Starling and TrueLayer integrate for open banking

Starling and TrueLayer integrate for open banking

Upstart challengers continue to lead the way in the UK's open banking space, as API specialist TrueLayer integrates with Starling to enable businesses to access customer account data.

TrueLayer acts a fintech developer platform, giving firms an easy way to access the bank data they need to build new financial apps and services.

The Starling tie-up means that the bank's customers can now share their data to use products created by these developers - including income verification tools, lending products and collated financial dashboards. The partners stress that account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information through an explicit consent.

The partnership is the latest in a series for TrueLayer since Open Banking came into force - last month the firm integrated with Starling rival Monzo and P2P lending specialist Zopa. Meanwhile, the company says that it has seen a 20% week-on-week increase in signups by developers to its API, with the majority asking for access to data from the challenger banks, especially Starling.

Francesco Simoneschi, CEO, TrueLayer, says: "This first quarter of the year has been extremely encouraging for PSD2 and Open Banking. We witnessed a strong consumer response and a conversion rate between 50-80% when in relation to sharing financial information with third party apps - that means consumers are starting to understand the benefits and have increased confidence with the new regulatory framework."

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