Overview

Currency conversion is the process of exchanging one currency for another at a specific exchange rate. Fincra's Conversion API enables businesses to seamlessly convert between different currencies, facilitating international transactions and multi-currency operations. Our solution provides competitive exchange rates, zero fees, and real-time processing for efficient cross-border payments and financial operations.

How Fincra's conversion solution works

1. Generate a Quote: Request a quote by specifying the transaction type as "conversion", source and destination currencies, amount, and setting the payment destination to "fliqpay_wallet"
2. Review Quote Details: Review the quote information including exchange rate, fees, and expiration time
3. Request Conversion: Submit a conversion request using the quote reference received in the previous step. This is how you lock a trade.
4. Receive Webhook Notification: Listen for webhook events (e.g., "conversion.successful") that indicate the status of your conversion
5. Validate Webhook: Secure your implementation by validating the webhook signature with your secret key
6. Verify Conversion: Always verify the conversion status using the reference number, even if you receive a webhook notification

Common use cases

1. Treasury Management - For businesses optimising their finances based on exchange rates
2. Cross-Border Payments - For international vendor and supplier payments
3. Multi-Currency Wallets - For platforms allowing users to hold and convert between currencies
4. International Invoicing - For businesses that invoice in one currency but receive in another
5. Currency Hedging - For protection against currency fluctuations
6. Marketplace Payouts - For distributing funds to global sellers or service providers
7. Remittance Services - For building international money transfer platforms
8. Travel Services - For travel-related businesses dealing with multiple currencies

Supported Currencies for Conversion