Introduction
A peer-to-peer (p2p) currency exchange is where a profile sells currency A to another profile in exchange for currency B.
For example, profile 1 sells 100 GBP to profile 2 in exchange for 115 EUR.
- Profile 1 GBP balance falls by 100 and profile 2 GBP balance increases by 100.
- Profile 2 EUR balance falls by 115 and profile 1 EUR balance increases by 115.
It is, in essence, two wallet-to-wallet payments – one in currency A and one in currency B. Customate does not go to the foreign exchange market to exchange currencies.
Profile 2 is called the counterparty. The counterparty payee_id must be in currency B.
The counterparty_amount will be calculated from the amount and exchange_rate.
How to execute a peer to peer currency exchange
Call the p2p_currency_exchange endpoint.
Provide the following mandatory parameters:
- amount
- currency to sell
- exchange rate
- Payee_id being the counterpart that is being exchanged with
execution date, description and metadata are optional.
Example JSON create P2P Currency Exchange (request):
{
"amount": 10000,
"currency_to_sell": "GBP",
"exchange_rate": 1.1890121,
"payee_id": "cfcd44ad-12d5-4362-a669-2da49b9c6c52",
"execution_date": "2022-08-31",
"description": "Exchange 100 GBP for Euros",
"metadata": {
"sample_internal_id": "d2f148cf-901c-4fee-8792-21016da755a0"
}
}
Example JSON Create P2P Currency Exchange (response):
{
"id": "fa070d93-8cf3-4b2e-b7fc-c12454ea8087",
"creation_datetime": "2022-09-22T10:23:24.921034Z",
"status": "pending",
"type": "p2p",
"funding_source_id": "a9c7dfad-365f-43cc-805e-acd7ac9d939c",
"amount": 10000,
"currency_to_sell": "GBP",
"exchange_rate": 1.1890121,
"currency_to_buy": "EUR",
"counterparty_amount": 118901,
"payee_id": "f34708b4-2859-48d5-afb4-71842fb5791c",
"execution_date": "2022-09-22T10:23:24.921034Z",
"description": "Exchange 100 GBP for Euros",
"metadata": {
"sample_internal_id": "d2f148cf-901c-4fee-8792-21016da755a0"
}
}