TrueLayer Launches Payments Platform Programme, Expanding the Reach of its Open Banking Payments Network
- 06.06.2023 06:15 am
TrueLayer today announces its Payments Platform Programme, a comprehensive partner programme that brings together players across the payments ecosystem and pushes open banking payments to thousands more merchants across the globe.
Partners who have already joined the programme include Stripe, Thunes, Nuvei and Airwallex.
The programme will give payments platforms access to TrueLayer’s full suite of APIs, integration tools and specialist support. Partners will be able to offer TrueLayer’s instant payments, payouts, and data capabilities to their customers across 20+ markets.
For merchants, this will make accepting instant bank payments quicker and easier, enabling them to seamlessly integrate through their existing provider. That’s as well as using TrueLayer’s existing plugins with platforms such as Magento, Shopify and WooCommerce.
Today’s announcement follows several recent TrueLayer partnerships. TrueLayer recently onboarded UK retailer Topps Tiles, which is now using open banking as a payment method both online and in its brick-and-mortar stores. Credit management app Incredible chose TrueLayer to reduce the risk of borrowing with variable recurring payments (VRPs). And in November, it teamed up with cryptocurrency giant Coinbase to enable Easy Bank Transfers — fast and secure in-app deposits.
The news also comes after TrueLayer released Signup+ in January, streamlining customer onboarding using open banking APIs, and an industry-first partnership with Natwest to provide VRPs as a payment option.
The open banking industry is now worth over £4 billion to the UK economy, and surpassed 7 million active users in January. Open banking payments have more than doubled year on year in the UK reaching 9 million transactions in April, with TrueLayer driving almost 40% of that growth. TrueLayer processes more than 30% of all open banking traffic in the UK and several European countries including Ireland, Spain and France.
Commenting, TrueLayer CEO and Co-Founder Francesco Simoneschi said:
“Our goal is to make it as convenient as possible for both merchants and consumers to access our payments network.
“Our Payments Platform Programme enables us to do just that. By partnering with major payment platforms, we are making it easier and quicker to integrate open banking payments into websites, apps and even in-store.
“Today’s announcement means that TrueLayer’s products and services will be available via a selection of best-in-class payment platforms servicing different verticals and business needs. And means everyone can benefit from safer, smarter and faster payments. The network we are building will power the next decade of payments.”
Commenting, Airwallex Head of Sales, Enterprise, EMEA, Ryan O’Holleran said:
“We selected TrueLayer for its coverage and world-class open banking technology to further support our global customer base.
“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.”
Commenting, Thunes Managing Director, Christophe Bourbier said:
“At Thunes we are really excited about this new value proposition that we will be able to offer to our extensive network of merchants and partners.
“Open banking payments are gaining momentum not only in the UK but also in the rest of Europe, and we really believe that this strong partnership with TrueLayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all.”