Transferwise announces easier access to platform with open API

International money transfer company Transferwise has announced that it is making it easier for anyone to integrate its software with any platform, by opening up its application programming interface (API).

The U.K.-based company touts itself as a way to make money borderless “for everyone, everywhere, instant, convenient and eventually free,” states in a press release that this announcement means easier access to the platform that powers its own business.

Companies can now “make the same transparently prices, fast, low-cost transfers directly from your own website or app, or build whatever you need to better manage your finances,” Transferwise states in the release.

It stated that the API is open to everyone, not just businesses and banks and there are no extra costs or premium subscription needed for its existing customers.

Transferwire claims that the open API integration could be used for:

  • Powering cross-border and domestic payouts;
  • Pay outs directly to banks or email recipients;
  • Monitor payments received to Transferwire local bank details;
  • Get statements for balance reconciliation and accounting purposes and;
  • Fully automate transfer creation and statuses

There will be some limitations to the API, like a Transferwire customer not being able to add a “Pay by Transferwise” button to its website. However, it said that is has a team working to eliminate those limitations.

The company stated in the release that it is opening the API now because “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 fulfill our mission and help our customers scale along with us.”

To use the open API, Transferwire says its an easy process that includes getting a sandbox account, creating and managing API tokens from the settings page and then signing in to the user’s real Transferwise account to get the live API token.

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Meagan Simpson
Meagan Simpson
Meagan Simpson is a staff writer for IT World Canada. A graduate of Carleton University’s journalism program, she loves sports, travelling, reading and photography, and when not covering tech news she can be found cuddled up on the couch with her cat and a good book.

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