Consumers

SME

Corporates

(TBC)

#

Functionality

Description

In Scope (Y/N)

Create FX & Remittance Quote

• The capability of TPPs to send FX & Remittance Quote Initiation request to multiple LFIs.

• The capability of LFIs to receive FX & Remittance Quote Requests and provide their response of actionable quotes to TPPs.

Retrieve FX & Remittance Quote

• The capability of TPPs to use a FX & Remittance Quote Retrieve request based on an unique ID to retrieve all the relevant information of a valid quote from an LFI.

• The capability of LFIs to receive a FX & Remittance Quote Retrieve request and respond back to TPPs with the details of the valid FX & Remittance Quote.

Not required. TPPs can store the FX & Remittance Quotes as their validity period is usually short.

Remove/delete FX & Remittance Quote

• The capability of TPPs to send a Delete FX & Remittance Quote request to LFIs to delete a previously provided FX & Remittance Quote based on Users' request or automatically after Users' selection to action FX & Remittance Quotes from other LFIs.

• The capability of LFIs to receive Delete FX & Remittance Quote requests and invalidate/delete a previously provided FX & Remittance Quote.

Not required. LFIs can delete the quotes when they expire as their validity period is usually short.

Update FX & Remittance Quote

• The capability of TPPs to allow Users to change some of their FX & Remittance requirements so that a previously received FX & Remittance Quote can be updated by submitting a FX & Remittance Quote Update request to FX Houses (or LFIs).

• The capability of FX Houses (or LFIs).to receive FX & Remittance Quote Update requests and provide an updated quote that replaces a previous Quote and send its details back to the TPPs.

Not required. LFIs can generate new quotes if required.

Approve/Reject FX & Remittance Quote

• The capability of TPPs to allow Users to Approve a FX & Remittance Quote or Reject it. In the case of approval, this refers to the capability of actioning the FX & Remittance Quote and initiating the FX & Remittance service with the selected or LFI for the approved Quote.

• The capability of LFIs to receive FX & Remittance service initiation requests from TPPs for the selected quote and proceed with the quoted FX & Remittance services.

Quote Status update

• The capability of TPPs to update the status of the FX & Remittance quote when the User selects a quote to act upon.

• The capability of LFIs to get notifications when the status of an FX & Remittance quote resource has been updated by the TPP.

• The capability of LFIs to update the status of an FX & Remittance quote resource.

• The capability of TPPs to get notifications when the status of an FX & Remittance quote resource has been updated by the LFI.

FXRQT-1

Collect Quotation Parameters

Basic Quote Parameters

TPPs MUST:

1.1 Enable Users to select/provide the parameters related to the FX & Remittance Quote they need to receive. These parameters include:

• FX & Remittance Service Type (as per https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.1-FX-%26-Remittance-Service-Type)

• FX Conversion details (as per https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.5-FX-Conversion-Details)

• Remittance details (as per https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.6-Remittance-Details)

Additional Quote Parameters

TPPs MUST:

1.2 Enable Users to select/provide additional parameters related to the FX & Remittance Quote they need to receive. These parameters include:

• FX & Remittance Services LFIs (as per https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.2-FX-%26-Remittance-Services-LFIs)

• User’s identity information, based on User’s choice (as per https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.3-Personalized-FX-%26-Remittance-quotes and https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.4-User%E2%80%99s-Identity-Information)

FXRQT-2

Quote Review & User Confirmation

TPPs MUST:

2.1 Allow Users to review the quote parameters collected by the TPP that will be used in the quote initiation requests to the LFIs.

2.2 Enable Users to confirm that they are happy to proceed to the quotate initiation process, using the quote parameters presented by the TPPs.

2.3 Clearly communicate to Users that by confirming to proceed with the quote initiation process, they provide their consent to TPPs to share their identity information with the LFIs, if they have selected to receive personalized FX & Remittance Quotes.

FXRQT-3

Quote Initiation Requests

TPPs MUST:

3.1 Initiate the quotation requests to the target LFIs using the Open Finance Platform (OFP).

3.2 Submit to OFP the quote initiation requests with the Users' quotation parameters confirmed by the Users.

3.3 Generate multiple quote API requests, one for each LFI that is required to generate a quote based on the Users' preferences. The quote request API messages that will be sent to each LFI via the OFP will be the same for all LFIs.

