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TransferWise revamps business account

TransferWise revamps business account

TransferWise has revamped its overseas business account to include a debit card, integration with accounting platform Xero and an API for the development of third party payment automation applications.

Launched in 2016, TransferWise for Business has so far signed 150,000 users.

The new features are intended to provide a more rounded account than the basic fee-free money-sweeping advantages offered to SMEs and sole traders in the early iteration.

Chief among the changes is the introduction of a new Mastercard debit card, which can be used to pay expenses, set up subscriptions, and spend abroad in multiple currencies.

The integration with Xero will enable users to synch, manage and track their finances through the popular accounting package, while the opening of a developer channel will create new opportunities for businesses to create new applications to mange their finances.

For Xero, the TransferWise deal is one of five integration packages announced today, with the opening of a swathe of data sharing feeds across the UK's fintech scene, including Tide, Starling Bank, Revolut and Soldo.

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