TrueLayer

TrueLayer is a global open banking platform that aims to make it easy for anyone to build better financial experiences. Businesses of every size, from startups to large enterprises, can use TrueLayer to power their payments, access financial insights, and onboard customers across Europe, the UK, and Australia.

TrueLayer provides real-time access to account, balance, transaction, and identity data using open banking AIS. This real-time financial data to provide actionable advice around money management and recommend financial products. The user needs only link their account and provide verification for instant access to an account from within an app.

TrueLayer can then allow customers to pay seamlessly using a fingerprint or face ID, with no need to enter card details or create an account. Having been tested on millions of transactions, the vendor states the frictionless payment flows are optimised for conversion. But also, they can reduce the opportunity for fraud and eliminate chargebacks by authenticating every transaction directly with the bank. And ensure customer data is kept safe and secure by removing the need to store card details or passwords.

Account to account payments also means no intermediaries and no interchange fees. This can save time and remove human error by automating manual processes like issuing refunds and withdrawals or reconciling payments.

Use Cases might include:

• Real-time withdrawals - Boost customer loyalty by granting instant access to funds, without having to go through lengthy verification processes.
• Instant refunds - Keep customers coming back. Automate instant refunds and give them what they want: their money back that second.
• Marketplace and platform payouts - Confirm bank account ownership and give sellers and contractors immediate access to their earnings.

Benefits of TrueLayer, as described by the vendor include:

• Boost conversion - Remove lengthy forms and the need to enter card details, enable users to pay in two clicks using a fingerprint or face ID.
• Combat fraud - Authenticate accounts and payments directly with the bank, slashing fraud and chargebacks and save 0.5% - 1% of revenues.
• Reduce costs - Say goodbye to card and interchange fees. TrueLayer uses open banking infrastructure to reduce costs by 80%+ vs cards.
• Bank grade security - TrueLayer's APIs are open banking and PSD2 compliant across Europe ensuring secure access to the financial system.
• Completely customisable - Own the customer journey end- to-end. Configure authentication flows to match the brand.
• Increase speed to market - Focus on building great products, not maintaining infrastructure. Systems are built for scale and operate with 99.9% uptime.