TransferMate, a B2B payment provider, has introduced itsTransferMate Payment APITrack this API. The API allows users to integrate TransferMate's globally regulated payment technology with third-party apps and systems (e.g. ERP systems, accounting platforms, etc.). The API can facilitate thousands of payments concurrently, greatly reducing administrative workload, payment time, and account reconciliation.
"By implementing the TransferMate API, our partners provide a seamless payment experience to their customers, get an incremental revenue stream themselves, and TransferMate does the heavy lifting as the regulated entity," TransferMate Chief Product Officer, Gary Conroy, commented in a blog post announcement. "TransferMate transforms traditional cross-border payments by utilizing their own global network of local bank accounts and worldwide license footprint."
As Conroy indicated, TransferMate uses a local strategy to maintain compliance with the ever-changing world of electronic payment regulation. TransferMate can use its local banking licenses in the country where payment is made to ensure that regulations are followed. It is very difficult for individual businesses to keep up with this without a banking footprint similar to the one that TransferMate has set up. Whether such payments are made as invoices, payroll, intercompany transfers, or otherwise; TransferMate handles the regulatory requirements.
The TransferMate API allows users to obtain and book payments with a real-time exchange rate, authorize or cancel payments, add payer and payee beneficiary accounts, and retrieve updated payment status. The API is RESTful and uses OAuth2 authentication. Payment transaction services include getting an exchange rate, locking in an exchange rate, authorizing one or more payments, retrieving transaction summaries, getting spot rates, and more.
Check out the API docs to learn more. Sandbox environments are available to developers wanting to test out the API. Users gain a dedicated account manager to help assist with testing and integration. TransferMate announced the API release this week at the Money2020 conference in Amsterdam.