System Design Question: How to Make a Forex Payment

Zillow Group / Eng iplaypoint
Dec 22, 2018 9 Comments

I want to create an app where people can send forex payments. Not sure if the model make more sense to be B2P (Business to Peer) where I, the business, takes their money, integrate with a 3rd party API to exchange the currency, and send it to the recipient on their behalf, or P2P (Peer to Peer) where I only facilitate the payment.

Anyone know how PayPal or any other companies do it?

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TOP 9 Comments
  • LinkedIn / Eng
    Gill Bates

    LinkedIn Eng

    BIO
    [Insert epic sax here]
    Gill Batesmore
    Write a white paper, launch an ICO, forget about actually implementing the thing.
    Dec 22, 2018 1
    • Zillow Group / Eng iplaypoint
      OP
      nah lol
      Dec 22, 2018
  • Amazon / Eng n0v
    If you want to actually settle forex yourself, you need to have relationships with the big banks that can clear payments. Like jp Morgan and so on. But you won't get a direct relationship, unless you have a high volume. You'd most likely work with a middleman who can offer a ready made API. Probably a lot if regulatory pain too.
    Dec 22, 2018 1
    • Google / Eng itsxyzzy
      Some retail brokers e.g. Interactive Brokers will give you very low fx rates for even small volume. But yeah, you're going to need a good business relationship with some bank in any case just to accept clients' money
      Dec 23, 2018
  • Microsoft 你爸
    When a forex transaction api is called, take sender and receiver details, amount and create an object. Serialize this object and sign with your private key. Give a hash of this to the sender. The sender will give this hash to the receiving party. They will go to a local forex location. At receiving end they will look up this hash in their database of transactions. They will find the transaction and decrypt using public key of the bank and mark the transaction as completed by issuing payment.
    Dec 22, 2018 1
    • Microsoft 你爸
      I am glad you are at Oracle. Read carefully. Use the hash to find the transaction in database and decrypt using public key. It is a way to establish trust.
      Dec 22, 2018
  • Chase / Product T3CH13
    PayPal allows FX payments and does conversion.
    Dec 22, 2018 1
    • Zillow Group / Eng iplaypoint
      OP
      I am aware. that wasn't my question tho
      Dec 22, 2018
  • Amazon
    seaurchin

    Amazon

    PRE
    500 Startups
    seaurchinmore
    Dec 22, 2018 0

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