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TransferWise launches New international money transfers Service

Published on 9 March 2017 in News - Pages by Raffick Marday

TransferWise launches New Service For international money transfers Through Facebook

TransferWise, a London-based money transfer Company, has launched a new service that people from selected countries to send and receive money to any country through Facebook Messenger. The company wants to be at par with other digital payments giants that have launched new services and products this year.

This peer-to-peer company announced early this week that their experts had developed a Messenger chatbot that will help users communicate with various businesses across the world. The company also said that this automated program will help users to carry out various tasks such as online purchases.

TransferWise's chatbot allows customers to send money to their friends and loved ones to and from the United Kingdom, United States, Australia, Canada and other countries in Europe through Facebook Messenger. Customers can also use this automated program to set up exchange rate alerts.

Currently, Facebook allows its users in the United States to send money domestically through its Messenger app but this service is not available to other users.

TransferWise management revealed that their new service will be one of its kinds and will be the first to facilitate international money transfers entirely within the Facebook Messenger.

Facebook opened up its Messenger application to programmers to develop their chatbots in April last year. Their aim is to expand its reach in enterprise transactions and also customer service.

Since last year, chatbots have become the latest trend in enterprise technology. This is due to the continuous advances in artificial intelligence which has made chatbots better when it comes to interaction. Various businesses such as banks and retail stores are hoping that this computer program can be used to reduce the cost of conducting business and also improve their customer service operations.

TransferWise is one of the Europe's most popular Fintech companies launched in 2011 by two Estonian experts Kristo Käärmann and Taavet Hinrikus. These two are friends, out of frustrations, wanted to reduce the high fees charged by banks and money transfer companies when transferring money across borders.

Currently, this London-based money transfer company is valued at around 1 billion US dollars. It is supported by many successful investors including PayPal co-founders Peter Thiel and Max Levchin, Virgin Group’s Sir Richard Branson and Andreessen Horowitz LLC founder Andreessen Horowitz.

Customers in more than 50 countries across the world send more than 1 billion US dollars through its website every month.

“While our chatbot is now only available in Messenger, this computer program can be adapted to work with other well-known chat services. Our new service currently works in selected countries and would be eventually extended to work in other countries and routes that we operate in,” said the head of global partnerships for TransferWise Scott Miller.

This launch comes as competition in the international money transfer and digital payment sectors intensify.

PayPal Holdings Inc announced early this month that its United States payments application Venmo would be available to Slack users.

Ant Financial Services, an affiliate of Alibaba Group Holding Ltd announced in January that it would acquire MoneyGram for millions of money.

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