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Documentation Index

Fetch the complete documentation index at: https://developers-sandbox.uqpaytech.com/llms.txt

Use this file to discover all available pages before exploring further.

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What changes are we making to currency conversions?

Previously, 22 currencies required one business day (T+1) before funds became available for payments or balance holding. Now, all currency conversions that are booked before the cut-off deadline and funded in time convert on the same day.

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Which currencies now convert quicker?

The following 22 currencies previously required T+1 processing and now offer same-day (T+0) conversion: Australian Dollar (AUD), Bahraini Dinar (BHD), Bulgarian Lev (BGN), Chinese Yen (CNH), Hong Kong Dollar (HKD), Indian Rupee (INR), Indonesian Rupiah (IDR), Israeli New Shekel (ILS), Japanese Yen (JPY), Kenyan Shilling (KES), Kuwait Dinar (KWD), Malaysian Ringgit (MYR), New Zealand Dollar (NZD), Omani Rial (OMR), Philippine Peso (PHP), Qatari Riyal (QAR), Saudi Riyal (SAR), Singapore Dollar (SGD), Thai Baht (THB), Ugandan Shilling (UGX), United Arab Dirham (AED). All other supported currencies already featured same-day conversion capability.

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How can I convert these currencies on the same day?

When initiating conversions, the earliest available date displays as “Today” if booked before the cut-off time. Weekend, holiday, or post-cut-off bookings show conversion dates as the next business day.

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Is there a difference between the settlement date and conversion date?

Going forward both the settlement and conversion date will be the same. The settlement date also displays the cut-off deadline for sending funds to achieve same-day conversion.

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Will my transactions look any different?

You will observe two separate transaction entries:
  • Debit transaction for the sold currency on the conversion date
  • Credit transaction for the purchased currency on the conversion date

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How does this impact payments to beneficiaries?

When payments follow conversions, the acceleration shortens beneficiary delivery by one day. Payments that are linked to conversions can be made on or after the conversion date since converted funds are now available immediately (subject to cut-off and funding receipt requirements).

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Does this mean the beneficiary will receive their funds on the same day?

Not necessarily. Beneficiaries will receive funds according to the standard payment processing timelines.

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What will happen to existing conversions (forwards) that are yet to settle?

Existing forwards convert one day earlier, aligning with the settlement date. The bought currency will be credited on the same day as the sold currency is debited, provided sufficient funds exist.

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Will the payment dates linked to existing forwards be updated?

No. Payment dates for existing payments will not be updated. While converted funds credit accounts sooner, linked payments maintain their original scheduled dates unless manually modified.