UC012 Dynamic Account Opening for FX Services

UC012

Dynamic Account Opening

In the context of the Open Finance FX & Remittance Services, this Use Case refers to Users who received and selected a quote from a specific LFI for their FX & Remittance requirements and they do not have an existing account with the LFI that can be used to fund the quoted foreign currency transaction.

This service enables Users to respond to the FX Services quote by selecting to open a new account with the LFI in order to proceed with actioning the quote. The Account Opening service initiation does not need to be of an FX Services quote, but can be offered to Users by TPPs as a standalone service.

This Use Case will enable the participation of LFIs who offer foreign exchange services in the Open Finance program and promote a more competitive market environment where Users can benefit from the best FX services deals available.

Banking

Service Initiation

Key APIs

• GET /accounts/{AccountId}

• POST /accounts