I’ve recently experimented with developing a forex platform using Appian that helps us to look at the latest currency rates and to transfer/send/convert from one currency to another. I’ve used Appian to power cross-border and domestic payouts with API integrations and integrated with one of the biggest online money transfer services – TransferWise. This allows me to easily transfer money from Australia back to Malaysia with simple and intuitive clicks on the application. The application is also capable of converting currencies automatically based on the algorithm defined to decide when to transact.
Integrated with one of the biggest online money transfer service – TransferWise, allows me to easily transfer money from Australia back to Malaysia with just a simple and intuitive clicks on the application.
Source: Kin Yew Lee
I am a TransferWise frequent customer who often sends money back to my home country of Malaysia. However I find it hard sometimes to check the rates and decide whether it is a good time to send money. So, what better way to solve this problem, than to build an application with Appian. I’ve used Appian to create a pre-defined algorithm to check for the best rate. The app allows me to check for the best rates and can also send notifications about the latest rates to the users. And best of all, the transfer payout is sent directly to my nominated bank accounts.
In order for this application to work, a TransferWise account, which is free, is required. Users then have to create a borderless account (any currencies) and it has to be verified with an official document (eg. passport). Alternatively, a sandbox account created in a sandbox environment provided by the service can be used for testing purposes. The borderless account has to be loaded with some money before any transaction can be made in the application. A valid token or customer ID has to be provided to the application in order to sync with the account.
The application can be used to transfer money to a third party account (can be created in the application with valid bank details), convert a currency into another within your own borderless account, check for currency rates for your chosen period (latest/past 60 days/last 24 hours), send notifications about the rates to users and make a transaction by itself based on the pre-defined rules.
The next enhancement to this application is to sign in the account and allow the user to add money to the borderless accounts in the application itself.
Once again, I’m inspired by the seemingly endless possibilities to solve problems or do things better using the Appian platform.