September 22, 2020

1. Compliance#

1.1 Improve KYC exception debugging capabilities for sandbox testers#

Prime Trust has added the ability to create Sandbox Contacts that trigger CIP, AML and KYC exceptions based on the Contact’s name.

2. Prime Indemnity#

2.1 Anti-fraud measures for credit card linking#

When validating a credit card, the security code is validated during the linking process. Validations are limited to three attempts.

3. Prime Custody#

3.1 Configurable limits on account opening#

Prime Trust has implemented two configurable limits that the admin can impose on a specific API user:

• User can only open X number of accounts every 24 hour period

• User can only open X number of accounts

3.2 Place asset hot transfers under authorization policies#

Prime Trust has introduced the following thresholds for hot transfers that trigger approvals:

• Number of transactions over a given time frame

• Amount of the transfer

3.3 Delegated user access to manage accounts#

Prime Trust has established a parent / child user relationship, where a child user can inherit all of the access policies from the parent user.

4 Prime Settlement Network#

4.1 Increase Trades capability across accounts in the network#

Prime Trust now allows trades to be created if both accounts involved have AccountTransferAuthorizations pointing to each other.

4.2 UI support for initiating Trades#

Prime Trust now support for the following flow in UI:

• Select buy/sell order type, select cash/currency you are trading, select counter-party, select their cash/currency, type in the amount, create trade.

5. Prime Rails#

5.1 Deposit and disburse Lumens and other instantly settled digital assets#

Prime Rails has been updated to handle XLM and XRP by flagging them in the database, creating + settling on the first webhook received, and ignoring any subsequent webhooks to avoid accidental double settlement.

5.2 Fingerprinting of funds transfer methods#

Prime Trust now supports symmetric encryption. This is a hashed value of uniquely identifiable information which should help integrators (and Prime Trust) to tell if the same ACH / credit card has been added multiple times in the system.

5.3 Automatically settle Signet contributions#

Prime Trust now allow automatic settlement of Signet contributions. Users can submit a contribution by including a unique identifier included in a memo. Once submitted, the user’s account is credited with cash.

5.4 Wire contribution bulk processing#

Prime Trust has supports a standard wire deposit report (download from bank) and the reading new wire transfers out of it.

5.5 Performance improvements for settling ACH transfers#

Prime Trust has improved the ACH transfer process by breaking down the process into checkpoints. If one or more checkpoint fails, the rest of the process can still run and those checkpoints can be revisited.

5.6 Automate disbursements to customers using their own KYC program#

Feature flag turned off/on for each account depending on whether or not they are using their own KYC program. If on, that means the user is using their own KYC program and disbursements can be completed without completed Prime Trust CIP or AML checks. This can only be utilized for customers/organizations that have their own documented KYC program. This flag also shows as a record that the customer was responsible for their own KYC.

6. Prime Liquidity#

6.1 Mark up rates for Quotes#

Added implicit_trade_fee to AccountPolicy model which will be assessed on all Quotes, and saved onto the created FacilitatedTrade under the column implicit_fee_amount.

When creating a Quote, the returned base_amount will be the sum of the FacilitatedTrade's amount and implicit_fee_amount, and the total_amount will be the sum of the amount, implicit_fee_amount, and fee_amount.

6.2 Quotes using hot wallet digital assets#

Asset can be disbursed immediately from a hot wallet once the trade is conducted. When a user creates a quote, they will be able to specify if it should be a 'hot' quote or 'cold' with the 'hot' attribute. It will default to cold if not specified.

If it is a hot quote, it should do all the normal validations for quotes, but should validate against the user and/or trade desk's 'hot' balance. When the quote is executed, the additional validations should validate against the user/trade desk's hot balance and the asset should immediately go into the recipient's 'hot' balance. Additionally, a certain percentage of the trade desk's balance will be kept in 'hot' storage. This should automatically re-balance upon execution such that never less than 50% of a trade desk's balance is in hot storage and never more than 90%.

6.3 Improvements to Quotes API interface to allow customer more control over net quantities#

Quotes can now be created specifying a “total amount”. This “total amount” will already take into consideration all the relevant fees.