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TrueLayer launches payments-as-a-service product

TrueLayer launches payments-as-a-service product

Open Banking API provider TrueLayer has launched its first payments product, providing firms with the ability to onboard customers and bypass card schemes using faster payment rails for account-to-account payouts and deposits.

PayDirect embeds in-app instant payments and withdrawals, while accelerating all KYC and AML processes for onboarding customers.

Ossama Soliman, chief product officer at TrueLayer, says: “The ability to quickly and easily verify a customer’s identity, and move money instantly in and out of an account using bank to bank payments is hugely beneficial to both the customer and the service provider.”

The white label product is suitable for fintech firms, banks, trading platforms, wealthtech firms, ecommerce providers and iGaming operators, promising 3x faster onboarding and higher payment conversion rates.

Francesco Simoneschi, co-founder and CEO at TrueLayer, says: “With PayDirect we’re calling time on cards and their monopoly. We have used our experience and expertise as a leading open banking platform to design a digital and mobile first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities. PayDirect delivers an effortless way to onboard new customers and enable them to quickly initiate payments and withdraw funds. It is the easiest way to create a better, safer and lower cost payments process.”

Comments: (2)

A Finextra member
A Finextra member 26 January, 2021, 10:202 likes 2 likes

Could this be used by merchants to bypass the existing card scheme products?

A Finextra member
A Finextra member 05 February, 2021, 10:41Be the first to give this comment the thumbs up 0 likes

Good question! Could it also be used to undertake seamless cross-border payments?

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