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The Musubi institution console is a web UI your treasury team logs into. It handles order creation, quote comparison, and settlement tracking. This page describes the day-to-day console workflow; for the protocol-level view of what happens end-to-end, see Settlement Flow.
For institutions wiring Musubi into a TMS or ERP (Kyriba, SAP, Oracle) or automating order initiation behind a custom workflow, see Programmatic Access.

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Who uses the console

Typical treasury team mapping:
Role in your orgWhat they do in the console
Initiator (treasury operations)Creates FX orders, enters amount + counterparty, selects accepted quote
Approver (treasury lead or reviewer)Reviews unusual orders before acceptance if your policy requires dual control
Observer (finance / accounting)Tracks settled volume, pulls statements, reconciles against the GL
Role-based access maps to your existing JWT claims; your IdP decides who can initiate vs. approve vs. read-only.

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Create an order

The order creation form captures the fields required to broadcast to market makers:
FieldSource
Counterparty institution + custodianYour counterparty directory — the console can search by name or Party ID
Target currency + amountYour payment instruction (receiver-fixed: you specify what the receiver gets)
Source currencyYour holdings with your custodian
Cost guard (source_amount_max)Your FX risk policy — the maximum source amount you’re willing to pay
KYC/AML referenceFrom your compliance system — UUID on your existing KYC record
MemoFree-form payment description (remittance info)
On submit, the order lands in PENDING status and an anonymized RFQ goes out to market makers. Market makers see the currency pair and amounts but not your identity.

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Quote inbox

Market makers submit competing quotes over the next few seconds. The console shows them side-by-side:
  • FX rate, source amount, target amount
  • Validity window (each quote has its own expiry, typically 30 seconds)
  • Whether each quote satisfies the cost guard (green if within, red if over)
  • Comparison against mid-market rate for best-ex documentation
Your initiator (or approver, if dual control) picks the best quote.

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Accept a quote

Selecting a quote triggers acceptance. Your acceptance alone doesn’t move assets — your custodian’s co-signature is also required, which they provide from their custodian console. The institution console surfaces this: the order shows QUOTED — awaiting custodian co-sign until both signatures are in. Once co-signed, settlement proceeds automatically. The order transitions QUOTED → EXECUTING → SETTLED over roughly four seconds.

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Settlement tracking

The console shows order status in real time. Typical progression:
  • PENDING — awaiting quotes (up to expires_at)
  • QUOTED — quote accepted, awaiting final settlement
  • EXECUTING — atomic DvP in progress
  • SETTLED — complete, with transaction_hash and final amounts
Order detail view includes everything you need for the accounting handoff: executed rate, source amount actual, settlement hash, settled timestamp, counterparty identities.

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Dashboard

The home dashboard shows:
PanelWhat it tells you
Recent ordersLast N orders with status and key amounts
Settled volumeDaily / weekly / monthly settled volume by currency pair
Open ordersActive PENDING / QUOTED / EXECUTING orders needing attention
Best-ex trackerQuoted rates vs. mid-market rate across recent trades

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Cancelling or rejecting

If something changes after creation but before acceptance, the initiator can cancel a PENDING or QUOTED order from the order detail view. Once settlement is in progress (EXECUTING) or complete (SETTLED), the order is immutable.

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Next steps