The fintech aims to provide solutions for streamlining processes, reducing costs and enabling innovations where it is needed the most. TrueLayer has stated a few ideas and use cases that it can support including the verification of financial need, charities, cashless payments, rapid onboarding and identity validation, etc. The Open Banking solution can digitally verify a person’s financial need and help governments and companies to deliver targeted aid, which is especially helpful for self-employed or the ones with variable sources of income.
The solution can enable charities to receive instant donations without incurring card interchange fees and can replace cash payments with a digital alternative. It can also help verify identity and bank account details digitally.
The fintech also agreed to help government agencies, charities, healthcare providers, app developers, hackers by sharing expertise and technology free of cost for reducing the impact of COVID-19.
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