Following this announcement, OpenPayd will be enabled to leverage TrueLayer’s payments network throughout the UK and Europe areas. The strategic deal will allow secure and instant account-to-account (A2A) transactions for its global client base.
Furthermore, both companies are expected to deliver an improved user experience and overall conversion rate for depositing funds in real-time.
Open Banking payment network, TrueLayer prioritises the process of delivering safer and faster online payments by combining real-time bank transactions with the use of identity and financial data. Partners and businesses are allowed to use the firm’s tools in order to onboard new clients, accept funds, and make payouts in a fast and secure manner, at scale.
As the region of the UK keeps seeing an overall acceleration and rise in Open Banking adoption and over one in nine customers in the region are leveraging the services, the partnership between OpenPayd and TrueLayer represents an important step into the strategy of driving digitalisation, increasing productivity, and cutting costs.
OpenPayd will continue to prioritise the design of an Embedded Finance and Banking-as-a-Service (BaaS) infrastructure, which will enable businesses to grow and develop their suite of solutions. With its expertise, products, and financial services technology, companies and users will be enabled to create new tools, streamline their operations, as well as manage their transactions on a worldwide scale.
Moreover, the collaboration will enable OpenPayd to accelerate its development strategy, as the firm will focus on designing a payment platform in order to provide clients and customers with access to any payment rail and methods they need. In addition, TrueLayer’s expertise and suite of solutions will allow the development of new tools in payment services that foster and accelerate growth and provide optimised solutions for clients and businesses.
The new solution is set to enable OpenPayd’s suite of customers to provide a pay-by-bank functionality that is fully embedded into their payment infrastructure and delivered through their secure OpenPayd API integration. The partnership will also give users the possibility to benefit from this functionality, while also being allowed to initiate transfers and authenticate the transaction directly via their banking application.
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