Note: This is because the OFP does not have the capability of broadcasting a single API message to multiple recipients.

3.4 Each FX & Remittance Quote Initiation Request, will contain the information shown below:

• FX Conversion details

  • Currency Pair: Base currency and Quote currency

  • Transaction Amount: Base currency amount or Quote currency amount

  • Settlement Account Identification (i.e. IBAN) (if applicable)

• Remittance details

  • Payment Amount & Currency

  • Creditor Identification details

  • Debtor Reference (Optional)

  • Creditor Reference

  • External Payment Purpose Code

  • Payment Order Priority

  • Payment Charge Model

• User’s identity information

  • Name

  • Emirates ID (or other official ID for expatriates)

  • Business license (if the customer is a corporate entity)

  • Contact details.

OFP MUST:

3.5 Allow TPPs to submit each individual quote initiation request without any additional MFA or authorization from the User.

3.6 Send the quote Initiation Request to each LFI for generating a FX & Remittance Quote using the Users' quote parameters included in the quote Initiation Request.

FXRQT-4

Quote Generation

LFIs MUST:

4.1 Be able to receive the FX & Remittance Quote Initiation Requests and use the Users' provided information to execute their FX & Remittance quotation process in near-real-time.

4.2 Check the User Identification details, if provided, and determine whether the FX & Remittance Quote request is for one of their existing users (i.e. account holders) or not.

• 4.2.1 Populate the appropriate field in the quote indicating whether the Users generating the quotes are existing Users or not. This is only possible in the case the quote included User identification details.

• 4.2.2 Provide any personalised or preferential exchange rates and remittance fees, if available, for quotes initiated from existing users already having accounts with the LFI. For the avoidance of doubt, if Users have specific agreements in place for non-standard pricing for the FX conversion and/or Remittance charges, LFIs MUST include these charges in the personalized quote.

  • 4.2.2.1 In case the existing User of the LFI has in place one (or more) forward FX rate agreements (e.g. future contract), in relation to any of the Users accounts, LFIs MUST also include these FX agreements in the provided quote, in addition to any other quoted FX rate.

4.3 LFIs MUST quote the same actual (deal) FX rate and charges as it would be offered to the User via the LFIs' direct channels such as mobile or online banking, for personalized and non-personalized quotes. when using the same quote parameters.

4.4 Be able to calculate the required FX conversion and money transfer charges for the different types of FX & Remittance services and include these in their quote response message.

• 4.4.1 LFIs may also include any additional conditions, terms or limitations related to the FX & Remittance quote, if required.

• 4.4.2 LFIs MUST include in the quote the validity period of the quote.

• 4.4.3 LFI MUST commit to the quoted FX rates and money transfer charges for the full duration of the quote validity period, unless, the quoted values have been clearly defined as ‘Indicative’.

4.5 Generate and assign a unique quote id (i.e. reference number) for every quote they generate.

4.6 Populate the appropriate field in the quote indicating whether they support the dynamic account opening capability, in the case of identifying that Users requesting the quotes are not existing customers of the LFIs. This will allow TPPs to provide the appropriate messaging and guidance to Users of how to action the quotes from their LFI.

4.7 Respond with quotes to all quote initiation requests from every TPP, irrespective of whether they have a contractual agreement with the TPP or not.

4.8 Respond to each quote initiation requests by sending their quotation data in the response messages back to the OFP. The FX & Remittance quote will contain the information as per https://openfinanceuae.atlassian.net/wiki/spaces/standardsv2draft2/pages/309723219/FX+Remittance+Quote+Initiation#4.7-FX-%26-Remittance-Quote-Response

4.9 Delete all the quote parameters they have received a part of the quotation process when the quotes have expired and Users have not accepted and actioned the quotes from these LFIs.

OFP MUST:

4.10 Forward the Forward the FX & Remittance quotation responses back to the initiating TPPs.

4.11 NOT store any Users’ FX & Remittance quotation responses back to the initiating TPPsquote data which have passed through as part of the quotation process.

