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Production Guide

Roles and responsibilities of key Participants

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  • Payer:
    • Individual: The person who requests to transfer money or bill payments.
    • Business: The organization that provides services like E-Commerce, Premium, Health, Education, Trade, and so on. eg. Trading partner
  • 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.
  • Beneficiary:
    • Personal: 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

Global Payout - Transfer Information Flow

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Main information following steps:

  1. The Payer enters the recipient info and transfer amount and initiates the transfer.
  1. The Sender agent requests xCurrency Hubs to validate the transfer information.
  1. xCurrency Hubs AML for transfer information.
  1. xCurrency Hubs forwards the request to the Paying Agent to validate the transfer information.
  1. Paying Agent validates the transfer info and returns the result to xCurrency Hubs.
  1. 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 xCurrency Hubs 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 Payer.

Terminologies

Terms
Description
Payer
The person who requests to transfer money.
Beneficiary
The person who receives money.
Sender Agent
Licensed financial institution that conduct fund collection and cross border settlement.
Paying Agent
Licensed financial institution that conduct local payment and settlement, usually they're banks.
Source Currency
The currency you are sending, We support all major currencies on the market. Contact our Customer manager for more information.
Target Currency
Currency your recipient will receive, It depends on where your beneficiaries are located