Following this announcement, the collaboration is set to optimise TrueLayer’s instant payment capabilities in the Nordics, through the use of a secure and efficient integration with Lunar’s payment infrastructure.
In addition, TrueLayer is set to be enabled to access domestic payments across three important markets in the Nordics, as well as provide payment coverage across Denmark, Sweden, and Norway. The company will be enabled to use Lunar’s banking services in order to optimise and accelerate the competition and the overall development of the regions.
TrueLayer will also extend its instant account-to-account (A2A) capabilities to the Nordics, which is set to give merchants and traders the possibility to improve the overall experience of their customers. Lunar will provide its cloud-based banking infrastructure and API service, as well as access to cross-border payments and clearing in the Nordics to third parties.
TrueLayer’s recent strategy of development
UK-based Open Banking payments network, TrueLayer had multiple collaborations and product launches in the last couple of months, covering several different geographic regions around the world.
In November 2023, TrueLayer announced its partnership with Lendable in order to integrate its Account Information Services (AIS) and Variable Recurring Payments (VRP) tools into the latter’s financial ecosystem. Lendable provided loans, car finance, and credit cards across multiple borrowers, while also being committed to make the overall personal finance process simpler and more efficient, as well as more transparent and accessible.
Following this collaboration, by integrating TrueLayer’s tools, Lendable was enabled to optimise its capabilities and offerings, as AIS facilitated the collection of data and provided the firm comprehensive insights into the process of underwriting. At the same time, VRPs delivered borrowers and clients more flexible and intuitive repayment options, which aligned with Lendable’s objective of offering user-centric financial services.
At the beginning of the same month, TrueLayer announced the availability of its payments application in the Shopify App Store. Throughout this partnership, TrueLayer offered its Open Banking network to the ecommerce platform in order to allow merchants and traders to integrate instant bank payments into their website. This aimed to provide them with the possibility to benefit from faster, more efficient, and more secure payment options at a reduce cost.
In addition, customers’ details auto-populated directly from their bank accounts as TrueLayer’s Open Banking payments were digitally native and did not require manual data entry/ This was set to lower the possibility of payment failure, as the solution used biometric authentication in order to verify clients’ identity to provide safety.
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