FXRQT-5

Quotes Display to Users

TPPs MUST:

75.1 Display to Users all the FX & Remittance quotation information and options received by the insurer LFIs, including to Users including any additional conditions and terms, and advise Users how to proceed in order to take action on the received quotes.

75.2 Allow Users to sort or filter the provided quotes based on a number of different preferences such as:

• Quotation policy premium

• Insurer LFI rating

• Insurance system (Takaful or Conventional), where applicable

• Alphabetically

• Directly available from Brokers or via redirection

• Insurance policy domain specific parameters (e.g. comprehensive or third-party cover for motor insurance)

• LFIs with existing accounts

• Total Amount Payable/Receivable

• Alphabetically

• Transaction Fees

• Exchange Rate

• Validity period

• Whether they support dynamic account opening or not (for non-existing Users)

5.3 Display the quotes in a neutral way as the default, in the cases Users have not selected any preference of sorting and filtering the generated quotes.

INSQTFXRQT-86

Quote

Actioning

TPPs MUST:

86.1 Advise Users how to proceed in order to action on received quotes and purchase a policy based on them.

8.2 Enable Users to use a received quote for purchasing an insurance policy using their existing BAUs processes (directly from them), in the cases they have existing contractual agreements with the selected insurer LFIs that support this.

8.3 Be able to redirect Users to the direct channel of the LFI selected by User, using a unique quote identifier, so that Users can review again the quote details and action on them.

LFIs MUST:

8.4 Enable TPPs to redirect Users to their direct channels, using a unique quote identifier.

• 8.4.1 Allow Users to review again the quote details and complete the purchase of the insurance policy.

8.5 Notify the TPPs when a specific quote:

for the FX & Remittance services they selected.

6.2 Enable Users, who have existing accounts and contractual agreements with the LFI of the preferred quote, to use the received quote for initiating the quoted FX & Remittance services, as defined in TBChttps://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/247627777/Open+Finance+Enhanced+FX+Proposition#5.4-Remittance-Service-Initiation

6.3 Enable Users, who do not have existing accounts and contractual agreements with the LFI of the preferred quote, to initiate a dynamic account opening service request and to be redirected to the LFI for completing the account opening, as per defined in TBChttps://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/247627777/Open+Finance+Enhanced+FX+Proposition#5.3-Account-Opening-Service-Initiation. This MUST only be applicable in cases that LFIs have indicated in their quote that they support the dynamic account opening capability.

• 6.3.1 In cases where the LFIs have indicated in their quote that they do not support the dynamic account opening capability, TPPs MUST provide the necessary information to Users and advise User to engage directly with the LFIs for opening a new account.

6.4 Use the quote ID to update the status of the FX & Remittance Quote resource as “Accepted” by the User, when Users select a prefered quote for actioning in all cases except for the case defined in 6.3.1

FXRQT-7

Quote Status Update

LFIs MUST:

7.1 Notify the TPPs when a specific FX & Remittance Quote:

• 7.1.1 Has been actioned by a User and a policy has been purchased8.5for the quoted FX& Remittance services

• 7.1.2 Has expired and is no longer available for actioning either by a TPP or a User

87.6 2 Set the state of the FX & Remittance Quote resource to Completed in the case Users have purchased the policycompleted the quoted FX& Remittance services.

87.7 3 Set the state of the FX & Remittance Quote resource to Not Completed in the case they are not able to allow Users to complete the purchase of the policy.8.7 action the quoted FX& Remittance services.

7.4 Set the state of the FX & Remittance Quote resource to Expired, in the case a Quote in Accepted state has not been completed in time and has expired.

BNK-FXQI-REQ-1

The Open Finance Enhanced FX solution(s) MUST enable TPPs to acquire User’s identity information such as the Emirates ID or passport number as a prerequisite for getting personalised quotes from LFIs or FX Houses. This may happen during the User onboard process or at a later date, before requesting to get any personalised FX & Remittance quotes. TPPs MUST allow users to provide this either:

a) using a data sharing consent with an LFI or FX House holding an account for the Users (as per https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/247627777/Open+Finance+Enhanced+FX+Proposition#5.1-Data-sharing-for-FX-%26-Remittances-Services)

b) manually

In both cases TPPs are NOT required to validate the Users' identity information.

