Settlement, Quote, and On-Chain Terms

1. Scope

A settlement is a request to convert value held as a supported stablecoin into a payout on a local rail, or the reverse where a corridor supports it. YembiPay screens the request, locks a rate, executes the on-chain leg from its own settlement wallets, instructs the local rail, records evidence, and reports every state change through the API and by webhook. Which corridors, currencies, tokens, networks, and rails are available to your organization is stated by the authenticated capability state, not by this document.

2. Settlement states and what they promise

• Submitted. YembiPay has durably received the request. Nothing has been screened, priced, or executed.
• Accepted. Screening passed, the quote was valid, and the rate is locked. Acceptance is YembiPay's commitment to execute at that rate subject to sections 8 through 10. It is not a promise about when the beneficiary receives funds.
• Confirmed on-chain. The stablecoin transfer is recorded on the network with the required confirmations. This leg cannot be recalled.
• Paid out. The local rail has confirmed credit to the beneficiary. This is final for the beneficiary except where the rail itself returns the payment.
• Reversed. The local rail returned the payout, or a hold was resolved by returning value. Only the fiat leg can be reversed.
• Reconciled. YembiPay's ledger, the chain, and the rail agree. This is final for your books.
• Held. Execution is paused for review under section 10.

Every state change is available through the API and is sent by webhook. Do not infer a state from a dashboard message, a job acknowledgement, or a provider receipt; read the authoritative state.

3. Instructions and beneficiary data

You are responsible for the accuracy and completeness of every settlement request, including the amount, the corridor, the destination wallet address and network, the beneficiary's name, account or wallet details, and country, and the originator and beneficiary information the Travel Rule requires at or above USD 3,000. YembiPay validates format and screens content but does not review a request for commercial errors. Local rails route on account number; where a beneficiary name and number disagree, the rail may credit the number, and the loss is yours. Value sent to a wrong address, on a wrong network, or in an unsupported token is unrecoverable, and YembiPay cannot retrieve it.

4. Quotes and foreign exchange

A quote states the currency pair, the source rate and the time it was observed, YembiPay's corridor fee, the all-in rate you will receive, and an expiry timestamp. A quote is an offer that becomes binding when you accept it by submitting a settlement against its identifier within its 30-second lock. An expired quote is rejected and you must request a fresh one; YembiPay never executes at an expired rate, because doing so would create foreign-exchange exposure for one of us. Between acceptance and the on-chain and rail legs, rate movement is YembiPay's risk, not yours.

Source rates come from a primary market data feed with a staleness limit and a documented fallback. If the primary source is stale and the fallback disagrees beyond a threshold, quoting pauses for the affected pair rather than pricing on doubtful data. You may display a quote to your own customers with its identifier. You may not redistribute quotes as a rate feed.

5. Fees

The corridor fee is shown on the quote before acceptance and in your signed agreement. Network transaction fees on the on-chain leg are paid by YembiPay from its settlement wallets and are included in the corridor fee unless your agreement says otherwise. Local rail fees charged by a beneficiary's bank are outside YembiPay's control and are not included. Fees charged in error are refunded.

6. Limits, cutoffs, and timing

Per-settlement, daily, and rolling limits apply per organization and per recipient. They are visible in the authenticated capability state and may change with notice, or immediately where risk requires. The on-chain leg has no cutoff but is subject to network confirmation times. Local rails have operating hours, cutoffs, and public holidays; a settlement accepted after a cutoff is paid out in the next window. Corridor-specific cutoffs are published in the corridor documentation and in the capability state.

7. Custody in transit

YembiPay holds settlement value in its own wallets between the on-chain leg and the fiat leg. Three wallets are operated from separate key material: a primary settlement wallet, a secondary wallet used if the primary is frozen, and a reserve wallet in a different issuer's stablecoin used as a last resort. No wallet holds more than 72 hours of settlement volume; excess is swept to fiat daily. Settlement wallets are segregated from YembiPay's operating funds. Value held in transit is not a deposit, earns no interest, and is not covered by any deposit insurance scheme. How in-transit value is treated if YembiPay became insolvent depends on the law of the contracting entity's jurisdiction and is addressed in the signed agreement.

8. Finality and reversals

A confirmed on-chain transfer is final. YembiPay cannot cancel, modify, or recall it, and there is no chargeback or dispute mechanism for it. The only reversible leg is the fiat payout: a local rail may return a payment because an account is closed, a detail is wrong, or the receiving bank rejects it, and YembiPay can attempt a recall of a payout on a best-efforts basis where the rail supports it. A refund to you follows receipt of returned funds, less any rail fees, and is reported as a reversed state.

9. Stablecoin and network risks

• Supported assets. The supported tokens and networks are listed in the API and may be added or removed with notice, or immediately where an issuer or network event requires it. Tokens, forks, and airdrops that are not supported are not credited and cannot be recovered if sent to a YembiPay address.
• Depeg. If a supported stablecoin trades materially away from its reference currency, YembiPay may pause quoting and execution for that token and notify every registered webhook endpoint with a pause event, or continue at the prevailing rate where a quote was already accepted. YembiPay is not liable for the difference between a reference rate and a prevailing rate during a depeg.
• Issuer freeze. A stablecoin issuer can freeze addresses and block transfers to or from them. YembiPay screens addresses against issuer lists before execution and tests its own wallets for freezes. If a settlement wallet is frozen, execution fails over to the secondary wallet and every registered endpoint is notified. A frozen counterparty address causes the settlement to be held.
• Network conditions. Congestion, fee spikes, reorganizations, node provider outages, and contract upgrades can delay confirmation. YembiPay waits for the required confirmations rather than reporting early.
• Global pause. Where the primary, secondary, and reserve wallets are all unavailable, or where an incident requires it, YembiPay stops new movement, preserves evidence, and notifies every registered endpoint. A resumption event is sent when service returns.

10. Holds, delays, and returns

YembiPay may hold a settlement before or after acceptance when a screening result, a monitoring alert, a wallet or issuer event, a rail rejection, a legal order, or a provider action requires review. You are told the held state through the API and by webhook; where law permits, you are told the category of reason. A held settlement is reviewed within 10 business days. It is then executed, returned to you, or kept held under a legal order. Where law prohibits explanation, none is given, and that silence is not an admission of anything about you or your customer. Repeated holds may lead to suspension under the Terms of Service.

11. Compliance certificates

For each settlement that reaches a terminal state, YembiPay issues a certificate that records the screening performed, the screening results, the risk score, the corridor and amounts, and the on-chain transaction hash, and that is itself anchored on-chain. A certificate is evidence that specific automated and reviewed controls ran and produced specific results at a specific time. It is not a determination that any party is lawful, licensed, or registered; not a GENIUS Act, travel-rule, or sanctions-law determination; and not a guarantee of any counterparty. A certificate produced in the sandbox is a simulation and carries no evidential weight.

12. Reviewing your records

Check settlement states, certificates, and reconciliation reports as they arrive. Report any discrepancy to legal@yembipay.com within 30 days of the state event it concerns. YembiPay investigates every reported discrepancy and corrects its own errors at its own cost.

13. Records and monitoring requests

YembiPay may ask you, on reasonable notice, for records showing that a settlement, a beneficiary, or a customer relationship complies with these terms, the Acceptable Use policy, and applicable law, and may suspend the related activity until they are produced. YembiPay retains settlement, screening, and audit records for at least seven years.

14. Contact

Settlement, quote, and certificate questions: legal@yembipay.com. Operational incidents: security@yembipay.com.