Airwallex, the leading global payments and financial platform for modern businesses, today announced its partnership with TrueLayer, the payments network powered by open banking, to deliver innovative payment solutions for businesses.
TrueLayer will leverage Airwallex’s global payments and financial infrastructure API to build new products and services on a global scale. Payments powered by TrueLayer already offer closed and open-loop options to clients across 15 European markets. With this partnership, TrueLayer will deliver enhanced real-time payments and treasury operations to maximise ROI for merchants.
TrueLayer’s customers will benefit from Airwallex’s extensive local infrastructure to further deliver instant, low-cost payments. Airwallex’s customers will benefit from instant, secure account-to-account payments, removing the need to enter any card or bank account details and removing the risk of human error.
The new partnership comes amid growing demand for open banking, with more than 7 million users in the UK alone, according to the Open Banking Implementation Entity (OBIE). This growth is also set to continue, with OBIE estimates suggesting that there will be 63.8 million open banking users by 2024 across Europe.
Jake Reeves, Head of Payment Infrastructure, at TrueLayer said, “As our client base increases in sophistication and complexity, we want to collaborate with firms that complement our approach to payments. Airwallex is the perfect partner to support our mission to change the way the world pays. Together we’re simplifying cross-border, multi-currency open banking payments, reconciliation and related back-office processes.”
“We selected TrueLayer for its coverage and world-class open banking technology to further support our global customer base,” said Ryan O’Holleran, Head of Sales, Enterprise, EMEA at Airwallex. “Our integration will benefit our clients by providing them with the most innovative modern infrastructure to enable businesses of all sizes to grow beyond borders.”