- FXcompared just launched a new product and it is already being used by clients such as MoneySupermarket, Thisismoney and the UN’s Migration Agency
- Revenue growth in the international payments industry is at 9%
- The new product will help clients with their pricing strategies as well as aid them in identifying new opportunities
International payments comparison and data company FXcompared released another new API product this week. According to insiders, the new product can help international payments brands with their pricing strategies. The launch of FXcompared’s Comparison API is timely since fintechs, banks, and money transfer companies are all fighting for a larger share of the payments market.
The international payments sector is making huge money month after month – It is noted that by 2020, the global growth for payments revenue will be worth around $1 trillion at a growth rate of 9%.
Due to fierce competition, challenger banks and traditional institutions need a service that will give them a better insight into the market as a whole, as well as give them information on the pricing strategies of their direct competitors. The API’s entry into the market will make a huge difference in the industry, reports note. It is especially useful for companies that want to focus on providing better prices to their customers as well as those who are currently working on expansion efforts.
When asked about other benefits of using the product, FXcompared representatives told reporters that users can “power their own money transfer comparison products and calculate the savings of their own product against any other competitor”. The brand notes, that this service covers a full range of currencies and countries. New banks and payment companies are added into the database on a regular basis, making it more valuable for would-be clients. FXcompared has the capability to drive new revenue streams for its clients, insiders say. It can help them find new partners, customers, and markets. However, the most valuable service that the company provides is helping clients understand how they can translate new opportunities into higher revenue.
The data company specialises in trade data as well as international payments data. According to FXcompared, the company has a “unique focus on creating and developing the highest grade datasets and best comparisons in the market”. Executives note that this makes it possible for clients to access “deep, predictive analysis for the companies who operate or serve the FX, international trade, and international payments sectors”.
The group via its sister company FXC Intelligence tracks banks and payments companies across the globe and analyses all major drivers in key markets.
Although the API is new, it is already being used by recognisable brands such as MoneySupermarket, Dailymail online/Thisismoney and the UN Migration Agency.
FXcompared Comparison API includes pricing from a wide range of payment companies globally from TransferWise to Moneycorp and WorldFirst. The API also gives clients current comparison on consumer and business money transfers, FXcompared executives say.
