Currency Cloud, international payments platform, has announced the next generation of its payments API: Payment Engine Two. The new API increases payment speeds, volume capabilities, and customer flexibility to customize payment flows. Currency Cloud developed the API to meet the on-demand economy's specific requirements that include global ecommerce with payments embedded within third party services.
"There is a significant shift underway in the relationship between merchants and payment service providers, with the sellers beginning to acquire more power," Currency Cloud CEO, Mike Laven, commented in a press release. "With so many options available, financial institutions will need to partner with merchants and digital wallet providers early to avoid significant loss of revenue as customers move across to the new payment methods available to them."
The latest API supports the EU-wide Directive on Payment Services (PSD). PSD aims to create a EU-wide single market for payments to increase transparency, ease of use, and accountability. Payment Engine Two maintains a similar goal as the Directive. With its simple four-step process to move money anywhere across the globe, in the currency of choice, Currency Cloud's new API creates the potential for a single marketplace. Laven continued:
"Currency Cloud's ability to optimise the flow of money via local payments networks will flourish in this new era of open banking allowing customers to avoid the complex--and often opaque--fees associated with using the international SWIFT network."
The API is structured in a straightforward, easy to understand design. API calls are grouped together by feature sets (e.g. authenticate, accounts, balances, beneficiaries, contacts, and many more). To learn more, visit the API docs. Those looking to give the API a test run can demo the API calls, or sign up for an API key.