Brazilian international remittance fintech Remessa Online launched a new API to facilitate money transfer services for companies. Called FXaaS (Foreign Exchange as a Service), the product connects companies with the infrastructure developed by fintech, enabling remittances for more than 100 countries.
Through Remessa Online’s API partners can use the fintech infrastructure, experience, and security for international transactions. The new product comes a month after the acquisition of Remessa Online by the fintech that processes payments for global companies in Latin America, EBANX — which also owns LABS.
In this way, fintech enters the processing market, by selling its technological infrastructure as a service.
“FXaaS is our gateway to a new commercialization model — the processing model, which means that, in addition to offering the product via platforms, we also started offering it via API. With this, we will be able to further accelerate our growth by allowing more companies and people to do business globally”, highlights Remessa Online’s director of strategy, Alexandre Liuzzi.
The FXaaS solution can be incorporated into the website or smartphone application already used by clients as a new feature. In addition, the fintech’s customers can also customize the interface, without affecting the experience of the products.
“With the integration made possible by the API, partners can now offer Remessa Online international transfers within their platform, without having to worry about bureaucracy or the development of all the in-house technology. They also increase the offer of services and quickly have a new line of revenue”, explains Liuzzi.
The API is aimed at business models that have customers with global needs, as well as digital banks, investment brokers, digital portfolios, other fintechs, e-commerces, and foreign trade companies.
In July last year, Remessa Online announced a partnership with Nubank, in which the digital bank made the international transfer process available to 40 million customers in Brazil, in a similar way. Since then, account holders have started to make international transfers through the bank’s application.