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China Payouts - Business to Individual

Solution Overview:​

  1. Destination Market: China
  2. Destination Currency: CNY
  3. Payout Method: Card (UnionPay Cards)
  4. Payout Use Case: Business (Remitter Entity) to Individual (Beneficiary Entity)
  5. Payout Timelines
  • In 95% of cases the payouts shall be in real-time (during working hours) - Money Express Channel
  1. Funding Currency: USD (Only)
  2. Payout Capping:
  • $5000 USD per transaction

Transaction Flow:​

The payout mechanism to a given card is supported where the card type is Money Express. This is deduced by the Card BIN number mapping shared with us by the payment partner.

As per market standards, 95% of cards support Money Express, the flow of funds is shown here:

Amount Received by the Beneficiary​

Money Express: The initial CNY amount inferred by NIUM, as destination amount, is the one that is received by the Beneficiary

UnionPay Card Payout via Payment API V2​

  1. The client needs to send payment instruction with funding currency as USD. Hence the source account(field) is to be that of a USD currency
  2. The client can mention the disbursement amount in the following manner
  • USD amount in source amount (field) - NIUM will convert the USD funds to CNY
  • CNY amount + CNY as the destination currency/destination wallet – In case CNY is mentioned, then the system will check if the given UnionPay card can be processed via Money Express, if not, then the system will return an error
  1. Name Sequencing:
  • Chinese population mention their name in reverse order (Last Name + First Name)
  • Partner expects the name to be in the sequence of (First Name + Last Name)
  • Assuming that the end remitter will send the Beneficiary's name basis the cultural convention, NIUM reverts the incoming name and shares it with the partner.

UnionPay Card Payout via Payment API V1 (Deprecated)​

  1. The client needs to send payment instruction with funding currency as USD. Hence the equivalent currency (field) is to be defined as USD
  2. The client can mention the disbursement amount in the following manner:
  • USD amount in equivalent amount (field) - NIUM will convert the USD funds to CNY.
  • CNY amount + CNY as the destination currency – In case CNY is mentioned, then the system will check if the given UnionPay card can be processed via Money Express, if not, then the system will return an error
  1. Name Sequencing
  • Chinese population mention their name in reverse order (Last Name + First Name)
  • Partner expects the name to be in the sequence of (First Name + Last Name)
  • Assuming that the end remitter will send the Beneficiary's name basis the cultural convention, NIUM reverts the incoming name and shares it with the partner.