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TrueLayer works with Anna Money on Open Banking application for QR Codes

Source: TrueLayer

TrueLayer, a leading provider of financial APIs, has expanded its partnership with business current account and digital admin assistant ANNA Money.

The integration of TrueLayer’s Payments API will enable ANNA’s customers to receive money instantly using QR codes via ANNA’s app. As a result, businesses will no longer need to use physical payments terminals, bank cards or intermediaries for payments - significantly reducing transaction costs and speeding up transfers. This streamlines the payments process and enables businesses to better manage their day-to-day cash flow.

Mandated by the EU’s Open Banking-style regulation PSD2, Payments Initiation is a new means of transferring money in a faster, cheaper and more secure way than most other traditional payments methods.

TrueLayer’s partnership with ANNA began in April 2019 with the integration of its Data API. This enabled ANNA to provide its customers with enhanced Open Banking-based services including account aggregation and faster, easier VAT calculations via its assistant app.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, said: “We believe Payments Initiation and innovation in B2B payments is going to be one of the major trends in finance over the next few years, precisely because of use cases like this. Reducing costs, increasing security and speed in business to business payments will make a profound impact on SMEs - saving them all a significant amount of money and time.

“ANNA Money’s commitment to using the latest technology to serve its customers plays a big part in making them one of the most innovative and exciting fintechs in the UK. We are very excited to see how our partnership will continue to develop.”

Irakli Agladze, Head of Open banking at ANNA Money, said: “Payments API quickly became one of the essential parts of our onboarding process for new users. Seeing how many of our new customers use OpenBanking Payments API to add the first funds to their ANNA account and start using it immediately - it was only natural that we started providing the same opportunity for B2B transactions. It's so much easier for business owners who want to get paid on the spot to use their ANNA app immediately rather than going back to their desks, sending some invoices then chasing them afterwards.”

“So ANNA’s delighted to expand our partnership with TrueLayer on their Payments API, as it provides exactly what our clients need - speed and stability. We are looking forward to seeing what new products will arise from our cooperation, helping businesses in the United Kingdom spend less time on their admin and more on doing what they love.”

Designed for freelancers and small businesses, ANNA provides a business account and debit card, as well as financial admin, invoicing and tax support.

TrueLayer’s expanded partnership with ANNA comes on the heels of the integration of its Payments API with brokerage company Stake - one of the first applications of Payments Integration in that market.

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