TrueLayer's app now available on Shopify App Store

Thursday 9 November 2023 14:57 CET | News

UK-based Open Banking payments network TrueLayer has announced the availability of its payments app in the Shopify App Store. 

Through this move, TrueLayer brings its Open Banking network to the ecommerce platform, allowing merchants to integrate instant bank payments into their websites. This aims to enable them to benefit from faster, more secure payment options at a reduced cost. As TrueLayer’s Open Banking payments are digitally native and do not require manual data entry, customers’ details auto-populate directly from their bank account, lowering the possibility of payment failure. Moreover, the solution uses biometric authentication to verify users’ identity, offering bank-level security. 

UK-based Open Banking payments network TrueLayer has announced the availability of its payments app in the Shopify App Store.

More information about the integration

Developed in partnership with Shopify agency Eastside, the app follows TrueLayer’s objective to establish connections with ecommerce participants. According to the company’s officials, many businesses across the UK and Europe rely on Shopify for their payments. Considering its position as an Open Banking platform, TrueLayer intends to provide merchants with fast, cost-effective Open Banking payments they require to offer an improved experience to their customers.

Representatives from Maplin, one of the first companies to go live with the app, stated that their company’s partnership with TrueLayer was influenced by the latter’s capabilities to provide fast and simplified methods for customers to complete purchases while reducing card processing fees. Reportedly, the integration of Open Banking payments through TrueLayer’s Shopify app was simple. 

TrueLayer’s past developments and partnerships

Through its solutions, TrueLayer aims to provide smarter, safer, and faster online payments by combining real-time bank payments with financial and identity data. Businesses can leverage the company’s services to onboard new users, accept money, and make payouts at scale. Currently, TrueLayer operates in 21 countries and has approximately 10 million users for whom it processes transactions.

At the beginning of November 2023, TrueLayer partnered with gaming operator William Hill to offer instant pay-ins and payout for players in the UK. Through this collaboration, users can select the Instant Bank Transfer option to pay into their William Hill accounts. Open Banking and instant payment rails allow customers to transfer their earnings directly to their bank accounts, offering an enhanced user experience.

Moreover, in October 2023, TrueLayer became one of the first European Open Banking payment options to be integrated into Stripe’s Payment Element. With this integration, Stripe merchants operated in the UK and the EU can provide TrueLayer as a payment method to their customers. Also, it enables merchants to incorporate TrueLayer’s Open Banking payment option into the Stripe checkout process.

In August 2023, Lopay, a point-of-sale (POS) solution, partnered with TrueLayer to offer instant payouts. The collaboration allowed Lopay to provide TrueLayer’s real-time payout solution to its network of 20,000 enterprises and traders, with the move being expected to enable the company’s customers to have better control over their funds. 

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Keywords: online payments, digital payments, Open Banking, Open Banking payments, bank account
Categories: Payments & Commerce
Companies: Shopify, TrueLayer
Countries: Europe
This article is part of category

Payments & Commerce




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