The announcement of this completely self-serve platform demonstrates OFX’s commitment to continuous advancement in the tech, product and payments space. Partners such as banks, marketplaces and small businesses can now automate international payments (including invoices and payroll) and participate more freely in the interconnected global economy, with access to OFX’s great exchange rates, typically up to 75% more competitive than the banks’.*

Skander Malcolm, CEO and Managing Director at OFX, said:

“As the world moves to a place where automation, scale and efficiency are a basic need, the OFX team are striving to build products which foster partnerships with our corporate clients and developers, to help shape long-term digital payment innovation.”

The portal also offers developers personalised dashboards to create and manage applications with plug and play RESTful APIs, clear documentation, high industry standard Service-Level Agreements (SLAs) and an analytics dashboard to monitor API traffic and performance. Partners can connect to the portal within seconds, with no need for approvals and access to a 24/7 support team.

Eldar Allahverdiyev, Senior Product Manager at OFX commented:

“The platform ultimately allows our integrated partners the ability to scale globally, streamline software build processes and save on foreign exchange rates. 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.”

Developers at supply chain finance solutions company Octet have seen immediate process efficiencies, as Octet chief operating officer Michael Rom revealed:

“Our team were confident that the OFX Payments API was simple and easy to work with and superior to the alternatives on the market. Once the decision was made, we were fully integrated within a couple of working days. We saw our processing costs drop significantly over six months.”