We launched two FX APIs in our Sandbox environment across the Nordics. Both APIs automate manual and cumbersome processes related to FX, but they have slightly different use cases.
What is FX List Rates API?
FX List Rates API enable you to integrate fixed FX rates (a guaranteed rate valid for e.g. 24h) and execution as part of the business with your underlying clients. The solution is ideal for e-commerce companies who want to offer price transparency and payments in customers’ home currency without hidden fees. The FX conversion would also happen when the goods are processed to the checkout. The results are increased traffic, sales and conversions, without increased FX exposure and manual work.
For the full documentation, please see here:
What does a normal request flow look like for FX List Rates API?
The FX List Rates API is basically a chain of REST calls that results into one or multiple trades based on an FX rate that is valid for a fixed period of time. The general flow looks as follows:
- Customer requests list rates for a given company id + currency pair combination using a GET request to the prices endpoint
- Customer stores the rate id and expiration timestamp (UTC) for each currency pair and company id combination in some way
- Customer then sends trades using a POST request to the orders endpoint, referencing a given rate id, receiving a confirmation / rejection for each trade. This can happen multiple times during the lifetime of a rate id
Why do I sometimes experience rejections in the live API for list rates for a valid rate?
By default, if a price has moved 3% in either direction (in Customer’s or Bank’s favour) since the time that the rate was generated, we will expire the current rates and generate a new set of rates for that currency pair. This is unlikely to happen except in extremely volatile market conditions.
Important Note: the rate is not generated at request time but at a pre-defined time as per Customer’s wishes.
What is FX Trading API?
FX Trading API allow you to execute FX spot, forward and swap trades automatically from your own systems and according to your own rules. Currency conversions are made in close to real time based on specified data or your chosen triggers. Invoices or payments from your ERP system, or in the channel where the deal is captured, can also be hedged automatically. The solution is therefore perfect for corporates that want to simplify payment flows and risk management.
I experience a rejection stating Client order id XYZ has been used in the last 24 hours, why is this?
Client Order Id must be unique per company id for each 24 hour period. In the cloud sandbox it could be another customer has tested the API using the same company ID. This can happen if you use the default company ID or perhaps a very common company name.
Why do I sometimes experience a long delay before my POST request to FX Trading API returns with a TradeReport?
For very large orders, or if we are unable to automatically price a request for some reason, a trade requires manual pricing by a physical trader. In such a case the trader has up to 90 seconds to react to a given order. So it could be that the trader is sourcing the best price for you, which can in some circumstances take a little bit longer than usual. If 90 seconds pass, the order times out and you will receive a rejection of the order.
How can I integrate to the live APIs?
To be able to make trades with your own money, you need to have an FX Trading agreement with Nordea.
What does it cost?
The price depends on the volume and the type of the transactions. Contact your Nordea contact person or Nordea customer service to ask more.
How can I start using the API if I am not Nordea customer?
You need to be Nordea customer and have an FX trading agreement with Nordea before you can start trading on the API. If you want to do that, contact your Nordea contact person or Nordea customer service.