Quote

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Technical Definition

A Quote defines the specific terms and conditions for a financial transaction, including exchange rates, applicable fees, and converted amounts. The Quote acts as a preliminary agreement that establishes the details of the transfer before the final order is executed.

In the context of API requests, the Quote is essential to calculate the exact cost of a transaction and ensure its integrity when moving to the execution phase.

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Using Quote in Requests

The process of creating a Quote sets the conditions for the transfer using parameters such as sourceCurrency, targetCountry, and targetCurrency, along with the payoutType. This allows determining the exchange rate and any fees applied to the transaction.

Example POST Request to Create a Quote

{
  "sourceCurrency": "USD",
  "targetCountry": "VE",
  "targetCurrency": "VES",
  "amount": 1000,
  "payoutType": "BANK_TRANSFER",
  "amountType": "SOURCE"
}

In this example, the details of the transfer are specified, including the source and target currencies, as well as the payoutType, which defines the method for dispersing funds.

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Using Quote When Creating an Order

Once the Quote has been generated, it is used as the basis for creating an order, ensuring that the transaction is executed according to the previously established conditions. The Quote ensures that fees, exchange rates, and transferred amounts remain constant during the order creation process.

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Example POST Request to Create an Order Using a Quote

{
  "pogQuotationId": 90,
  "externalId": "order-12345",
  "senderNames": "John",
  "senderLastNames": "Doe",
  "beneficiaryNames": "Jane",
  "beneficiaryLastNames": "Smith",
  "payoutType": "BANK_TRANSFER",
  "paymentInstructions": {
    "bankName": "Banco Nacional",
    "accountNumber": "123456789"
  }
}

In this example, the pogQuotationId field ensures that the order is directly linked to the previously generated Quote, using the agreed terms.

Technical Importance of Quote

› Basis for Order Execution:	The Quote provides a precise reference for creating an order, ensuring that the transaction conditions are maintained.
› Rate and Term Stability:	Once a Quote is created, the exchange rates and applied fees remain constant, ensuring no unexpected fluctuations during order creation.
› Cost Optimization:	It allows users to analyze conditions across multiple quotes before confirming a transaction, choosing the most cost-effective option.

Considerations

› Time Validity:	Quotes generally have a limited lifetime, meaning they must be used to create an order before they expire.
› Consistency with Orders:	It is crucial that the order is created using the same Quote to maintain consistency in the transaction conditions.

Important:

The Quote is a fundamental piece in the payout process, as it ensures transparency and accuracy of the transaction terms before it is executed.