logo

Introduction

xCurrency is a FinTech company that strives to deliver diverse, high-efficient and flexible payment solutions for global businesses.

About xCurrency Hubs

xCurrency Hubs is xCurrency’s Banking-as-a-service Hubs platform building for global businesses, delivering creative and innovative embedded finance solutions to Financial Institutions of All Sizes, providing fast, reliable, and cost-efficient payouts for your business and customers.

Roles and responsibilities of key Participants

Figure1. Key Participant
Figure1. Key Participant
  • Sender:
    • Individual: The person who requests to transfer money or bill payments.
  • Agent:
    • Sender Agent: The paying agent managing the Sender’s account, collects monetary assets from the Sender, processes money transfers on behalf of the Sender, and provides relevant services to the Sender.
    • Paying Agent: A paying agent—also known as a "disbursing agent"—is one who accepts payments from the issuer of a security and then distributes the funds to holders of the security.
  • xCurrency Hubs: The platform that forwards transfer requests from the Sender Agent to the Paying Agent, providing services including balance management service, transfer service, and reconciliation service.
  • Recipient:
    • Individual: The individual consumer who receives money remittance services through a licensed financial institution and gets monetary assets.
    • Business: The organization that provides services like E-Commerce, Premium, Health, Education, and so on. eg. School

China Payout

This document focus on the API integration of China Payout running on our xCurrency Hubs platform. Based on our strong CNY distribution network, we can help you make an easier cross-border payout to China, whenever you are launching new products, expanding into China, or adding remittance modular into your existing operations.
You can apply our cutting-edge APIs for an enhanced customer experience, our China Payout solution supports [UnionPay Debit Cards] issued by more than 500 mainstream banks in China, whether it is China's four major state-owned banks, city commercial banks, and rural credit cooperatives in various places.

Advantages

We support [UnionPay Debit Cards] issued by more than 500 mainstream banks in China, whether it is China's four major state-owned banks, city commercial banks, and rural credit cooperatives in various places.

Terminologies

Terms
Description
Sender
The person who requests to transfer money.
Beneficiary
The person who receives money.
Source Currency
The currency you are sending, currencies we support are USD, JPY, EUR, HKD, GBP, AUD, KRW, SGD, and CAD.
Target Currency
Currency your recipient will receive, Currencies we support: CNY
Order No
Order ID provided by the partner.
Query No
询价流水号
SFTP

China Payout - Transfer Information Flow

Figure2. China Payout - C2C Main Flow
Figure2. China Payout - C2C Main Flow

China Payout - C2C Main information following steps:

  1. The Sender enters the recipient info and transfer amount and initiates the transfer.
  1. (Optional) The Sender agent requests xCurrency Hubs to validate the transfer information.
  1. (Optional) xCurrency Hubs forwards the request to the Paying Agent to validate the transfer information.
  1. (Optional) Paying Agent validates the transfer info and returns the result to xCurrency Hubs.
  1. (Optional) xCurrency Hubs forwards the result to the Sender Agent.
  1. Sender Agent completes internal check of KYC and AML program, and then sends the transfer request to xCurrency Hubs.
  1. xCurrency Hubs completes an internal check of the KYC and AML program, and then sends the transfer request to Paying Agent.
  1. Paying Agent completes an internal check of the KYC and AML program, and then credits the amount to the recipient through China Payment System.
  1. China Payment System returns transfer results to Paying Agent.
  1. Paying Agent forwards the transfer result to xCurrency Hubs.
  1. xCurrency Hubs. forwards the transfer result to the Sender Agent.
  1. Sender Agent sends the transfer result notification to Sender.

China Payout - Transfer Fund Flow

Cross-Currency Transaction Mode

Figure3. Cross-Currency Transaction Mode Fund Flow
Figure3. Cross-Currency Transaction Mode Fund Flow
  1. Balance Management Process
      • 1.1. Sender Agent prefunds the settlement currency into the account provided by xCurrency Hubs N days before the transaction day.
      • 1.2. xCurrency Hubs tops up the Sender Agent’s account balance in the settlement currency after receiving the funds.
2. Transfer Process
  • 2.1. Sender Agent sends the transfer request to xCurrency Hubs.
  • 2.2. xCurrency Hubs converts the receiving amount into settlement currency and checks that the balance is sufficient, xCurrency Hubs will debit the corresponding amount and get the fund ready for the Sender Agent.
    • 🔔
      FX Trade Availability Time: working day: 9:30--15:30 UTC+08:00
      Transfer Availability Time: 7x24hr
  • 2.3. The sender Agent debits the transfer amount from Sender’s account.
  • 2.4 Paying Agent credits the transfer amount to the Recipient’s account.

Same Currency Transaction Mode

Figure4. Same Currency Transaction Mode Fund Flow
Figure4. Same Currency Transaction Mode Fund Flow
  1. Balance Management Process
      • 1.1. Sender Agent prefunds the settlement currency into the account provided by xCurrency Hubs N days before the transaction day.
      • 1.2. xCurrency Hubs converts the settlement currency into receiving currency and tops up the Sender Agent’s account balance in the receiving currency to be ready for future transfers.
        • 💡
          FX Trade Availability Time: working day: 9:30--14:00 UTC+08:00 (Please contact the operator after 14:00)
2. Transfer Process
  • 2.1 Sender Agent debits the transfer amount from Sender’s account.
  • 2.2 Sender Agent sends the transfer request to xCurrency Hubs.
    • 💡
      Transfer Availability Time: 7x24hr
  • 2.3 After checking that the balance is sufficient, xCurrency Hubs will debit the corresponding amount and get the fund ready for the Sender Agent.
  • 2.4 Paying Agent credits the transfer amount to the Recipient’s account.