TransferWise unveils new Open Banking service

(Image credit: TransferWise/Freeagent)

TransferWise has partnered with accounting software specialist FreeAgent in a move that will deliver greater accuracy and convenience for small businesses. 

The companies have developed TransferWise for Business, which is based around Open Banking, allowing TransferWise business customers feed transactions directly into their FreeAgent account.

The service will be available to all FreeAgent’s 100,000 small business customers in the UK, allowing them to reconcile their accounts more efficiently. Aimed at everyone from freelancers to small and medium businesses, TransferWise for Business will also let users send and receive money in multiple currencies.

TransferWise for Business

This latest collaboration follows on from a similar TransferWise Open Banking partnership with QuickBooks in July. The company also launched Pay with Transferwise earlier in the year, where it developed a bill payment service with Xero.  FreeAgent users will be able to sync their TransferWise accounts and use the new service from today.

“This partnership continues our mission to bring a more convenient experience to our small businesses customers,” said Stuart Gregory, MD TransferWise for Business.  “As more businesses join TransferWise to receive money from international clients and platforms, and to pay overseas invoices, it’s important they can reconcile their accounting records in as few steps as possible to gain a real time view of their business finances.

"This partnership was highly requested by our customers and we’re delighted to provide them with an easy, convenient experience when reconciling their TransferWise accounts”

Ed Molyneux, CEO and co-founder of FreeAgent, said, “At FreeAgent, we’re committed to making it as easy and intuitive as possible for small business owners to manage their finances. We know that anyone trading across multiple currencies can find it frustrating to reconcile transactions and payments within their business accounts. That’s why we’re very pleased to be partnering with TransferWise.”

Rob Clymo

Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. Since he's been all-digital he has run the Innovation channel during a few years at Microsoft as well as turning out regular news, reviews, features and other content for the likes of TechRadar, TechRadar Pro, Tom's Guide, Fit&Well, Gizmodo, Shortlist, Automotive Interiors World, Automotive Testing Technology International, Future of Transportation and Electric & Hybrid Vehicle Technology International. In the rare moments he's not working he's usually out and about on one of numerous e-bikes in his collection.