Working with Currencies

Tilia supports transactions in two types of currencies: fiat currency and virtual tokens.

Fiat currency is a form of legal tender whose value is backed by the government that issued it. The U.S. dollar is an example of fiat currency. Virtual tokens are a type of digital currency used and accepted among the members of a specific virtual community.

Payments and payouts represent discrete currency exchanges. The value of these exchanges is determined by the combination of:

1. a currency field indicating the type of currency, which may be either a fiat currency (in ISO 4217 format) or virtual tokens
2. an amount field, expressed in the smallest denomination of the specified currency. For example, when the currency is USD, the amount is provided in cents.

Currency amounts can be set as low as 1.

Tilia will work with you to configure your environment to support your specific currency requirements.

Specifying decimal-based currency amounts

The example below represents $5.00 USD (500 cents):

  "amount": 500,
  "currency": "USD"
  

The example below represents an amount of $0.50 USD (50 cents):

  "amount": 50,
  "currency_code": "USD"

Specifying zero-decimal currency amounts

Currencies such as the Japanese Yen are known as zero-decimal currencies. That is, the smallest unit of currency is ¥1 (1 JPY). The example below represents an amount of ¥5:

  "amount": 5,
  "currency_code": "JPY"