Cross-border Payments
Last updated
Last updated
submoney.co is re-designing the way money moves around the world. The traditional business model for cross-border payments is too capital intensive and slow. MTOs tend to maintain multiple relationships with different FX providers and payout partners in multiple jurisdictions. They also need to set-up collateral or pre-funded accounts with each partner. A traditional cross-border business model diagram looks like this;
Unlike the traditional business model for cross-border payments, the submoney API gives MTOs access to near real-time FX liquidity and payouts to over 80 countries. MTOs do not need to integrate with multiple partners and certainly do not need to hold collateral or pre-funded accounts around the world.
Paper operates a remittance platform that helps immigrants send money back home to Africa. Paper uses submoney API to source liquidity to fund their remittance operations. The following shows how Paper uses our API to fulfil a transaction in their CAD to NGN corridor;
User A, who wants to send money from Canada to Nigeria, visits Paper's web app.
Paper calls our Get Best Offer API to get the best rate for CAD to NGN. We return the best offer from our offer routing engine, which aggregates offers/liquidity from our offer book, professional MMs and DEXs.
Paper displays the best offer to User A.
When User A proceeds, Paper calls our Currency Exchange API. We immediately mint CADC for Paper and then exchange it for NGNT using the best offer. NGNT is credited to Paper's balance.
Paper then calls our Redeem stablecoins API to redeem NGNT for NGN into their operating account.
