Updating a Transaction: Acquire & Redeem

The Update Transaction API is used to modify the status and details of a transaction, including tracking the steps involved in the process. This API supports two types of transactions: Acquire and Redeem.

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Acquire Transactions Workflow

An Acquire Transaction follows a 5-step process:

Step 1: Confirm Receipt of Wire

• When confirming the receipt of wire payments, update the transaction by setting completedStep to 1.
• This step indicates that the payment has been received.

Step 2: Client Wallet Information

• Verify the client’s wallet information.
• Once confirmed, update the transaction by setting completedStep to 2.

Step 3: Create a Proposal

• At this stage, a proposal needs to be created for the transaction.
• Use the Create Proposal API to generate a proposal record by passing the transaction _id.
• After the proposal is created and the transaction is performed, wait for approval from other signers.

Step 4: Verify Transaction Hash

• Once all approvals are received:
  • Verify the transactionHash of the executed transaction.
  • Call the Update Transaction API and set completedStep to 4.

Step 5: Finalization with Internal Memo

• Complete the transaction by setting completedStep to 5 and adding an internalMemo with a confirmation message.
• This marks the completion of the Acquire Transaction.

Redeem Transactions Workflow

A Redeem Transaction follows a 3-step process:

Step 1: Transfer Confirmation

• Marks this redeem transaction as having received funds in the wallet and now ready for redemption to the users.
• Call the API with completedStep set to 1 after successful verification.

Step 2: Create a Proposal & Burn Transaction

• Use the Create Proposal API to generate a proposal record.
• Perform the Burn Transaction as part of the redemption process.
• Wait for approval from other signers.

Step 3: Verify Transaction Hash & Finalize

• Once all approvals are received:
  • Verify the transactionHash of the executed transaction.
  • Call the Update Transaction API with completedStep set to 3 and include an internalMemo.
• This marks the completion of the Redeem Transaction.

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