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Revampment of Wallet Payout and Beneficiary flows

8 days ago by Vaibhav Jain

🔐 Travel Rule Compliant Wallet Payouts

We’ve redesigned the wallet payout experience to ensure compliance with global Travel Rule regulations for all outgoing crypto transactions. This revamp introduces new data fields, a state-based approval process and enhanced wallet verification ensuring that all crypto payouts are both secure and regulatorily compliant while maintaining transparency for your business and its beneficiaries.

đŸ§© Enhanced Beneficiary Object

New fields have been added to the beneficiary and destination_details.wallet objects. These updates ensure accurate capture of required Travel Rule data when creating wallet payouts—whether through the API or dashboard. → View updated Beneficiary Object

→ See Create Beneficiary API reference

đŸ§Ÿ Wallet Beneficiary State Management & Approvals

Wallet beneficiaries now follow a state-based lifecycle with internal compliance approval for 1st-party wallets before payouts can be initiated. You’ll receive email and webhook notifications for every wallet beneficiary creation and state transition. → View Beneficiary Webhooks

🧠 Wallet Verification (Hosted vs. Self-Hosted)

When adding a wallet beneficiary, you’ll now specify whether the wallet is:

  • Hosted (on an exchange)
  • Unhosted (self hosted wallets where you have control over private keys)

Depending on the wallet type:

  • Hosted wallets require wallet screen recordings for verification.
  • Self-hosted wallets require performing a cryptographic signature, which proves ownership of the wallet address by digitally signing a verification message with the private key. This step can currently be performed only via the Tazapay dashboard.

Until verification is complete, the wallet beneficiary will remain in the requires_action state and payouts will be restricted. All of these wallet beneficiaries can be viewed under Dashboard → Action Required → Wallet Beneficiaries tab

đŸ‘„ Role-Based Access Control (RBAC)

A new permission, “Allow Cryptographic Signature”, has been added under Settings → Manage Team → Payout.

This permission controls who can perform cryptographic signatures.

All existing users have this enabled by default, but admins can restrict access as needed.