Convert foreign currencies

2024-05-08 08:31

You can do spot FX, unfunded spot FX and forward FX transactions by using the foreign exchange APIs on WorldFirst.

Spot FX is when you exchange one currency for another immediately and at the current exchange rate.
Unfunded FX is when you exchange one currency for another within T+3 days and at a pre-determined quote.
Forward FX is when you exchange one currency for another at an agreed future date and at a pre-determined quote.

To do spot transaction, you can use these APIs: createQuote, notifyVostro, createExchange, inquiryExchange, notifyExchange

To do unfunded or forward transaction, you can use these APIs: createQuote, inquiryAvailableCalendar, createDeal, inquiryDeal, notifyDeal, createExchange, inquiryExchange, notifyExchange

Spot FX

Workflow

The following figure shows the spot forex processes:

Steps

Obtain the forex quotes

Call the createQuote API to get the forex quote on WorldFirst.

Make the settlement

2.1 Prefund your account to make sure its balance is sufficient for currency exchanges. And receive the prefunding result from WorldFirst through the notifyVostro API.

2.2 Call the createExchange API to initiate the spot FX settlement.

2.3 Call the inquiryExchange API to check the settlement status.

2.4 Receive the settlement details through the notifyExchange API.

Unfunded spot or foward FX

Workflow

The following figure shows the unfunded spot or forward forex processes:

Steps

Obtain the forex quotes

1.1 Call the inquiryAvailableCalendar API to find an available date for the unfunded spot or forward transaction.

1.2 Call the createQuote API to get the forex quote on WorldFirst.

Create the deal

2.1 Call the createDeal API to set up a forex deal.

2.2 Call the inquiryDeal API to check the deal status.

2.3 Receive the deal results through the notifyDeal API.

2.4 (Optional) Call the unwindDeal API to cancel a forex deal.