How quotes work
This document explains how quotes work on Rio as well as the different configuration options available to users. Please note that this is relevant for quotes that have an expiration date (those that involve a local currency other than USD).
The lifecycle of a quote can vary from 5 seconds to 10 minutes. The default
value is 10 minutes, but this can be shortened upon request. The shorter a
quote is valid, the tighter the conversion rate.
What happens if you place an order and the quote expires? The resulting behavior depends on the account configuration.
Default configuration (a new quote is issued for the order)
By default, accounts are configured so that an order is re-quoted if its underlying quote expires. This process continues until Rio receives payment for the order, at which point the underlying quote is locked and no new quotes are issued for the order.
Instant booking configuration (quotes are locked as soon as the order is created)
When this configuration is activated for a user, quotes are locked as soon as the order is created. This means that no new quotes will be issued for the order, giving you the flexibility of having a locked conversion rate. The drawback of this option is that, unlike with the default configuration, placing an order means you commit to completing it.
Regardless of account configuration, if the size of the payment Rio receives for an order does not match the amount that was quoted, a new quote will be issued for the updated amount and current market price. The order will then be settled per usual.
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