Convert currencies
Overview
WorldFirst offers a set of FX (Foreign Exchange) APIs. Once integrated together, these APIs enable the following types of FX transactions:
Supported types of transactional FX | Definition | APIs to be integrated Notes: The sequence of the mentioned APIs also reflects the integration order. |
Spot FX | Convert currencies immediately at the current exchange rate. | |
Unfunded spot FX | Choose an FX quote now and settle the FX contract within T+2 days | Notes: The integration order for unfunded spot FX and forward FX is the same because they both allow FX trading at an agreed future date and at a pre-determined quote. |
Forward FX | Choose an FX quote now and settle the FX contract after T+2 days |
Spot FX
Workflow
The following figure shows the spot FX process:
Figure 1. Workflow of spot FX
Procedure
Step 1: Obtain the FX quote
Call the createQuote API to get the FX quote from WorldFirst.
Step 2: Make the settlement
1. Prefund the WorldFirst account to ensure a sufficient balance for currency exchanges. Receive the prefunding result from WorldFirst through the notifyVostro API.
2. Call the createExchange API to initiate the spot FX settlement.
3. Call the inquiryExchange API to check the settlement status.
4. Receive the settlement details through the notifyExchange API.
Unfunded spot or foward FX
Workflow
The following figure shows the unfunded spot or forward FX process: 
Figure 2: Workflow of unfunded spot FX or forward FX
Procedure
Step 1: Obtain the FX quote
1. Call the inquiryAvailableCalendar API to find an available date for the unfunded spot or forward transaction.
2. Call the createQuote API to get the FX quote from WorldFirst.
Step 2: Book the FX contract
1. Call the createDeal API to set up an FX contract.
2. Call the inquiryDeal API to check the contract status.
3. Receive the contract results through the notifyDeal API.
4. (Optional) Call the unwindDeal API to cancel an FX contract.
Step 3: Make the settlement
1. Prefund the WorldFirst account to ensure a sufficient balance for currency exchanges. Receive the prefunding result from WorldFirst through the notifyVostro API.
2. Call the createExchange API to initiate the spot FX settlement.
3. Call the inquiryExchange API to check the settlement status.
4. Receive the settlement details through the notifyExchange API.