TrueLayer, a leading provider of financial APIs, has integrated with challenger bank Monzo.
The integration, which is one of the first to be made with Monzo since Open Banking (OB) rules came into force, will allow businesses that use TrueLayer to request access to account data held by Monzo, simply, safely and securely via an API.
This means that a host of new personalised fintech products can be offered to Monzo customers in a swift and secure manner. Account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information.
TrueLayer became one of the first UK companies to be authorised and registered as a payment institution by the Financial Conduct Authority (FCA) to provide account information and payment initiation services under Open Banking and PSD2. The confirmation means that it has passed rigorous security, management and operations assessments.
TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on new Open Banking and PSD2 rules by providing secure, clear and simple access to banking infrastructure.
Francesco Simoneschi, CEO and Co-founder of TrueLayer, said: “Monzo is one of the most progressive and technologically savvy banks in the world.
“By integrating with Monzo so soon after Open Banking came into force, we aim to support a boom in fintech products and services that will increase competition and improve customer choice. ”
Tom Blomfield, CEO and Co-Founder at Monzo, said: “Making an API available opens up new opportunities for both businesses and consumers.
“By making it possible for people to share their account information in a safe, secure way, APIs and the integrations they make possible mean that businesses can build smart new products and services. In turn, this gives people more choice and better choices over how they manage their money."
By using TrueLayer, businesses save a significant amount of time and resources, enabling a much broader range of companies to develop products that take advantage of PSD2 and Open Banking. Businesses can easily verify identity and account ownership using existing customer data; view accounts, check balances, and access transaction history; query bank accounts and cards to build powerful applications; and mitigate fraud and enhance credit scoring modelling using detailed income and expenses data from users' bank account.
Hundreds of developers currently use TrueLayer, offering financial services such as lending, price comparison, account aggregation, and investing.