The report is entitled `Payments in the EU — Building better user experience through open banking & SEPA Instant` and it outlines the manner in which policymakers can build on these existing initiatives. The EU should optimise the possibilities for businesses and customers to access safer, more convenient, and faster payments by building on Open Banking rules detailed in the Payments Services Regulations (PSR), as well as following the Instant Payments Regulations (IPR).
Included in the recommendations provided in the report are the process of lowering the cost of instant payments for clients by keeping fees low, as well as improving the competition around instant payments by allowing fintechs access to payment systems on a non-discriminatory and proportionate basis. At the same time, the companies should focus on designing improved user experiences by eliminating the challenges and obstacles in the Open Banking payment journeys, as well as removing IBAN discrimination in order to create a single European payments market.
UK-based Open Banking payments network TrueLayer had multiple collaborations and launches in the last couple of months, covering different geographic areas around the world.
In August 2023, UK-based point-of-sale (POS) service Lopay announced its partnership with TrueLayer in order to provide clients with instant payouts. Lopay was set to extend TrueLayer’s real-time payout solution to its network of several traders, merchants, and enterprises.
The strategic deal aimed to give Lopay’s merchants the possibility to have improved control over their money and funds. According to the press release published at the time, the overall integration of the instant payouts capability took a single week.
After selecting TrueLayer as its payment platform, Lopay was enabled to leverage its scalable solutions in order to meet the needs, preferences, and demands of its customers, while also remaining compliant with the requirements and laws of the industry.
Earlier in the same month, the company signed a strategic deal with CMC Markets to provide clients in the UK and Europe with improved Open Banking transactions and payments. Investors were given the capability to access and trade with funds that were deposited into their CMC Markets account through the payment methods offered by TrueLayer in an easy and secure manner.
In addition, users that were based in the regions were enabled to make efficient, safe, and comprehensive payments by using the Open Banking technology provided by TrueLayer. At the same time, the company delivered its payment services in order for the details and information of customers to be instantly pre-populated, while having a strong customer authentication (SCA) built in as well. This aimed to reduce friction and multiple online risks, such as identity theft or fraud.
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