The Customer Identification details, MUST include the customer’s:

• Name.

• Emirates ID (or other official ID for expatriates)

• Business license (if the customer is a corporate entity).

• Contact details.

BNK-FXQI-REQ-2

The Open Finance Enhanced FX solution(s) MUST allow Users to provide TPPs with the type of FX & Remittance service (FX conversion, Remittance or both) for which they want to receive quotes.

BNK-FXQI-REQ-3

The Open Finance Enhanced FX solution(s) MUST enable Users to select the FX Houses that they want to receive quotes from, based on the type of the FX Service required. If Users do not select, the Open Finance Enhanced FX solution(s) MUST enable TPPs to request and get quotes from ALL the FX Houses onboarded in the Open Finance ecosystem. This is irrespective of the FX Houses with which Users have accounts and contractual relationships with.

BNK-FXQI-REQ-4

The Open Finance Enhanced FX solution(s) MUST enable Users to select the LFIs that they want to receive quotes from. Users MUST only select LIFs with which they have an active account. If Users do not select, the Open Finance Enhanced FX solution(s) will not request any quotes from any LFIs onboarded in the Open Finance ecosystem.

BNK-FXQI-REQ-5

The Open Finance Enhanced FX solution(s) MUST enable TTPs to offer Users the option to:

a) Get personalised quotes from FX Houses (and/or LFIs). Users selecting this option provide explicit consent to TPPs to share their identity information (e.g. Emirates ID) with Fx Houses/LFIs during the quotation process.

b) Get non-personalised quotes allow from FX Houses only. Users selecting this option do not allow TPPs to share their identity information (e.g. Emirates ID) with Fx Houses during the quotation process.

BNK-FXQI-REQ-6

The Open Finance Enhanced FX solution(s) MUST allow TPPs to initiate the quotation requests to the target FX Houses (and/or LFIs) using the API Hub. TPPs will include in the quote requests all the information required for the FX & Remittance quote generation. The API HUB will be forwarding the quote requests to the FX Houses (and/or LFIs) including the users' provided information required for the generation of the quotes.

The FX & Remittance quote initiation request will contain the following information:

• FX & Remittance service: This may be FX conversion only, Remittance only, or FX conversion with Remittance

• Currency Pair: The two currencies involved in the transaction (e.g., USD/AED, EUR/INR) with clearly indication which is the base currency and which is the quote currency

• Transaction Amount: The amount of the base currency to be exchanged or its equivalent in the quote currency.

• Purpose of Transaction: Purpose of the transaction (e.g., payment for goods, personal remittance, salary payment). Required to ensure compliance with (AML and counter-terrorist financing (CTF) laws in UAE.

• Delivery Instructions: The destination account or remittance details for receiving the funds, if applicable

• Customer Identification: Including the following details (if applicable):

  • Name

  • Emirates ID (or other official ID for expatriates)

  • Business license (if the customer is a corporate entity)

  • Contact details

BNK-FXQI-REQ-7

The Open Finance Enhanced FX solution(s) MUST enable FX Houses (and/or LFIs) to receive the FX & Remittance quote requests and use the Users' provided information to execute their FX & Remittance quotation process in near-real-time. Based on this, FX Houses (and/or LFIs) will be able to calculate the required FX conversion and money transfer charges for the different types of FX & Remittance services and include these in their quote response message. FX Houses (and/or LFIs) may also include any additional conditions, terms or limitations related to the quote, if required and the validity period of the quote. Each quote will have a unique quote id (i.e. reference number)

The FX & Remittance quote will contain the following information:

• Currency Pair: The two currencies involved in the transaction (e.g., USD/AED, EUR/INR) with clearly indication which is the base currency and which is the quote currency

• Exchange Rate: The rate at which the base currency will be exchanged for the quote currency. This could include, Bid Rate, Ask Rate and Spread (if applicable)

• Transaction Amount: The amount of the base currency to be exchanged or its equivalent in the quote currency.

