Multicurrency Payments

This is our product for payments between two different currencies either on your own accounts, or for outgoing and incoming payments. We support both a fully automated and a request-for-quote type of a workflow for payments.

Automated Flow

The fully automated flow allows you to instruct payments in all of our supported currencies, where the foreign exchange conversion is completed as a part of your payment automatically when the payment is processed. This applies for both incoming and outgoing payments.

Request for Quote (RFQ) Flow

It is possible to request a foreign exchange quote upfront for a single payment using our GET /api/v1/fx/rates/payments/{debit-currency}/{credit-currency} endpoint.

This quote is valid for 30 seconds at a time and can be attached to a payment instruction using the single payment instruction endpoint. The payment will then be processed using exactly this exchange rate.

Prerequisites

The prerequisite for using instructing a payment with an exchange rate is that:

• Your execution date is today's date
• You have pre-funded your debit account

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Note:

Workflows where your debit account is not funded prior to the payment instruction are not supported for Multicurrency Payments RFQ, and will be processed with the prevailing exchange rate at the time of processing when your account has been funded.

Request Parameters

To request a Multicurrency Payments quote, you need to supply:

• Your intended debit currency
• The credit (transfer) currency
• The expected payment amount
• Indication whether the payment amount is in debit or credit currency terms

Example Quote Request

Below is an example request for requesting a quote to be used for a multicurrency payment where you are sending 17,500 DKK from your DKK account to a recipient in JPY:

//Our API will respond with an exchange rate which will be valid for 30 seconds
{  
  "quoteType": "Tradable",  
  "currencyPair": "JPYDKK",  
  "exchangeRate": 0.057962,  
  "quoteId": "416f5058-660f-4b2e-a62f-44d2b0e83fd8",  
  "expiryTime": "2021-10-08T14:04:01.2295277+00:00"  
}

Example Payment Instruction

You can then use the quoteId from the quote to instruct a single payment:

// Other unrelated fields omitted for brevity

{
  "debtorAccount": {
    "account": "DK7189000000010504",
    "country": "DK",
    "financialInstitution": "SXPYDKKKXXX"
  },
  "currencyOfTransfer": "JPY",
  "amount": {
    "amount": "17500",
    "currency": "DKK"
  },
  "creditorAccount": {
    "account": "DK0989000000010359",
    "financialInstitution": "SXPYDKKKXXX",
    "country": "DK"
  },
  "fxQuoteId": "416f5058-660f-4b2e-a62f-44d2b0e83fd8"
}

Notice that the quote id is attached to the fxQuoteId field, and that all amounts and currencies match with the original request.

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RFQ for Bulk payments

Request for quote is currently not available for bulk payments

Currency and Amount Matching

Requirements

When submitting a Multicurrency Payment and specifying a previously requested quote, the currency and the amount used must match in both requests.

Examples

1. To debit your DKK account by exactly 17,500 DKK and convert it to JPY:

   • Use DKK as the amount currency in FX rate request
   • Use DKK as the amount currency in payment instruction with 17,500 (or less) as the amount

2. To send an exact amount of JPY to your beneficiary by debiting DKK:

   • Use JPY as your amount currency in FX rate request
   • Use JPY as the amount currency in payment instruction

Operation Matrix

The possible combinations for the different fields are shown in the table below:

The 'X' amount is calculated using the prevailing FX rate