Enabling Seamless Multi-Currency Transactions

In 2011, Wise started with just 2 employees.   Today, it’s a 1000+ employee company across 9 cities and 4 continents.  How did they scale their technical infrastructure to support this massive growth? Let’s dive into the technical strategies that powered their journey.  1️⃣ Autonomous, Agile Teams for Scalable Development      - Independent teams focused on specific domains (e.g., payments, user accounts).   - Teams owned the lifecycle of their services: design, development, testing, and operations.  ► Impact:   - Enabled parallel development and reduced bottlenecks.   - Faster iterations through decentralized decision-making.   - Specialized teams delivered depth and innovation.  2️⃣ Building Microservices for Modular Scalability      - Adopted microservices to decouple functionalities like currency exchange and payment processing.   - Leveraged RESTful APIs and asynchronous communication.  ► Impact:   - Independent deployment and scaling of services.   - Fault isolation ensured one service’s failure didn’t disrupt the system.   - Simplified adding new features without core system disruption.  3️⃣ Leveraging Data-Driven Insights for Optimization    - Built data pipelines to analyze real-time customer transactions and behavior.   - Used tools like Apache Kafka for event streaming and ElasticSearch for log analysis.  ► Impact:   - Optimized currency routing and reduced transfer times.   - Enhanced fraud detection using predictive analytics.   - Continuous feedback loops improved user experience.  4️⃣ Prioritizing Global Infrastructure for Real-Time Operations    - Deployed globally distributed servers and data centers for low latency.   - Tailored infrastructure for handling multiple currencies and jurisdictions.  ► Impact:   - Real-time money transfers across 750+ currency routes.   - Reduced downtime with redundancy and failover systems.   - Complied with local financial regulations globally.  5️⃣ Scaling the Payments System for Volume and Reliability    - Built a resilient system to handle millions of transactions daily.   - Introduced retries, idempotency keys, and eventual consistency.  ► Impact:   - Seamlessly handled growing transaction volumes.   - Ensured data integrity and prevented transaction failures.   - Delivered a high-availability service customers could trust.  6️⃣ Borderless Account: User-Centric Engineering    - Developed a multi-currency account platform for holding, converting, and transferring 28 currencies.   - Integrated local bank systems for seamless transactions.  ► Impact:   - Minimized conversion fees using real-time rates.   - Enabled global payments with virtual account numbers.   - Simplified currency management for individuals and businesses.  7️⃣ Culture of Experimentation and Ownership - Empowered engineers with end-to-end service ownership.   - Encouraged experimentation and innovative ideas.    - Built custom tools like internal monitoring systems and deployment pipelines.

The Ultimate Currency Swap Guide (No Hidden Fees, No Surprises) If you're running an international business or managing remote teams, converting currency should be seamless, not costly or complicated. Here’s how to move your money across borders with zero confusion using Wise (now Wise): 1. Create a Multi-Currency Account Open a Wise account (free to set up) and access their multi-currency wallet. This lets you hold and convert cash in multiple currencies including GBP, USD, AUD, and CAD. 2. Initiate a Currency Conversion Once inside your dashboard, hit the big green “Send Money” button. Choose the origin bank account (e.g. UK bank account) and tell Wise which currency you're converting from and to. For example, converting GBP to AUD. 3. Set the Target Amount Rather than guessing exchange rates, you can set the *exact* amount you want your recipient to receive, say 1,000 AUD. Wise calculates the total GBP you need to send, including fees and live exchange rates. 4. Understand the Real Cost To get 1,000 AUD, you might need to send about 566.73 GBP. Wise charges a transparent fee (e.g. 2.25 GBP), and uses the real mid-market rate, no markup like traditional banks. 5. See How Wise Keeps Costs Down They hold domestic currency pools globally. So instead of your money physically crossing borders, GBP gets pulled from their UK pool and AUD gets released from their Australian pool, keeping the transfer fast and affordable. 6. Review Your Options You can choose between: - Low Cost: Manual bank transfer, lowest fee - Fast & Easy: Pay via debit/credit card, arrives sooner - Advanced: Slower and more expensive (rarely used) 7. Finalize Your Transfer Input recipient bank details (like BSB and account number for Australia), review the amount, reference, and timing. Transfers can land within a few hours, depending on your payment type. 8. Complete the Payment Pay via bank transfer or debit card. Enter the exact reference code provided by Wise to ensure your money is matched correctly. Using online banking? Just copy-paste Wise’s sort code and account number. 9. Race-Test the Speed Surprisingly, the low-cost bank transfer often arrives faster than the debit card option. Try both and see what works best for your needs. 10. Stay in Control Wise is regulated globally, tracks each payment in real time, and sends confirmation emails at every step. You’ll know exactly when your recipient gets paid. So the next time someone says “free transfer” but hides fees in their rate, check Wise instead. You’ll probably save $20–$60 per transfer and avoid nasty surprises. #Bookkeeping #Accounts #Accountancy #Books #Business