• Transaction Fees: Any fees or charges applied by the FX house, such as Processing fees and Service fees itemised

• Total Amount Payable/Receivable: The exact amount the customer will pay in AED or another currency and the amount they will receive in the target currency after deducting fees.

• Purpose of Transaction: Purpose of the transaction (e.g., payment for goods, personal remittance, salary payment). Required to ensure compliance with (AML and counter-terrorist financing (CTF) laws in UAE.

• Date and Time of Quote: The timestamp of when the quote was generated.

• Quote Validity Period: The duration for which the quoted exchange rate is valid for.

• Settlement Details: Details of when and how the settlement will take place. Includes:

  • Settlement Date: When the transaction will be completed (e.g., T+2 for spot transactions).

  • Payment Method: How the funds will be paid (e.g., bank transfer, cash, card).

  • Delivery Instructions: The destination account or remittance details for receiving the funds.

• Customer Identification: For compliance with UAE regulations, the FX House must include the customer’s (if applicable):

  • Name

  • Emirates ID (or other official ID for expatriates)

  • Business license (if the customer is a corporate entity)

  • Contact details

• Existing Customer Flag: Flag to indicate whether the quoted user is an existing customer of the FX House or not

• FX House (or LFI) Information including:

  • The full name, address, and license details of the FX House or LFI

  • Statement of compliance with UAE Central Bank regulations.

• Reference Number: A unique transaction or quote reference number for tracking purposes.

• Terms and Conditions including disclosures about:

  • The FX house's liability in case of errors or delays

  • Refund and cancellation policies

  • Any additional legal or compliance information

BNK-FXQI-REQ-8

The Open Finance Enhanced FX solution(s) MUST enable FX Houses to provide in the quote response personalised or preferential exchange rates and remittance fees, for quotes from existing users already having accounts with the FX Houses.

BNK-FXQI-REQ-9

The Open Finance Enhanced FX solution(s) MUST enable FX Houses (and/or LFIs), to respond to the FX & Remittance quote initiation requests by sending with their quotation data in the response messages back to the API Hub.

BNK-FXQI-REQ-10

The Open Finance Enhanced FX solution(s) MUST allow the API Hub to forward the FX & Remittance quotation responses back to the initiating TPPs.

BNK-FXQI-REQ-11

The Open Finance Enhanced FX solution(s) MUST allow TPPs to display all the FX & Remittance quotation information and options to Users including any additional conditions and terms, and advise Users how to proceed in order to take action on the received quotes.

BNK-FXQI-REQ-12

The Open Finance Enhanced FX solution(s) MUST enable TPPs to allow Users to sort or filter the provided quotes based on a number of different preferences such as:

• FX Houses/LFIs with existing accounts

• Total Amount Payable/Receivable

• Alphabetically

• Entity type )FX House or LFI, if applicable)

• Transaction Fees:

• Exchange Rate

• Validity period

The Open Finance Enhanced FX solution(s) MUST allow TPPS to display the quotes in a neutral way as the default, in the cases Users have not selected any preference of sorting and filtering the generated quotes.

BNK-FXQI-REQ-13

The Open Finance Enhanced FX solution(s) MUST allow TPPs to enable Users, who have existing accounts and contractual agreements with the FX Houses selected for their FX quotes, to use a received quote for initiating a service request in response to their quote, as per the requirements defined in https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/247627777/Open+Finance+Enhanced+FX+Proposition#5.4-Remittance-Service-Initiation

BNK-FXQI-REQ-14

The Open Finance Enhanced FX solution(s) MUST allow TPPs to enable Users, who do not have existing accounts and contractual agreements with the FX House they selected for their FX quotes, to initiate a dynamic account opening service request and to be redirected to the FX Houses, for completing the account opening, as per the requirements stated in https://openfinanceuae.atlassian.net/wiki/spaces/Internal/pages/247627777/Open+Finance+Enhanced+FX+Proposition#5.3-Account-Opening-Service-Initiation.

BNK-FXQI-REQ-15

The Open Finance Enhanced FX solution(s) MUST NOT allow Users’ FX & Remittance quote data to be stored in the API Hub.