OFX, a foreign currency exchange company, last week announced that its OFX Developers program has exited beta and is now open to all developers.
OFX Developers offers a Payments API that gives developers 24/7 access to the global currency markets at rates the company says are typically up to 75% more competitive than those offered by banks. According to OFX, global brands such as MoneyGram and ING Bank have been using OFX's Payments API for cross-border money payments for years.
Now open to all, OFX's RESTful Payments API supports transfers to more than 190 countries in over 55 currencies and allows developers to "automate everything", including international invoices, payroll and mass supplier payments.
To help developers get started with the Payments API, OFX's developer portal offers a sandbox environment for testing, documentation and getting started guides, and allows developers to store transfer recipient data in a single repository so as to help minimize input errors.
According to Eldar Allahverdiyev, a senior product manager at OFX, OFX Developers "allows our integrated partners the ability to scale globally, streamline software build processes and save on foreign exchange rates." He added, "We launched in beta in November last year, and our early adopters are reporting seamless integrations. Now the platform is open for any developers to register and try our Payments API Product in the sandbox environment. We have an extensive roadmap to extend our fintech platform and offer more API Products to developers."