UC011 FX & Remittance Quote & Service Initiation

UC011

FX & Remittance Quote Initiation

This Use Case enables TPPs to initiate FX & Remittance Quote Requests to a number of LFIs (including Banks and Exchange Houses) by providing them with all the necessary data required for producing “actionable quotes” and returning their details to the initiating TPPs. In the context of the Open Finance FX & Remittance quote initiation, the term “actionable quote” refers to a quote generated by an LFI, for FX conversion and/or Remittance services, and can be used by the recipient User to initiate an FX conversion and/or Remittance request at the FX rate & charges specified in the quote, subject to no change of the information provided to the quoting LFI.

As part of the FX & Remittance quote initiation, Users may decide to accept and take action on a quote with an non-account holding LFI. In this case, the TPP will initiate a dynamic account opening request with the selected LFI, as defined in UC012.

Receive FX offerings that better fits customers' needs.

Easier and frictionless FX trading journey. Better offers due to enhanced comparability of FX prices.

LFIs can gain more visibility for their products, have their product sales increase (more deals can be closed) and increase their portfolio of clients.

Entry of new fintechs in the market that provide FX Quotes service.

Banking

Service Initiation

Key APIs

• GET /fx-quotes/{FxQuoteId}

• POST /fx-quotes

• PATCH /fx-quotes/{FxQuoteId}