Transferwise announces API development

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  • Fintech company Transferwise just told reporters that opening its API makes it possible for users to integrate the company’s software with any platform
  • There are no extra costs for existing customers, according to Transferwise’s representatives
  • Transferwise is still reportedly growing amidst trade tensions in the United Kingdom

 

UK-based fintech Transferwise recently announced that opening its application programming interface can now make it easier for its software to be integrated in any platform.

Known for its cheap overseas transfer rates, the fintech has been hard at work expanding its client base. In an announcement, Transferwise executives said that the API is open for all, noting that it is not only aimed at businesses or banks. The company also added that integrating or using their API comes at no extra cost or subscription fee if the user is an existing customer.

Transferwise says that the open API integration can be utilised for various financial transactions. This includes domestic payouts as well as payments that require senders to transfer money internationally. The firm also added that it can be used for payments going directly to email recipients or to banks. It also has the capability to monitor payments, obtain statements to verify account balances and to automate transfers.

While the new development is described by analysts as “exciting”, the API has some limitations. One of these limitations is the inability of the program to display a “Pay by Transferwise” button when integrated into a website. In response to this observation, the fintech said that its team is working on improving the program.

Transferwise said that the release of the program was inspired by its customers. “As we’ve grown, the needs of our customers have grown, too. It will take us a long time to hire more people to build everything you need and deserve, and that’s why we’re opening our API and giving you, and your engineering team, the tools to do it on your own. An open API is necessary to fulfil our mission and help our customers scale along with us,” the company said in a press release.

Transferwise was founded eight years ago by two Estonians working in London. Based on the story that the two friends have recounted for the past few years, the brand was built out of their frustration with traditional money transfer methods. As foreign workers, they experienced spending too much on transaction charges for sending money home and the transaction also wasted some of their time. Today, the fintech they built is one of the most recognisable brands in the industry.

In fact, according to TechCrunch, Transferwise is “arguably the world’s leading peer-to-peer money transferring start up”. The fintech is still growing despite trade tensions in the UK. In an interview, Transferwise’s Kristo Kaarman said that “things are going very well”. Their finances are reportedly “going in the same direction, which is consistent with the mission of the company”. Transferwise’s mission is to grow its customer base and the volume of transactions it processes per day.

He recalled that in the early days of the company, they wanted to make their fees 10 times cheaper than bank to bank transfers. According to observers, the company owes its success to being transparent. Kaarman told reporters recently that they never hide anything in their spreads.

Find out more about money transfer fintechs here.

 


Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more

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