Uses dCLS as the wholesale settlement layer and provides exchange services to end-companies under its own brand.
The wholesale tier of the network: it connects to dCLS as settlement infrastructure and serves end corporate clients with exchange and payments under its own brand and pricing.
Onboards and runs end corporate clients under its own brand — directly or through a network of intermediaries. The client works with the operator's familiar interface, not with the settlement infrastructure.
Collects client exchange requests, sets a final rate with its own markup, and submits matching instructions to dCLS. Wholesale access to liquidity is per operator, not per individual client.
The only role for which dCLS is the primary working tool. It chooses between multilateral netting in the shared window and a direct bilateral deal at an agreed rate.
Owns its product, support, and settlement cycle: interface, pricing, limits, and reconciliation of its records against dCLS service data. On-chain it is connected as a Direct Participant.
From a client request to an atomic PvP exchange via dCLS. The deal counterparties are other operators and liquidity providers.
The diagram is illustrative and simplifies the actual flow.
Income is generated by serving the operator's own client network. The direction of income is described qualitatively, without rates or markups in figures.
The main source — the operator's own markup on the exchange rate for the end client, on top of the wholesale rate obtained via dCLS.
A fee for handling the deal and the settlement cycle, plus recurring payments from regular corporate clients.
Income from the volume of the operator's own network of intermediaries and partners working with end clients under the operator's brand.
Additional services for foreign-trade clients: financing, hedging, escrow, guarantees — at the operator's own pricing.
The direction of income is shown qualitatively. Specific terms are agreed at partner onboarding.
A licence or registration to provide payment and exchange services to clients in the operator's jurisdiction. The operator verifies its own end clients (KYB/KYC) and runs currency control over their operations.
dCLS acts as technology settlement infrastructure; Surelle/4pay holds no licence of its own. The client-facing activity and regulatory responsibility rest with the resident partner.
The operator manages its own limits and reconciles records against dCLS service data. The precise legal classification of the services is determined at onboarding and depends on the jurisdiction.
This information is for reference only and is not legal or investment advice. The specific legal classification is determined at KYB onboarding and depends on the jurisdiction.