The Locking feature allows a platform to restrict customers from moving funds away from a platform without explicit approval by the platform. This might be useful for if, for example, the platform manages outstanding obligations manually or has discrete settlement times - and as a result dynamic and instant transfers & withdrawals might cause issues. It's worth noting that customers will have less flexibility when assets are locked.
How it Works
Turning on Locking
Platform locking is a configuration that can only be made by Zero Hash administrators. Please contact us at firstname.lastname@example.org if interested in enabling this feature.
- Customers cannot allocate funds away from a locked platform without approval from the platform.
- Customers cannot withdraw funds from a locked platform. They must first unallocate those funds, and then submit a withdrawal.
- The new Platform Admin page offers platform operators the ability to review, approve and/or reject pending withdrawals.
- Email alerts are sent to both platforms and requesting participants whenever there are allocation & withdrawal requests made, for real-time notification.
Lock & Unlock Workflows
- When a customer opts to allocate funds to a locked platform, those funds will remain locked. The user receives a warning before these types of allocations:
- When a customer opts to Allocate funds from a locked platform, the platform will have to approve the movement from the Portal. The user will be able to Approve or Reject a withdrawal and also view all Pending, Approved, and Rejected attempts.
- Accessible via the Platform Admin side bar item:
If the user initiates a withdrawal from the locked platform via the
POST /withdrawals/requests endpoint, the system will return the message, "Cannot withdraw directly from this account. Please unallocate funds from this platform and then withdraw." API specs can be found here.
All platforms and their customers will receive email notifications when certain actions take place:
- Allocation Transfer Pending
- Allocation Transfer Cancelled
- Allocation Transfer Processed
- Allocation Transfer Rejected
- Platform Withdrawal Request Pending
- Platform Withdrawal Request Cancelled
- Platform Withdrawal Request Processed
- Platform Withdrawal Request Rejected