Roles and responsibilities of key Participants
- 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
Main information following steps:
- The Payer enters the recipient info and transfer amount and initiates the transfer.
- The Sender agent requests xCurrency Hubs to validate the transfer information.
- xCurrency Hubs AML for transfer information.
- xCurrency Hubs forwards the request to the Paying Agent to validate the transfer information.
- Paying Agent validates the transfer info and returns the result to xCurrency Hubs.
- xCurrency Hubs forwards the result to the Sender Agent.
- Sender Agent completes internal check of KYC and AML program, and then sends the transfer request to xCurrency Hubs.
- xCurrency Hubs completes an internal check of the KYC and AML program, and then sends the transfer request to Paying Agent.
- 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.
- China Payment System returns transfer results to Paying Agent.
- Paying Agent forwards the transfer result to xCurrency Hubs.
- xCurrency Hubs forwards the transfer result to the Sender Agent.
- 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 |