TransferWise API platform is integrated into the London-based mobile-only bank Starling

15 March 2017

London-based mobile-only challenger-bank Starling is entering into partnership with TransfrWise over the integration of its API for the provision of the international money transfer services to the base of its customers in 35 currencies of the globe. The ‘Marketplace’ model of Starling is scheduled for the launch later this month with the customers being able to access a host of various third party services including mortgages and loans from the modern fintech startups all in one application.

Under the terms of the deal with TransferWise, UK bank will be able to provide foreign exchange transfers to third party bank accounts at the exchange rates of Reuters, with the fee for the service remaining unknown yet.

This is the first of its kind agreement for TransferWise with the UK-based bank, while its previous deals included partnership with LVH Bank in Estonia and N26 in Germany. Spokesperson for TransferWise comments that the new deal is one more demonstration how the API of the company can be used to integrate TransferWise into any European bank and payment system for businesses.

Transferwise, one of the most promising online-only financial startups is rapidly becoming a leader in the sphere of international money transfers.  Established in 2011, this London-based company already transfers over £500 million per month. In the United States, more than $1 billion of user money has been moved through the platform in less than a year after its launch.

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