payment processing from transfer initiation to compliance with banking regulations. Our platform processes payments within minutes and automatically notifies your system on payment and settlement status changes via webhooks. Our unique approach minimizes settlement risk and ensures a rapid delivery vs. payment flow.

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Payment Process

Rime uses SEPA instant transfers for all payment processing. Combined with the immediate tokenization of fund shares, this approach ensures fast and atomic settlement in comparison to multi-day settlements in traditional forms of settlement. For subscription orders, funds are transferred from your customer’s bank account to the Rime fund vehicle’s bank account. After payment confirmation, tokenized shares are minted or allocated to the designated wallet. For redemption orders, funds are transferred from the Rime fund vehicle’s bank account to your customer’s bank account. Shares are moved to the designated wallet via smart contracts.

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Payment Flow

Here’s what happens after you create an order through the API: Step-by-Step:
  1. Order Creation: You submit an order via Rime’s API with account details, share class, amount, and payment information
  2. Payment Initiation: Rime initiates a SEPA instant transfer between the specified IBANs
  3. Banking Settlement: Instant SEPA processing (up to 10 seconds)
  4. Payment Confirmation: Rime’s payment system detects the incoming transfer
  5. Token Settlement: Tokenized shares are minted or allocated to the designated wallet
  6. Completion: Order status updates to complete, webhook notifications sent

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Delivery Versus Payment

Rime ensures delivery versus payment (DVP) — tokens only transfer after payment confirms, and payment only releases after share transfer confirms. For subscriptions orders, the customer’s payment must clear before tokens are delivered. Once payment confirms, the token delivery will be automatic and immediate. In a redemption order, the customer’s shares must transfer before payment is released. If the share transfer fails, the payment is not released. Once the shares transfer, the payment releases automatically. This approach eliminates settlement risk. Neither party can lose funds or assets due to settlement failure. The atomic nature of the settlement process ensures both sides of the transaction complete together or not at all.

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Payment Details Management

Customer payment details are managed through Rime’s API with standard banking information. Multiple payment details can be configured for each account. You can also flag a payment method as primary, which will be used automatically if no different payment details are provided in an order request. We require the account’s IBAN and bank account name to fulfill the payment process.