Book traversal links for 6. FX Rates and Currency Conversion
6. FX Rates and Currency Conversion
No: 42068309 | Date(g): 5/5/2021 | Date(h): 24/9/1442 | Status: In-Force |
Versions (4 versions) |
Prior to the start of the "open for business" phase, confirmed exchange rates will be set in the central system and the RPGs. These rates will be used throughout that business day for the transformation of payment messages. The Sending Direct Participant must include the currency code and amount in the currency of the sending country as well as the exchange rate and the currency code and amount in the currency of the receiving country in the appropriate fields of payment messages. The exchange rate must be the correct confirmed exchange rate for the pair of currencies for that business day. The exchange rate and the converted amount will be validated by the RPG and AFAQ Service cc. Payment messages with an incorrect exchange rate and/or converted amount will be rejected.