Lopay partners with TrueLayer to offer instant payouts

Following the partnership, Lopay is now reportedly extending TrueLayer’s real-time payouts solution to its network of over 20,000 enterprises and traders. The move is expected to enable Lopay’s merchants to have better control over their money. The integration of the instant payouts capability reportedly took a single week. 

As outlined in the official statement, by selecting TrueLayer as its payment platform, the company aims to leverage its scalable platform to better cater to the needs of SMEs. This decision comes at a time when the cost-of-living  crisis in the UK is reportedly affecting small businesses. 

The idea was further reiterated by a representative from Lopay who, in the official statement, emphasised that being in complete control of one’s money is now more crucial than ever. They further added that the ongoing crisis has compelled businesses to display unprecedented levels of flexibility and that the ability to extend instantaneous payouts, even on weekends and bank holidays, contributes to their continuous support for merchants. 

According to the official release, by partnering with TrueLayer, Lopay further consolidates its standing in the UK market. The company reportedly plans to expand across Europe.

TrueLayer’s strategy and past developments

TrueLayer is an Open Banking payments network that aims to combine real-time bank payments with financial and identity data. The company’s ecosystem spans 21 countries and includes more than 10 million users. 

Strategy-wise, the company has made efforts towards expanding its range of products in 2023. For instance, it launched the Payments Platform Programme, a joint effort with Stripe, Nuvei or Thunes, among others, that sought to bring together companies within the payment industry to improve the banking payment process in merchants and traders worldwide. 

Similarly, TrueLayer introduced payment links, a capability that allows businesses to accept Open Banking payments online, via chat, and in-store.

Apart from this, TrueLayer has also recently secured a series of strategic partnerships. For instance, the company announced collaborations with CMC Markets, the ETF investment platform InvestEngine, and Topps Tiles, among others.