GeoSwift Domestic FX Conversion and Disbursement Service in China#
Product Overview#
GeoSwift's Domestic FX Conversion and Disbursement Service API is a one-stop solution for institutional clients to facilitate the entry of cross-border funds into China, convert them into RMB, and distribute them domestically. Through standardized API interfaces, institutions can automate the entire process from declarant management, fund deposit, currency exchange, transaction order filing, to domestic disbursement instructions. This service meets the needs of cross-border trade, e-commerce, and other scenarios requiring compliant fund entry and rapid distribution.
Core Features and Workflow#
1. Declarant Management#
Pre-Account Opening (Optional): Institutions can pre-open accounts for inbound declarants (individuals or businesses). GeoSwift assigns a unique identifier declarantId (also known as platformUserId) to facilitate subsequent transaction association.
Real-Time Association: For individuals who have not been pre-opened, they can be associated directly using "Name + ID Number" during order filing or disbursement instruction issuance, simplifying the process.
Corporate Filing: Corporate declarants must complete additional filing steps to meet regulatory requirements.
2. Fund Deposit#
Remittance Credit: Institutions remit RMB or foreign currencies to GeoSwift’s designated bank account. GeoSwift updates the institution’s account balance based on bank confirmation and sends notifications via API regarding the credit and balance changes.
Currency Exchange (Optional): If the institution deposits foreign currency, it can request GeoSwift to convert it into RMB before crediting the account.
3. Transaction Order Detail Filing#
Restoration Declaration Preparation: Institutions must submit detailed transaction orders required for restoration declaration, including original order information, currency amounts, MCC codes, and associated declarants.
Flexible Association: Opened declarants are linked via declarantId; unopened individuals are linked using "Name + ID Number".
Risk Control Check: GeoSwift performs format validation and anti-money laundering screening on order details. Once passed, the details are stored and the filing results are returned. The filed order amounts serve as the basis for subsequent disbursement verification.
4. Domestic Disbursement Instructions#
Initiate Disbursement: Institutions submit disbursement instructions containing the disbursement amount, recipient bank card information, and associated declarants.
Sufficient Funds Verification: GeoSwift verifies whether the total amount of filed orders under the declarant is sufficient to cover the disbursement amount, ensuring transaction authenticity.
Risk Control Review: After passing format, risk control, and anti-money laundering checks, the disbursement instruction enters the processing flow.
7×24 Hour Near Real-Time Disbursement: GeoSwift supports round-the-clock disbursement services, providing real-time feedback on processing results. If failures occur due to insufficient order amounts, institutions can modify instructions or supplement filings before retrying.
API Interface List#
| Interface Category | Main Functions |
|---|
| Declarant Management (Optional) | Individual/Corporate Account Opening, Corporate Filing, Account Opening Result Query |
| Fund Management (Optional) | Balance Inquiry, Deposit Notification, Balance Change Notification, Currency Exchange |
| Order Filing (Mandatory) | Upload Order Details, Query Detailed Quota |
| Disbursement Instruction (Mandatory) | Create Payment, Query Disbursement Results, Disbursement Status Change Notification |
Compliance and Security Assurance#
Anti-Money Laundering Risk Control: All account openings, order filings, and disbursement instructions undergo anti-money laundering screening.
Order Sufficient Funds Verification: Ensures that the disbursement amount matches the filed order amounts, complying with foreign exchange restoration declaration requirements.
Data Encryption and Signature: API requests use HTTPS transmission and support digital signature verification to ensure data integrity and non-repudiation.
Product Advantages#
End-to-End Automation: From account opening to disbursement, all processes are driven by APIs, reducing manual intervention.
Flexible Association Mechanism: Supports both pre-opening and real-time association, adapting to various business scenarios.
7×24 Hour Service: Near real-time disbursement meets the high timeliness demands of e-commerce and other businesses.
Compliance Assurance: Built-in data validation for restoration declarations reduces compliance risks for institutions.
Through GeoSwift’s Domestic FX Conversion and Disbursement Service in China, institutions can efficiently achieve rapid distribution of cross-border funds upon entry into China while ensuring full compliance with regulatory requirements.Modified at 2026-03-10 09:52:49
