CitiConnect_API_Case_Study_Book

The Challenge Potential Uses The Benefits 20 Seamless Client Experience | API Playbook WorldLink Rate Inquiry and Payment Initiation The Company One of India’s leading banking and financial services groups, with the banking business catering to retail and corporate customers across urban and rural India. In the highly competitive landscape of retail banking business in India, the company needed a solution that digitizes and streamlines its overseas remittance services for retail customers. Furthermore, the company wanted to differentiate itself through exemplary customer experience by ensuring that the cross-border payments are simple, flexible and secure. • Availability of a highly efficient foreign currency payments process to the company’s customers • Company can provide cross-border payments in simple, flexible and secure manners, creating competitive advantage in the retail banking business • Real-time FX remittance in an e-commerce transactions, where a buyer in a different country may be presented a real-time FX rate, translated into an exact amount to debit in local currency from his/her bank account. The Solution To enable the seamless FX transaction services for its retail customers, the company has adopted Citi’s WorldLink ® Services API for direct access to Citi’s WorldLink ® Payment Services. The company’s mobile app can provide a real-time FX rates quotation through WorldLink ® FX Rate Inquiry API upon customers’ request. Once customer accepts the exchange rate and confirms payment, the company will execute the FX transaction via the WorldLink ® Payment Initiation API. The solution is powered by the following CitiConnect APIs: WorldLink FX Rate Inquiry WorldLink Payment Initiation STEP 1 User logs in to the company’s mobile app to make a foreign currency payment STEP 2 The company presents an exchange rate quote for requested currency via WorldLink ® FX Rate Inquiry 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 the WorldLink ® Payment Initiation API