TransferWise Announces Open API to Accelerate Platform Development

TransferWise, provider of borderless money transfer solutions, has announced the release of an open API. The company believes that exposing their API to more developers will accelerate the rate at which tools are developed that meet the needs of consumers.

TransferWise takes a unique approach to international money transfer, to put it simply, they just don't transfer the money. If a user in the United States wants to pay someone in France, TransferWise takes the US currency, but keeps it in the country of origin. In a separate transaction, they pay the user in France the equivalent sum with currency already in France (minus a fee). This works, in part, because TransferWise can carry the loss in France until someone inevitably initiates the inverse transaction, transferring money from France to the US, thus balancing the equation. Still confused, maybe this video will help:

The new TransferWise Open APITrack this API takes advantage of this process to provide developers with comparatively low-cost, fast, transparently priced money transfers. The company is offering developers extensive documentation and a sandbox environment for testing integrations.

Be sure to read the next Financial article: How APIs Have Opened Trading from Big Brokerages to Individual Traders