New Year Improvements and Standardisations

Overview

We've made some exciting updates to simplify trust account creation, resolve bugs, and refine payment and validation requirements. These changes aim to make your experience smoother, ensure data accuracy, and better support international payouts.

Version Impacted: V2.0
Date Effective: 15/01/25

Key Updates

Account Management

• Simplified Trust Account Creation:
  • We've removed the isActingAsTrustee and trust fields. Now, you can create trusts by setting up a corporate account with the account type trust.
• Bug Fixes:
  • Resolved an issue that blocked ratesheet creation without a trading account ID.
  • Fixed invalid values for corporateRegistrationType in /accounts/corporate. Correct values are now abn and acn.

Trades and Quotes

• Validation Updates:
  • buyAmount and sellAmount in /trades now must be greater than 0 (no more zeros or negatives allowed).
  • buyAmount and sellAmount in /quotes are also restricted to values greater than 0.
  • requestedTenor in /trades now accepts T+0, T+1, and T+2 instead of T0, T1, and T2.

International Payouts

• Field Requirement Adjustments:

  • We've refined requirements for phoneNumber, email, taxIdentifier, and corporateRegistrationNumber when making SWIFT payouts to certain countries.
  • Example: In Argentina, a phone number is now only required for ARS payouts, while it’s recommended (but not mandatory) for other currencies.
  • Check the updated table for full details.

  

  
  

• Bank Account Types: We've standardized values for account types:

India

• nro for Non-Resident Ordinary Account.
• nri for Non-Resident Indian.
• nre for Non-Resident Emigrant.
• resident remains unchanged.

Colombia

• cacc for checking
• svgs for savings
• oth for other

• Payment Reason Codes (Philippines): All codes are now 10 digits. For example, 910100005 is now 0919100005.
• New Zealand Payouts:
  • Local payouts now accept accountReference of 9-10 digits (was 10).
  • SWIFT payouts now accept accountReference of 15-16 digits (was 16).
• BRL Payments: We’ve added branchCode and bankCode to the Payment Address object. For BRL SWIFT payments, a 3-7 digit agency code is now required in the branchCode field.
• COP & HNL Payments We no longer require the accountType for these payments.
• IDR Payments
  • When paying IDR to an individual, we now require the countryOfResidence
  • When paying IDR to a corporate, we now require the corporateCountryofRegistration

Other stuff

• Fixed bugs with webhook functionality and corporate account creation.
• Improved performance for cold starts to reduce wait times.

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Got Questions?

Got questions or concerns about this change? Head over to our Discussion Board and leave us a note.