June 20, 2023

Payouts and Payins

New features

Note: We have identified that a few critical improvements are required to the below announced FX conversions APIs. As a result, we have reverted the feature effective immediately and will be re-launching the revised APIs shortly. Stay tuned for an updated announcement.

We are introducing the capability to perform FX conversions within a customer’s wallet using locked FX rates as well as scheduled settlement. This service helps you convert your funds from any of the supported Nium payin currencies into any of the Nium payout currencies at transparent and guaranteed FX rates. The converted amount can then be used to send payouts or spend through a card.

• You can choose from a range of lock periods (up to 24 hours) for the FX Quote so that you have time to confirm the rate with your customers or internal users and initiate the FX conversion.

• You can also choose from a range of conversion schedules (up to two business days) so that you get the necessary time to fund with the source amount required for the FX conversion.

Refer to the FX Overview guide for more details on this capability.

The following new APIs are being introduced to support this capability:

• Create Quote API: Create an FX quote for a pair of currencies based on a lock period and conversion schedule.
• Fetch Quote by id API: Fetch the details of an FX Quote using the quoteId.
• Create Transfer API: Convert funds within a customer's wallet from a source currency to a destination currency at either a market FX rate or a locked FX rate obtained using the Create Quote API.
• Fetch Transfer by id API: Fetch the details of an FX Transfer using the transferId.
• Cancel Transfer API: Cancel an FX Transfer that is yet to be settled.

Issuance and Cards

Enhancements

• cardProductId parameter, that is required request body parameter in the Add Card V2 API, has been changed from a 3-digit number to UUID format. This change is only applicable to new clients. Clients that are setup previously with a 3-digit cardProductId can continue to use it.

• addressLine1 and addressLine2 parameters in the Address object of all card lifecycle APIs, Add Card V1 & V2, Update Card Details V2, Block and Replace Card, and Renew Card, have additional validation. As per the new validation rules, only chars in the below regex pattern are allowed.
  Regex: [a-zA-Z0-9.'-#@%&,:/ ]+

• Revised posting logic on transaction settlements for all Wallet based Clients. Previously, A separate transaction was posted for Settlement Debit and Settlement Credit depending on if the fluctuation was higher or lower respectively. In the revised logic, fluctuations are accounted for by reversing the original transaction including relevant fees that were charged and posting a new transaction as Settlement Direct Debit for the new amount (higher or lower) and recalculate all relevant fees and markups.

  There is no impact to wallet clients as the amount being debited or credited has not changed, only the methodology has been updated.
  This change is not applicable to clients on Delegated Mode (RHA).

  Following are example scenarios where this change is applicable:

  • FX Rates have fluctuated in the time period between authorization and settlement.

    
    

    Example: The FX rates have fluctuated between SGD (billing Currency) and USD (authorization currency i.e., the receiving wallet).

    
    

    Fluctuated higher-

    • FX rate between SGD and USD was 1.33510 at the time of authorization.

      
      

      FX rate between SGD and USD has become 1.34100 at the time of clearing.

    Fluctuated lower-

    • FX rate between SGD and USD was 1.33510 at the time of authorization.

      
      

      FX rate between SGD and USD has become 1.33100 at the time of clearing.

  • FX Rates have fluctuated between the transaction currency and the billing currency in the time period between authorization and settlement.

    
    

    Example: The transaction was performed in PHP (Philippine Peso) and the billing currency is SGD (Singapore Dollar).

    
    

    Fluctuated higher-

    • FX Rate between PHP and SGD was 0.02410 at the time of authorization.

      
      

      FX Rate between PHP and SGD has become 0.02490 at the time of clearing.

    Fluctuated lower-

    • FX Rate between PHP and SGD was 0.02410 at the time of authorization.

      
      

      FX Rate between PHP and SGD has become 0.02380 at the time of clearing.

  • There has been a change in the transaction amount between authorization and clearing.

    
    

    Example: The cardholder has left a tip in a restaurant due to which the transaction amount during clearing is higher than the transaction amount at the time of authorization.