Marketplace platforms connect merchants with large numbers of consumers. They periodically will need to pay Merchants the proceeds of their sales on the platform and these payments can sometimes occur cross-border.
By coupling the transfer capabilities of the Airwallex API with the best possible pricing from MarketFX allows the Platform to payout foreign currency proceeds quickly and at the best possible rate.
- A Merchant based in France has been selling on a Marketplace platform based in the United States.
- The Marketplace platform has been accumulating sales proceeds in USD on behalf of the Merchant until the next scheduled monthly payment.
- The Marketplace platform aggregates the USD amount payable to the Merchant and prepares it’s run of payouts to all Merchants, including those with an account in a currency other than USD.
- The Marketplace system sends transfer requests to the Airwallex API with a source currency of USD and a transfer currency of EUR.
- The Airwallex API sends a response to the Marketplace system with the MarketFX rate and the amount of EUR to be transferred to the Merchant.