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?
PayPal allows FX payments and does conversion.
I am aware. that wasn't my question tho
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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.
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
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.
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.
Write a white paper, launch an ICO, forget about actually implementing the thing.
nah lol