𝐏𝐚𝐲𝐨𝐮𝐭 𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧: The Future of Seamless Global Payments, an untapped market 👇 In today’s hyper-connected world, businesses are no longer bound by borders— but efficiently navigating the complexities of cross-border payments is no small feat. That’s where Payout Orchestration steps in, revolutionizing how global payments are managed. — 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐏𝐚𝐲𝐨𝐮𝐭 𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧? Payout Orchestration is a centralized approach to managing payouts across multiple payment methods, regions, and currencies. It consolidates diverse payment networks into a unified framework, allowing businesses to: ►  Choose the most efficient payout option ►  Ensure compliance with local regulations ►  Optimize costs and transaction speed — 𝐓𝐡𝐞 𝐄𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐨𝐟 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 Tthe payments landscape has evolved dramatically: ► 𝐄𝐚𝐫𝐥𝐲 𝐝𝐚𝐲𝐬: Manual processes with limited options ► 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐅𝐢𝐧𝐓𝐞𝐜𝐡: Introduction of digital wallets, real-time payments, and card networks ► 𝐓𝐨𝐝𝐚𝐲: Businesses demand fast, secure, and scalable solutions to meet customer expectations globally Globalization and technology have transformed payouts from a transactional necessity into a strategic advantage. — 𝐇𝐨𝐰 𝐃𝐨𝐞𝐬 𝐏𝐚𝐲𝐨𝐮𝐭 𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐖𝐨𝐫𝐤? 1️⃣ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧: Connects with multiple banks, payment processors, and payout methods through a single API. 2️⃣ 𝐑𝐨𝐮𝐭𝐢𝐧𝐠 𝐎𝐩𝐭𝐢𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Dynamically selects the most efficient route for each transaction based on factors like cost, speed, and compliance. 3️⃣ 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Automatically ensures every transaction aligns with regional regulations, avoiding delays and penalties. 4️⃣ 𝐒𝐜𝐚𝐥𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Provides businesses with the agility to expand into new markets without overhauling their payment infrastructure. — 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐏𝐚𝐲𝐨𝐮𝐭 𝐌𝐞𝐭𝐡𝐨𝐝𝐬 & 𝐄𝐱𝐚𝐦𝐩𝐥𝐞𝐬 ► Bank Transfers: Direct payments to bank accounts worldwide — SWIFT, SEPA, ACH ► Digital Wallets: Payments to platforms providing mobile or online payment storage — PayPal, Skrill, Alipay ► Real-Time Payments: Instantaneous transfers in supported regions — Zelle, Faster Payments (UK), RTP Network (US) ► Prepaid Cards: Reloadable cards for immediate access to funds — Payoneer, Netspend, Revolut ► Cash Pickup: Payments available for collection at physical locations — Western Union, MoneyGram International, Ria Money Transfer — The power of Payout Orchestration lies in its ability to bridge the gap between businesses and their global workforce, customers, and partners. By simplifying the complex and optimizing the payment journey, businesses can focus on growth — not logistical headaches. —— Source: PayQuicker ► Sign up to 𝐓𝐡𝐞 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐁𝐫𝐞𝐰𝐬 ☕️: https://lnkd.in/g5cDhnjC  ► Marcel van Oost and Connecting the dots in payments...