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TransferWise - from Product to Platform

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Slides from TransferWise presentation at the AWS Pop-up Loft London evening event Open Banking: Innovation for Customers.

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TransferWise - from Product to Platform

  1. 1. Product to Platform Transforming TransferWise
  2. 2. Tony Qin. Business Tech Lead tony.qin@transferwise.com
  3. 3. Chapter 1 Send money
  4. 4. Making money borderless. ● We started out solving a real problem for consumers around the world ● With TransferWise, we are providing fast, reliable and low cost global payments at the real exchange rate ● We’re bringing transparency to the market, with prices and speeds previously thought impossible
  5. 5. 1 million + customers across 60 countries
  6. 6. £ 1 billion + sent each month
  7. 7. “Money without borders: instant, convenient & nearly free”
  8. 8. Chapter 2 Receive money
  9. 9. Send.
  10. 10. Receive.
  11. 11. A Borderless account. ● 27+ local currencies ● Instant bank details ● Control conversion
  12. 12. “A couple of clicks & that was it. Choosing Borderless for business is a no brainer.”
  13. 13. Chapter 3 TransferWise platform
  14. 14. Delivering a great experience.
  15. 15. ● Fast, reliable payments Our global platform and local model offers consumers and businesses a more efficient, lower cost option ● Delivery estimates and real-time tracking Smart features that decrease operational costs while increasing satisfaction ● Pay to email Avoid sensitive bank details and local formatting requirements by letting your recipients enter their own details — no signup required Features that make the difference.
  16. 16. Our API. ● Easy to integrate A straightforward API, with clear documentation and direct technical support ● Secure A security-first approach with duplicate protection built in ● File upload with zero dev effort An option to get started with batch payments — a simple CSV file upload and zero dev effort
  17. 17. Use case: Payouts. ● Many large business need to do hundreds or thousands of payments ● Let them provide the TransferWise payout experience for their freelancers, employees, customers, investors or suppliers ● Lowers costs and streamline their operations
  18. 18. Payout customer stories. Cashback CrowdfundingRefunds Treasury
  19. 19. Use case: Bank integration. ● Allows banks to integrate with our platform ● Provide their users direct access to the TransferWise experience ● Opens a simple international payment product to challenger banks (not SWIFT!)
  20. 20. PSD2 + Open Banking ● Transparency is what we’re about. Stop hidden fees campaign. ● Lobbying government isn’t easy, EU regulations could take long time to implement. Competing standards, so APIs need time to mature ● UK “standard” - Open Banking APIs for most high street banks. Only on their core products: current account, interest and mortgages. Nothing on FX. ● Price comparison on our site https://transferwise.com/gb/compare/ even when we’re not the cheapest offering
  21. 21. Scaling TransferWise as a platform ● We need to keep our customer data safe and within the EU ● Businesses and banks can lead to regulatory, compliance and risk challenges ● Reliability and security are seen as fundamental prerequisites ● Scale and performance are key, as we’re re-platforming from monolith to microservices ● AWS gives us the power to scale - Kubernetes, Docker as options Notification Service - built on SQS, SNS and DynamoDB ● Geolocation and global distribution for a company without borders
  22. 22. We’re hiring. https://transferwise.com/jobs
  23. 23. Appendix
  24. 24. Creating a transfer. 1. Get a quote POST /v1/quotes 2. Create a recipient POST /v1/accounts 3. Make transfer POST /v1/transfers 4. Fund with balance POST /v1/transfers/{id}/payments
  25. 25. Creating a transfer. 1. Get a quote POST /v1/quotes 2. Create a recipient POST /v1/accounts 3. Make transfer POST /v1/transfers 4. Fund with balance POST /v1/transfers/{id}/payments
  26. 26. Creating a transfer. 1. Get a quote POST /v1/quotes 2. Create a recipient POST /v1/accounts 3. Make transfer POST /v1/transfers 4. Fund with balance POST /v1/transfers/{id}/payments
  27. 27. Creating a transfer. 1. Get a quote POST /v1/quotes 2. Create a recipient POST /v1/accounts 3. Make transfer POST /v1/transfers 4. Fund with balance POST /v1/transfers/{id}/payments

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