moneycorp has announced that it has opened its Application Programming Interfaces (APIs) for new and existing customers. By opening up previously proprietary payments services, businesses will now be able to integrate directly with the platform to facilitate electronic account, balance, and beneficiary and payment management.
The API will allow users to:
• Manage multiple tiered accounts
• Manage balances in a multi currency wallet for each account
• Make payments out via multiple banking rails internationally
• Make instant internal transfers across the moneycorp network
• Discover the mandatory detailed requirements for each payment country
• View transaction activity for accounting and reconciliation purposes
Businesses that sign up to the API will be provided with a sandbox for testing in a safe and isolated environment.
Phase 2 of the program will begin shortly and include the integration of moneycorp’s multi bank dealing service, allowing customers to convert currency quickly and achieve great rates fromits18 partner banks.
Mark Horgan, CEO of moneycorp said “We are excited about opening our exceptional payments solutions technology to our clients. Allowing direct integration to our services will unleash innovation within the industry, and greatly extend our global reach.”
moneycorp has already signed up a number of existing customers, including Ireland's largest invoice trading platform, InvoiceFair.
Helen Cahill, CEO of InvoiceFair said “moneycorp has been helping us scale up our operations for a number of years, so integrating with their API was the natural next step. Working with moneycorp’s development team from the outset has been a great opportunity for us to provide practical feedback on what businesses want from the platform. As well as ensuring our customers receive funds quickly and more efficiently, the platform will be instrumental in helping us to continue scaling the business.”
InvoiceFair is a fintech providing real choice and alternatives for ambitious SMEs seeking funding. It enables SME's to release working capital within 24 hours. InvoiceFair have traded receivables worth €340 million since 2015.
moneycorp’s proprietary payments platform has a built in execution engine which has 18 partner banks competing in real time for every trade, trading up to 33 currencies online. Headquartered in London, the international company offers foreign exchange and global payment services to individual and corporate customers. In 2018 moneycorp traded £35.5bn worth of currencies and handling millions of transactions.