Fintech, Finance, Technology, Banking Highlights – 21 November 2018

Transferwise debuts Open API

7 years ago, we set out to make the world of finance more fair. Our mission has always been simple: money without borders for everyone, everywhere – instant, convenient, and eventually free.

We’re happy to announce that we just got one step closer to achieving our mission. We have now opened our API so that everyone can integrate TransferWise into their workflow.

This means you can now get access to the same platform that powered our own business. So you can make the same transparently priced, fast, low-cost transfers directly from your own website or app. Or build whatever you need to better manage your finances.

You don’t need to be a business or a bank to use the API, and there are no extra charges or premium subscriptions. And it only takes a few minutes to get your tokens!
What you can do with the API

The possibilities are endless. Use our API to:

  • Power your cross-border and domestic payouts with a single API integration
  • Pay out directly to bank accounts or email recipients automatically
  • Monitor payments received to your TransferWise local bank details (AUD, EUR, GBP, USD)
  • Get statements for balance reconciliation and accounting purposes
  • Fully automate transfer creation and track statuses
  • Always get the mid-market exchange rate and our low cost transparent fees

CYBG joins forces with Salary Finance

CYBG and Salary Finance are pleased to announce that they have agreed the terms of a new joint venture to add an innovative channel to CYBG’s existing personal lending business.

CYBG will fund Salary Finance’s rapidly growing salary-deducted loans product line, which on average saves customers over £6001 in interest and enables them to pay off debts six to twelve months sooner. The lower rates can be offered due to the efficiency and security provided by the repayments being collected directly through payroll. CYBG has agreed to lend, subject to certain conditions, up to £400 million of personal loans through this new salary finance channel.

Salary Finance is an innovative platform that connects to the payroll of participating employers to provide financial wellbeing benefits for employees, including salary-deducted savings, loans and pay advances, as well as financial education.

Employee financial wellbeing is fast becoming a priority for employers, with a growing body of evidence showing the impact financial stress can have on employee productivity, retention and mental health. This is an important focus at CYBG, which has taken steps to improve access to financial education for customers, launching its B-Tox campaign to encourage people to take control of their finances and be more financially fit. Customers are given guidance on how to better understand their finances, stay in control of their budget, as well as tips on how to manage money to provide greater financial confidence.

Salary Finance has an existing banking relationship with CYBG as an SME customer with a revolving credit facility funding line. CYBG has significantly invested in its digital platform, iB, as part of a £350 million investment programme, ensuring open API capabilities for FinTech collaboration. The new joint venture demonstrates CYBG’s focus on both supporting and partnering with FinTechs and also enables CYBG to provide customers with new products and services in a rapidly evolving financial services market.

Crypto-asset trading platform Xena Exchange raises $3m

Xena Exchange, a professional-level crypto-asset trading platform, announced it has completed a $3 million Series A round of financing led by Klever Internet Investments.

The newly raised funds will bolster the company’s focus on team expansion, marketing efforts, and accelerate product development.

The Xena Exchange team is made up of a group of industry professionals with experience from top-notch investment banks such as J.P. Morgan, Deutsche Bank, UBS, and more. In 2017, the company has received its initial funding from angel investors to launch its operations, and has since built a cryptocurrency trading platform with better tools for trading.

In regards to the investment, Xena Exchange CEO, Anton Kravchenko said, “Cryptocurrency trading platforms currently existing on the market are not built with knowledge of financial markets and tools. These platforms remain far from traditional stock exchanges in terms of the functionality demanded by professional market participants. Active traders require smarter tools for profit extraction, lower commissions, a variety of order types and segregated funds. Our team knows what professional traders need, how they think, what works best in trading, and how to effectively launch these tools and services. Xena Exchange’s platform offers unique features for professional traders, including Positions and P&L calculation, high rebates for market makers, low latency trading, and trend analytics. These tools are set to be bolstered by a professional desktop trading terminal and synthetic instruments by the end of the year. We are proud to be recognized as a reliable partner able to meet the high standards set by investors like Klever Internet Investments“.