The UK government has given financial API provider TrueLayer the green light to provide public sector organisations with its Payment Initiation Service (PIS).
The firm has been appointed to the government’s Crown Commercial Service’s Payment Acceptance Framework. Any government organisation can now set up with TrueLayer to accept payment via the Payments API.
TrueLayer says PIS is faster, more secure and has much lower transaction costs than nearly any other payment method. And, because it does not require credit or debit cards to complete payments, it will also help individuals with limited access to financial services access government services.
Francesco Simoneschi, CEO, TrueLayer, says: "A new means of payment may, on the face of it, seem like minor news. However, widening the way people can make and receive payments from the Government is very important.
"A significant number of individuals simply don’t have access to credit and debit cards. This can essentially lock them out of a lot of public and business services. Payment Initiation solves this problem. It is also much faster and cheaper and if adopted across the public sector, could save taxpayers’ a huge amount of money."