CitiConnect_API_Case_Study_Book

16 Having successfully launched a domestic mobile banking service to its customers, the company wanted to enable its customers to make remittances in multiple currencies worldwide. In partnership with Citi, the company is able to integrate its mobile app services by means of CitiConnect API, thereby enabling real-time FX rates quotation and international remittances: The solution is powered by the following CitiConnect APIs: STEP 1 User logs in to the company’s mobile app to make a foreign currency payment STEP 2 The company uses an API to present an exchange rate quote for requested currency pair STEP 3 User accepts the quoted exchange rate and confirms the payment instruction STEP 4 Company debits the user’s account in local currency and instructs the payment in foreign currency through Citi via another API • Availment of a highly efficient foreign currency payments process to the company’s customers • Company gets preferred FX rates via Citi’s global platform Authentication of company instruction FX rate quotation valid for a specified duration Payment status inquiry to confirm that payment is successfully made • Real-time FX rates quotation in an e-commerce transaction, where a buyer in a different country may be presented a guaranteed FX rate, translated into an exact amount to debit in local currency from its bank account Enabling International and Cross-Currency Payments The Company Leading Internet-only bank in Asia that operates solely with a mobile app and provides a range of domestic and international payment services. The Challenge The Solution The Benefits Potential Uses Seamless Client Experience | API Playbook Payment initiation via cross-border wires