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[Project] TransferWise Automated Payout #2836
TransferWise has a straight-forward API implementation that allows Business Accounts to quote, create and fund transfer to anyone in the supported countries. For Europe, it already uses SEPA for supported countries.
They use quotes because their fee varies a bit, depending on the country of source and destiny. Quotes also contain the exchange rate, if you're transferring to another currency. Quotes can be created with the outgoing amount or the received amount target, which makes it easier to guarantee the expense is being paid in full to the user (or to put the charge on the user side).
The API also includes endpoints for listing required fields for each destination country (used to generate forms for the user submitting expenses) and another endpoint for validating those accounts.
The transfer process is async, which means the transfer is not confirmed when we request the API. Although we receive an ETA for completing the transfer, we should have a worker on our side updating the status of our transfers.
This opens up for implementing features that should be interesting for the platform and hosts like further automation of payout (fully automatic/recurring payout) and/or collecting fees on the payout.
Overall the implementation of an MVP for hosts that already have a TransferWiser business account seems straightforward:
There are a few differences related to how we pay the expense using depending on the currencies involved.
Between the same currencies
Requires host to have a Borderless Account.
Cross currency with expense submitted in the host currency
Apparently any account can do this.
What metrics will be used to measure impact?
Seems like they also have webhooks that we may want to implement to react faster. But we should definitely have a worker, as a webhook can eventually fail.